AI in Oil & Gas Market to Experience Tremendous Growth in Near Future

AI in Oil & Gas Market

The global AI in Oil & Gas Market is expected to grow from an estimated USD 1.57 Billion in 2017 to USD 2.85 Billion by 2022, at a CAGR of 12.66%, from 2017 to 2022. This growth can be attributed to the factors such as the rising adoption of big data technology, digitalization of the Oil & Gas industry, investments in AI-related start-ups, and rising pressure to reduce production costs. Growing investments in the Oil & Gas infrastructure and increased focus toward automation and digitalization are expected to drive AI in the Oil & Gas market during the forecast period.

North America is projected to be the largest market for Artificial Intelligence in Oil and Gas market due to the increasing adoption of AI technologies by oilfield operators and service providers and the strong presence of prominent AI software and system suppliers, especially in the US and Canada. The Middle East and Africa is the fastest-growing market due to increasing investments in start-ups for AI implementation, which would further raise the demand for AI in the near future.

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Artificial Intelligence in Oil and Gas market functions is segmented into predictive maintenance and machinery inspection, material movement, production planning, field services, quality control, and reclamation. Predictive maintenance solutions are used in analyzing operational data such as drill maintenance or downtime and real-time decision-making and then develop models that can predict equipment failure modes. Predictive maintenance is applicable across all the streams of the Oil & Gas sector and is extremely crucial in running uninterrupted operations by predicting accurate equipment status to avoid costly downturn. predicting maintenance schedules for equipment to prevent the possibility of equipment failures and, thus, save millions of dollars.

Software in AI in the Oil & Gas market are applicable in upstream Oil & Gas exploration and production activities. A rapid growth in North America is driven by high demand from the upstream Oil & Gas applications for AI in North America, which is the main reason for the large market share held by the software segment.

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Some of the global players in this AI in Oil & Gas Market include IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), and Oracle (US). Together they hold a strong share of the global market.