AI in Oil and Gas Market Status and Development Trends 2026
The rise of better AI and its potential has led to its growing implementation in the oil and gas sector. AI in oil and gas market was valued at USD 1.4 billion in 2016 and is expected to witness significant growth in the coming years. AI (Artificial Intelligence), also known as machine intelligence, is the intelligence shown by machines. AI in Oil and Gas has two purposes, namely, machine learning and data science.
Machine learning allows a computer to read, learn, and interpret data without the need for any human intervention processing it through multiple iterations in order to functions accordingly to the specific tasks. Particularly in the offshore oil and gas industry, this allows companies to monitor complex internal operations, detect, and respond to the problem, which may not have been identified by human operators. Data science in AI helps extract information and links pieces of data from the existing data sources to give a comprehensive view of the entire data.
Market Summary Our Approach According to the top industry players, currently, the most popular uses of AI in oil and gas industry are Intelligent robots and Virtual Assistants. Intelligent robots with AI are being used for hydrocarbon exploration and production to improve cost efficiency and productivity while lowering worker risk simultaneously. In 2016, ExxonMobil became the first company to announce that it is working with MIT to develop AI robots for exploration of the ocean. Crude oil can cause corrosion as it differs from the oil in fields and its environment can also affect it. Crude oil & refined oil is stored in huge tanks, which are transported through pipelines. The corrosion caused by crude oil may lead to the failure of equipment. The need to solve this problem by predictive maintenance is a significant challenge for the AI in oil and gas industry, whereas, the massive initial investments for the integration of AI and the lack of skilled AI professionals are the major restraining factors on the growth of the AI in oil and gas market. The global AI in oil and gas market is dominated by North America. The higher adoption rate of newer technologies, high amount of investments in AI implementation and the presence of a large number of AI software and system suppliers, especially in the US and Canada are the factors boosting the growth of AI in oil and gas market in North America.
Market Summary Our Approach Key players in the global AI in Oil and Gas Market: • Google LLC • IBM Corp. • FuGenX Technologies Pvt. Ltd. • Hortonworks Inc. • Microsoft Corp. • Exxon Mobil • Numenta Inc • Cisco
Market segment based on Application: • Quality Control • Production Planning • Predictive Maintenance • Thermal Detection • Others
Market Summary Our Approach Market segment based on Operation: Upstream Midstream Downstream End Users Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026) • Consumer electronics • Automotive • Medical • Industrial • Others Buy Now @ https://www.reportsanddata.com/checkout-form/878
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