Market Overview:
The global AI in oil and gas market is expected to grow from USD 1.02 billion in 2018 to USD 3.01 billion by 2030, at a CAGR of 15.5% from 2018 to 2030. The growth of the AI in oil and gas market can be attributed to the increasing demand for enhanced production efficiency and reduced operational costs across the oil and gas value chain.
Product Definition:
Artificial intelligence (AI) is a field of computer science that deals with the design and development of intelligent agents, which are systems that can reason, learn, and act autonomously. In oil and gas, AI can be used to help operators make better decisions about where to drill for oil and gas reserves. It can also be used to optimize production processes and manage fleets of vehicles or drones.
Hardware:
Hardware is the part of artificial intelligence used in oil and gas industry. It includes sensors, data storage devices, networking devices and processing units. Hardware plays a very important role in AI implementation as it helps to collect huge amount of data from different sources such as smart drilling equipment, reservoir monitoring systems etc., which can be later used for analysis by software application installed on the system.
Software:
Software is the Solution/Product that helps in carrying out a specific task or activity more efficiently. In case of AI in Oil & Gas market, software is used for process automation and decision making. It helps to increase productivity, improve quality and reduce cost which ultimately increases profitability of the organization.
Software solutions help to overcome challenges such as data siloes, lack of expertise and technology integration by providing an integrated platform that supports various processes from different departments within an organization effectively.
Application Insights:
The application segment is segregated into upstream, midstream and downstream. The upstream segment includes exploration and production activities. The use of AI in the upstream sector enables real-time decisions for improved operations such as well completions, reservoir management & monitoring, and field development. Furthermore, it helps enhance operational performance by reducing costs associated with human laborious tasks such as data analysis or interpretation of data from sensors or cameras.
The midstream segment involves oil & gas transportation & logistics activities including pipeline transportation, processing facilities along with storage tanks and terminals where AI can be used to improve efficiency across all operations thereby generating cost savings for companies involved in the supply chain of oil & gas commodities. This will also help reduce environmental impact due to reduced fuel consumption owing to its ability to optimize vehicle utilization through smarter decisions on when/where vehicles should travel thus driving down greenhouse emissions during transport over long distances between source rock/field area and end consumer locations (refineries).
Regional Analysis:
North America dominated the global market in 2017. The region is expected to retain its dominance over the forecast period as well, with U.S. being a key contributor to regional growth. North America has been at the forefront of technological advancements across several industries and has established itself as a global hub for AI research and development in various sectors, including oil & gas industry.
Growth Factors:
- Increased demand for AI-enabled decision support systems in the oil and gas industry to improve production efficiency.
- Growing demand for predictive maintenance and fault detection in industrial plants to increase uptime and reduce operational costs.
- Increasing use of AI algorithms for seismic data analysis to identify new drilling prospects and optimize well placement.
- Development of autonomous underwater vehicles (AUVs) equipped with machine learning algorithms for inspection, repair, and maintenance of offshore oil rigs and pipelines 5
Scope Of The Report
Report Attributes
Report Details
Report Title
AI in Oil & Gas Market Research Report
By Type
Hardware, Software, Services
By Application
Upstream, Midstream, Downstream
By Companies
IBM, Accenture, Google, Microsoft Corporation, Oracle, Microsoft Corporation, Oracle, EY, Intel, FuGenX Technologies, Baker Hughes, Halliburton, Schlumberger
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
167
Number of Tables & Figures
117
Customization Available
Yes, the report can be customized as per your need.
Global AI in Oil & Gas Market Report Segments:
The global AI in Oil & Gas market is segmented on the basis of:
Types
Hardware, Software, Services
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Upstream, Midstream, Downstream
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- IBM
- Accenture
- Google
- Microsoft Corporation
- Oracle
- Microsoft Corporation
- Oracle
- EY
- Intel
- FuGenX Technologies
- Baker Hughes
- Halliburton
- Schlumberger
Highlights of The AI in Oil & Gas Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hardware
- Software
- Services
- By Application:
- Upstream
- Midstream
- Downstream
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the AI in Oil & Gas Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
AI in oil and gas refers to the use of artificial intelligence for tasks such as data interpretation, decision making, and forecasting. This technology can help companies improve their operations by automating processes or providing insights that would otherwise be difficult or impossible to obtain.
Some of the major companies in the ai in oil & gas market are IBM, Accenture, Google, Microsoft Corporation, Oracle, Microsoft Corporation, Oracle, EY, Intel, FuGenX Technologies, Baker Hughes, Halliburton, Schlumberger.
The ai in oil & gas market is expected to register a CAGR of 15.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 AI in Oil & Gas Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 AI in Oil & Gas Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 AI in Oil & Gas Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the AI in Oil & Gas Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global AI in Oil & Gas Market Size & Forecast, 2020-2028
4.5.1 AI in Oil & Gas Market Size and Y-o-Y Growth
4.5.2 AI in Oil & Gas Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Hardware
5.2.2 Software
5.2.3 Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Upstream
6.2.2 Midstream
6.2.3 Downstream
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global AI in Oil & Gas Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 AI in Oil & Gas Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Hardware
9.6.2 Software
9.6.3 Services
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Upstream
9.10.2 Midstream
9.10.3 Downstream
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Hardware
10.6.2 Software
10.6.3 Services
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Upstream
10.10.2 Midstream
10.10.3 Downstream
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Hardware
11.6.2 Software
11.6.3 Services
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Upstream
11.10.2 Midstream
11.10.3 Downstream
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Hardware
12.6.2 Software
12.6.3 Services
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Upstream
12.10.2 Midstream
12.10.3 Downstream
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Hardware
13.6.2 Software
13.6.3 Services
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Upstream
13.10.2 Midstream
13.10.3 Downstream
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 AI in Oil & Gas Market: Competitive Dashboard
14.2 Global AI in Oil & Gas Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 IBM
14.3.2 Accenture
14.3.3 Google
14.3.4 Microsoft Corporation
14.3.5 Oracle
14.3.6 Microsoft Corporation
14.3.7 Oracle
14.3.8 EY
14.3.9 Intel
14.3.10 FuGenX Technologies
14.3.11 Baker Hughes
14.3.12 Halliburton
14.3.13 Schlumberger
