The AI In Oil And Gas Market size is estimated at USD 3.14 billion in 2024, and is expected to reach USD 5.70 billion by 2029, growing at a CAGR of 12.61% during the forecast period (2024-2029).
The increasing application of AI in reservoir analysis, drilling optimization, anomaly detection in pipelines, safety monitoring, emissions reduction, revolutionizing exploration, production, and environmental sustainability in the oil and gas industries is expected to fuel the growth of the market.
The AI in oil and gas market is extremely fragmented due to the presence of both global players and small and medium-sized enterprises. Some of the major players in the market are IBM Corporation, Fugenx Technologies, C3.AI Inc., Microsoft Corporation, and Intel Corporation. Key players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
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