Artificial Intelligence in Oil and Gas Market valued USD 1.63 Billion in 2017 and expected to reach USD 5.24 Billion by 2026, at a CAGR of 15.72%. Artificial intelligence has expanded its application in the oil & gas sector during the last few years. Exploration and availability of oil remain areas of concern and continuous development which has led to the application of artificial intelligence in the oil & gas sector. Use of virtual assistants or intelligent for excavation, drilling and analyzing purpose are a few examples of how artificial intelligence is applied in oil & gas sector. Artificial Intelligence in Oil and Gas Market Software segment is expected to hold the largest market share for artificial intelligence in the oil & gas market globally. High demand in North America for upstream oil & gas excavations have been a major factor contributing to the overall growth of the market. Preventive maintenance is massive and one of the fastest growing segments in Artificial Intelligence in the Oil & Gas market. Predictive maintenance is a costly downturn so by predicting maintenance schedules for equipment helps in the prevention of equipment failures thereby saving millions of dollars. North America, Europe and Asia Pacific (APAC) formed some of the largest markets for artificial intelligence in oil and gas market globally. Recent natural gas explorations in Mexico along with the large application of artificial systems using specific software has further helped the growth of this market in the North America region. Key Highlights:
Artificial Intelligence in Oil and Gas Market analysis and forecast, in terms of value. Comprehensive study and analysis of market drivers, restraints, and opportunities influencing the growth of the Artificial Intelligence in Oil and Gas Market. Artificial Intelligence in Oil and Gas Market segmentation on the basis of type, source, enduser, and region (country-wise) has been provided. Artificial Intelligence in Oil and Gas Market strategic analysis with respect to individual growth trends, future prospects along with a contribution of various sub-market stakeholders have been considered under the scope of the study. Artificial Intelligence in Oil and Gas Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation. Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled. Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Artificial Intelligence in Oil and Gas Market are also profiled. Research Methodology: Bloomberg, Factiva and Hoovers are some of the sites that are being referred to gain insights about Artificial Intelligence in Oil and Gas Market. Experts from top manufacturing companies along with other stakeholders have been considered. This is done to validate and collect critical information for evaluating trends related to this market during the forecast period. Top-down and bottom-up approaches have been used to estimate the global and regional size of this market. Data triangulation techniques along with other comparative analysis are also used to calculate the exact size of the Artificial Intelligence in Oil and Gas Market globally.
Some of the crucial players operating in the Artificial Intelligence in Oil and Gas market are following:
IBM (US) Intel (US) Microsoft (US) Accenture (Republic of Ireland) Google (US) Microsoft (US) Oracle (US) Numenta (US) Sentient technologies (US) Inbenta (US) General Vision (US) Cisco (US) FuGenX Technologies (US) Infosys (India) Hortonworks (US) Royal Dutch Shell (Netherlands) Target Audience:
Environmental research institutes Government and research organizations Technology providers Institutional investors National and local government organizations Research organizations and consulting companies Artificial Intelligence manufacturers and suppliers Artificial Intelligence system providers
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Scope of the Report: This research report segments the Artificial Intelligence in Oil and Gas Market based on type, function, application and geography.
Artificial Intelligence in Oil and Gas, by Type:
Software Hybrid Hardware
Artificial Intelligence in Oil and Gas, by Function:
Production planning Field services Quality control Reclamation Predictive maintenance and machinery inspection Material movement
Artificial Intelligence in Oil and Gas, by Application:
Downstream Upstream Midstream
Artificial Intelligence in Oil and Gas, by Geography:
North America Asia Pacific Europe Latin America Middle East and Africa
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