Dec 12, 2022   SOURCE: BusinessWire

Global AI in Oil and Gas Market Report to 2031 - Featuring IBM, Google, Microsoft and Oracle Among Others - ResearchAndMarkets.com

The "AI in Oil and Gas Market By Component, By Operation: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

According to this report the AI in oil and gas market was valued at $2.32 billion in 2021, and is estimated to reach $7.99 billion by 2031, growing at a CAGR of 13.5% from 2022 to 2031.

Artificial intelligence (AI) is a cutting-edge technology that aids in the improvement of production and business efficiency. Artificial intelligence in the oil and gas industry aids in improving oil and gas output through predictive maintenance and machinery inspection, quality control, dwelling, exploration, tank and reservoir monitoring, and other methods, as well as increasing profit in the oil and gas industry.

Artificial intelligence consists of a variety of tools such as machine learning, artificial neutral networks, fuzzy logic, and expert systems that aid in the transformation of data into useful information that can then be applied at various stages of the lifecycle's exploration and production.

The oil and gas industry is beginning to see the incredible impact that AI can have on every sector in the value chain. The opportunities for AI strike directly at the greatest challenges in today's oilfield. Companies that effectively leverage AI are expected to have a distinct advantage over other operators that lack accurate understanding of their reservoirs, operating processes, and producing assets.

Oil and gas continue to be one of the most valuable commodities in the energy industry. Oil and gas businesses have been focusing more on boosting efficiency and minimizing downtime in recent years, as their revenues have been reduced since 2014 owing to shift in oil prices. However, as worries about the environmental impact of energy production and use grow, oil and gas corporations are looking for new ways to meet their commercial objectives while decreasing their environmental impact.

Furthermore, according to the International Energy Agency (IEA), oil prices in OECD countries fell by 40.6 percent from March to April 2020, causing alarm among oil and gas companies. As a result, companies in the oil and gas industry are experimenting with new technologies to improve efficiency and revenue.

Corporations can design algorithms to guide drills on landmasses and ocean floors using AI in oil and gas operation. The AI in oil and gas market is segmented on the basis of component, type, operation and region. Based on component, it is segmented into solutions and services. Based on operation, the market is categorized into upstream, downstream, and midstream. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.

Key Benefits

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the AI in oil and gas market analysis from 2021 to 2031 to identify the prevailing AI in oil and gas market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the AI in oil and gas market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global AI in oil and gas market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Component

  • Solution
  • Services

By Operation

  • Upstream
  • Midstream
  • Downstream

By Region

  • North America
  • U.S.
  • Canada
  • Europe
  • U.K.
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

Key Market Players

  • IBM
  • C3.AI
  • Google LLC
  • Microsoft Corporation
  • Oracle
  • FuGenX Technologies Pvt. Ltd , Inc.
  • Cloudera, Inc.
  • Cisco Systems, Inc.
  • NVIDIA Corporation
  • Intel Corporation

For more information about this report visit https://www.researchandmarkets.com/r/1zv6av