Global AI in Oil and Gas Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global AI in Oil and Gas Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global AI in Oil and Gas market finds that the global AI in Oil and Gas market reached a value of USD 2852.77 million in 2022. It’s expected that the market will achieve USD 5869.0 million by 2028, exhibiting a CAGR of 12.78% during the forecast period.

The need for production optimization and automation tasks in the oil and gas industry

The artificial intelligence industry has brought many changes to the oil and gas industry. Through artificial intelligence technology, workers can better understand the actual situation of factory facilities, use data analysis to tap new opportunities in the industry, minimize factory operating costs, and maximize the performance value of overall equipment. The oil and gas industry are a labor-intensive industry. In some harsh industrial scenarios, traditional human methods show many shortcomings, and artificial intelligence technology can remotely manage and control the entire industrial process, higher efficiency and flexibility, while keeping people away from Danger. As the oil and gas industry advances, so will the demand for artificial intelligence.

Artificial intelligence technology in the oil and gas industry is not particularly mature

The artificial intelligence technology currently applied is mainly weak artificial intelligence, lacking the ability to learn and understand quickly. This may limit the application of integration with AI in the oil and gas industry. Traditional machine learning algorithms cannot meet the optimization of petroleum production. The driving force of petroleum development changes with the development of time and control technology, making predicting optimal operating decisions a very challenging problem.

Equipment repair and maintenance

There is various large-scale equipment in the oil and gas industry, and there are many unexpected situations in the process of oil and gas extraction, so most equipment needs regular maintenance and repair. Equipment integrated with artificial intelligence may increase maintenance costs, and immature technologies may experience equipment failure. This may limit the development opportunities of artificial intelligence in the oil and gas industry.

Region Overview:

United States is projected to account for a considerable share of the AI in Oil and Gas market and is expected to become the largest region by 2028.

Company Overview:

IBM is one of the major players operating in the AI in Oil and Gas market, holding a share of 15.21% in 2023.

IBM

International Business Machines Corporation (IBM) provides computer solutions. The Company offers application, technology consulting and support, process design and operations, cloud, digital workplace, and network services, as well as business resiliency, strategy, and design solutions. IBM serves clients worldwide.

Microsoft

Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software.

Segmentation Overview:

Among different product types, Software segment is anticipated to contribute the largest market share in 2028.

Application Overview:

The market's largest segment by application is the segment Upstream, with a market share of 54.13% in 2022.

Key Companies in the global AI in Oil and Gas market covered in Chapter 3:

Infosys
Intel
Accenture
Oracle
Inbenta
Google
Cisco
IBM
Microsoft
C3 IoT

In Chapter 4 and Chapter 14.2, on the basis of types, the AI in Oil and Gas market from 2018 to 2029 is primarily split into:

Hardware
Software
Hybrid

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the AI in Oil and Gas market from 2018 to 2029 covers:

Upstream
Midstream
Downstream

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)