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Global Artificial Intelligence in Oil & Gas Market 2021: By Product Type (Hardware, Software, Hybrid), By Function (Production planning, Predictive maintenance and machinery inspection, Material movement), By Application (Downstream, Upstream, Midstream)Global Artificial Intelligence in Oil & Gas Market is an upcoming research report nearing completion by the Trusted Business Insights oil & gas research team. The report presents a thorough study of annual revenues, historical data and information, key developments and strategies by major players that offer artificial intelligence for applications in the oil & gas industry and market. An assessment of future market trends, various applications of AI, and R&D initiatives being conducted also find mention. Market size is obtained through triangulation method, and overall market size enables ascertaining region- and country-wise revenues. Annual revenues of major companies and segment revenues are derived and validated and verified through primary research, before being presented in the report. Forecast and opportunity analysis is also presented in the respective section of the report. Potential revenue opportunities in untapped regions and countries, and potential threats or challenges are also included. Profiles of major company includes company details, recent developments, strategies, and acquisitions and mergers etc. The global artificial intelligence in oil & gas market is segmented according to product type, function, application, and region. Regions are further sub-segmented at country level, and revenues for each segment presented according to each region and country. The Global Artificial Intelligence In Oil & Gas market size was valued at USD $1.93 Billion in 2020, USD $2.11 Billion in 2021, forecasted to reach USD $2.3 Billion in 2022, and is projected to reach USD $5 Billion by 2030, and is anticipated to expand at a CAGR of 9.03% over the forecast period from 2020 to 2030.
OverviewArtificial intelligence is taking the world by storm since its emergence. From applications in computers, to androids and robots, to automation and a range and variety of ever-expanding applications in diverse fields, AI is taking us into a future we may not be able to even imagine at this point in time. In a world constantly in motion and highly dependent on natural resources such as oil & gas, exploration is a critical aspect. Exploration can account for a significant share of investment, and the process could even take months or years to bear fruit. In addition, availability of this much sought-after resource to R&D, further resulting in integration and deployment in the oil & gas sector. AI is finding applications in the oil & gas industry for aiding in tasks such as providing virtual assistance, as well as intelligence for excavation, drilling, and analysis processes. AI is being introduced in every part of exploration procedures, and it has also made its advent into geology, geophysics, and reservoir engineering.
DynamicsArtificial Intelligence software for application in oil and gas industry has been registering significant growth in the recent past. Demand from the market in North America for application and deployment in upstream oil and gas excavations has been increasing significantly, which is a major factor contributing to growth of the target market. Another major application is preventive maintenance, and demand for AI applications for this procedure has resulted in the respective segment registering fastest revenue growth. Using predictive maintenance enables reduced chances of downtime and costly repairs in case of potential damage to equipment, machinery, components, parts etc. in the near future.
Global Artificial Intelligence in Oil & Gas Market Segment Analysis:Product Type: Among the product type segments, the software segment was dominating in terms of revenue share in the last year, and demand has been increasing owing to increasing adoption in upstream oil & gas exploration and production activities. Function: Among the function segments, the preventive maintenance and machinery inspection segment registers as the major revenue contributor as compared to other function type segments. Predictive maintenance aids in addressing issues that could possibly result in costly downtime or halt in operations, equipment failure, machinery servicing and repair etc. Application: The downstream segment is projected to continue to account for highest revenue share in the global artificial intelligence in oil & gas market over the forecast period.
Global Artificial Intelligence in Oil & Gas Market Regional Analysis:The North America artificial intelligence in oil & gas market currently leads in the global artificial intelligence in oil & gas market as the major revenue share contributor, and is projected to continue to account for highest revenue share over the forecast period. Deployment of AI in the oil & gas industry is relatively high in countries such as the US and Canada in the region, as well as robust presence of major vendors and suppliers of AI technologies and solutions in these countries. Asia Pacific is also expected to register a fast compounded annual growth rate over the forecast period owing to exploration activities in the region. The market in Middle East & Africa is also expected to account for a significant revenue share in future and adoption of AI in the oil & gas industry is expected to increase significantly after political and geopolitical issues, and civil war and violence subsides and steps are taken towards rebuilding infrastructure in countries in the region.
Below are the leading companies profiled in this Artificial Intelligence In Oil & Gas Market Report:
Chapter 1 Methodology and Scope