Artificial Intelligence (AI) in Oil and Gas Market, By Application (Energy Storage Systems (ESS), Industrial Applications), By Component (Renewable Energy, Utilities, Manufacturing), By Product (Direct Sales, Distributors), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
The Artificial Intelligence (AI) in Oil and Gas Market size was valued at US$ 2.99 Billion in 2023 and is expected to reach US$ 7.65 Billion by 2031, growing at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031. Artificial Intelligence (AI) is playing an increasingly important role in the oil and gas industry.
Figure 1. Artificial Intelligence (AI) in Oil and Gas Market Share (%), By Region, 2024
Artificial intelligence (AI) is revolutionizing every major industry by automating routine tasks and augmenting human decision making. The oil and gas industry is also leveraging AI solutions across various upstream and downstream operations like seismic data analysis, reservoir modeling, drilling operations, production forecasting, preventive maintenance, and others. AI is helping oil and gas companies gain deeper insights from vast petabyte volumes of exploration and production data, improve recovery rates, decrease costs and optimize operations. Machine learning algorithms can analyze past data patterns to predict equipment failures and recommend prescriptive maintenance actions. Advanced analytical capabilities of AI are empowering oil and gas companies to make informed business decisions, discover new reserves and produce oil and gas more efficiently. The health of the field and the producer's bottom line both depend on operations running well. Artificial intelligence (AI) value chain optimization is crucial for this journey.
Market Dynamics:
The artificial intelligence (AI) in oil and gas market is driven by the need to optimize operations and maintenance activities. Rising global energy demand and depleting conventional reserves is prompting oil and gas companies to adopt digital technologies for improving recovery rates from mature fields and exploration of unconventional reserves. However, high initial investment and lack of skilled workforce pose a challenge to widespread adoption of AI solutions. On the positive side, growing importance of real-time supply chain optimization and remote operations during COVID-19 pandemic has created new opportunities for AI vendors. Increasing focus on emission reduction and sustainability goals of oil companies will further fuel investments in AI-driven efficiency enhancement programs in near future.
Key features of the study:
- This report provides in-depth analysis of the artificial intelligence(AI) in oil and gas market, and provides market size (US$ Bn) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the artificial intelligence (AI) in oil and gas market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include , Google, IBM, SAS, Microsoft Corporation, Accenture Plc., H2O.ai., Baidu, Inc., and Oracle Corporation
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The artificial intelligence(AI) in oil and gas market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the artificial intelligence(AI) in oil and gas market
- Artificial Intelligence (AI) in Oil and Gas Market, By Application
- Energy Storage Systems (ESS)
- Industrial Applications
- Artificial Intelligence (AI) in Oil and Gas Market, By Component
- Renewable Energy
- Utilities
- Manufacturing
- Artificial Intelligence (AI) in Oil and Gas Market, By Product
- Direct Sale
- Distributors
- Artificial Intelligence (AI) in Oil and Gas Market, By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
- Top Companies in the Artificial Intelligence (AI) in Oil and Gas Market, Market:
- IBM
- SAS
- Accenture Plc
- Baidu, Inc.
- H20.ai.
- Microsoft Corporation
- Oracle Corporation
- 1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- 2. Market Overview
- Report Description
- Market Definition and Scope
- Executive Summary
- AI in Oil and Gas Market, By Application
- AI in Oil and Gas Market, By Component
- AI in Oil and Gas Market, By Product
- AI in Oil and Gas Market, By Region
- Coherent Opportunity Map (COM)
- 3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Digital transformation efforts by oil and gas companies
- Need for improved safety and risk mitigation
- Restraints
- High initial costs
- Lack of skilled AI workforce
- Opportunities
- Increased adoption of AI for predictive maintenance
- Development of smart pipelines and smart wells through AI integration.
- Key Highlights
- Regulatory Scenario
- Recent Trends
- Product Launches/Approvals
- PEST Analysis
- PORTER’s Analysis
- Mergers, Acquisitions, and Collaborations
- 4. Artificial Intelligence (AI) in Oil and Gas Market – Impact of Coronavirus (COVID-19) Pandemic
- COVID-19 Epidemiology
- Supply Side and Demand Side Analysis
- Economic Impact
- 5. Artificial Intelligence (AI) in Oil and Gas Market, By Application, 2019-2031, (US$ Bn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019 – 2031
- Segment Trends
- Energy Storage Systems (ESS)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 20242031, (US$ Bn)
- Industrial Applications
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2024-2031,(US$ Bn)
- 6. Artificial Intelligence (AI) in Oil and Gas Market, By Component, 2019-2031, (US$ Bn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019 – 2031
- Segment Trends
- Renewable Energy
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2024-2031, (US$ Bn)
- Utilities
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2024-2031, (US$ Bn)
- Manufacturing
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2024-2031, (US$ Bn)
- 7. Artificial Intelligence (AI) in Oil and Gas Market, By Product, 2019-2031,(US$ Bn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2019 – 2031
- Segment Trends
- Direct Sales
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2024-2031, (US$ Bn)
- Distributors
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2024-2031, (US$ Bn)
- 8. Artificial Intelligence (AI) in Oil and Gas Market, By Region, 2019-2031, (US$ Bn)
- Introduction
- Market Share Analysis, By Sub-region, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, For Sub-region, 2024 –2031
- Country Trends
- North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Component, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Product, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2024-2031, (US$ Bn)
- U.S.
- Canada
- Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2024-2031,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Component, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Product, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2024-2031, (US$ Bn)
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2024-2031,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Component, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Product, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2023-2031, (US$ Bn)
- China
- India
- Japan
- South Korea
- ASEAN
- Rest of Asia Pacific
- Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2024-2031,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Component, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Product, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2024-2031, (US$ Bn)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2024-2031,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Component, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Product, 2024-2031, (US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country/Sub-region, 2024-2031, (US$ Bn)
- GCC Countries
- Israel
- South Africa
- North Africa
- Central Africa
- Rest of Middle East
- 9. Competitive Landscape
- Company Profile
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- IBM
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
- SAS
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
- Microsoft Corporation
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
- Accenture Plc.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
- H20.ai.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
- Baidu, Inc.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
- Oracle Corporation
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
- Analyst Views
- 10. Section
- References
- Research Methodology
- About us
- *Browse 24 market data tables and 28 figures on "Artificial Intelligence (AI) in Oil and Gas Market” - Global forecast to 2031
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