Global AI In Oil and Gas Market Is Expected To Reach Around USD 4.01 Billion By 2025

17-Jul-2019 | Zion Market Research

Zion Market Research has published a new report titled “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”. According to the report, the global AI in oil and gas market was around USD 1.75 billion in 2018 and is 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. The declining oil and gas prices have forced the oil and gas industry to invest in AI to improve efficiency and increase production rates. Another advantage of advanced AI in the oil and gas industry is that it can identify bottlenecks and perform respective actions to counter a problem way before its occurrence. 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. Furthermore, there will be more opportunities in AI in oil and gas market in real-time process optimization and efficient hydrocarbon exploration. 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.

Browse the full “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” Report at https://www.zionmarketresearch.com/report/ai-in-oil-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. The hardware segment will experience significant growth in the future, owing to the increasing advanced hardware applications, such as AI-integrated robots. Additionally, the software segment is expected to likely to register substantial growth, due to the increasing AI software demand to handle huge complex data volumes. 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. Predictive maintenance and machinery inspection is the fastest growing segment in the AI in oil and gas market globally. By application, the market is classified into upstream, midstream, and downstream. The upstream segment is set to dominate the AI in oil and gas market globally.

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.

This report segments the global AI in oil and gas market into:

Global AI in Oil and Gas Market: By Type Analysis

  • Hardware
  • Software
  • Hybrid

Global AI in Oil and Gas Market: By Function Analysis

  • Predictive Maintenance and Machinery Inspection
  • Material Movement
  • Production Planning
  • Field Services
  • Quality Control
  • Reclamation

Global AI in Oil and Gas Market: By Application Analysis

  • Upstream
  • Downstream
  • Midstream

Global AI in Oil and Gas Market: Regional Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:
Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com

Office Address

Corporate Office

Zion Market Research 244 Fifth Avenue, Suite N202 New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll Free No.1-855-465-4651

Asia Pacific Office

3rd Floor, Mrunal Paradise, Opp Maharaja Hotel, Pimple Gurav, Pune 411061, Maharashtra, India
Phone No 020-46277770

Contact #

US OFFICE NO +1-386-310-3803
US/CAN TOLL FREE +1-855-465-4651
Email: sales@zionmarketresearch.com

We Are On Social