AI In Oil and Gas Market by Type (Hardware, Software, and Hybrid), by Function (Predictive Maintenance and Machinery Inspection, Material Movement, Production Planning, Field Services, Quality Control, and Reclamation), and by Application (Upstream, Downstream, and Midstream): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025

Global AI in oil and gas market expected to reach around USD 4.01 billion by 2025, at a CAGR of 12.5% between 2019 and 2025. The global oil and gas sector is using AI to significantly digitize its operations; AI has optimized the process of operations by simplifying the optimization process in the sector.

17-Jul-2019 | Number of pages: 120 | Report Code: ZMR-3114 | Report Format : | Status : Published

Analysis

Operations in the oil and gas industry are performed at high risk. The oil and gas industry is dependent on laborers, owing to create a safe environment for a highly labor-sensitive industry. This is an important requirement for the oil and gas industry, which has increased the demand for AI-integrated robots in the industry. Robots integrated with AI can perform tasks that are dangerous for humans. AI has been used in industries to perform production, maintenance, and inspection operations digitally. AI can anticipate system failures even before the actual failures occur.

The global AI in oil and gas market is projected to witness notable growth in the upcoming few years, owing to the rising demand for automated systems to perform operations like underground excavation and drilling in the oil and gas industry. Moreover, to detect upcoming mishaps and perform dangerous operations by AI systems will create a safer environment for the laborers, which will further drive the AI in oil and gas market. As oil and gas prices have been increasing in over the last few years, the oil and gas companies need to optimize their operations to curb this problem. AI systems implemented in the oil and gas industry will reduce the operating time and lead to various developments in the oil and gas industry. However, the lack of quick ability to learn and understand may restrict the applications integrated with AI in the oil and gas industry. Additionally, equipment failures and maintenance of AI-integrated systems will restrict numerous opportunities in the global AI in oil and gas market.

The global AI in oil and gas market is classified on the basis of type, function, and application. By type segment of AI in oil and gas market is classified into hybrid, hardware, and software. By function, the AI in oil and gas market is classified into predictive maintenance and machinery inspection, field services, material movement, quality control, reclamation, and production planning. By application, the market is classified into upstream, midstream, and downstream.

The North American AI in oil and gas market is the largest globally, as the oil and gas industry officials are looking for other options to reduce the industry’s dependency on aging and depleting workforce. The Asia Pacific region is the fastest growing market globally, due to the increasing investments in the region’s AI in oil and gas market. The decreasing demand for oil and gas in Europe will result in the slow growth of the AI in oil and gas market in the region.

Some key players in the global AI in oil and gas market are General Vision, Inbenta, FuGenX Technologies, Hortonworks, IBM, Google, Intel, Microsoft, Accenture, Sentient Technologies, Oracle, Numenta, Cisco, and Infosys.


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