What Does The Market Size Analysis Say About The AI In Oil And Gas Market’s Growth?
The AI in oil and gas market size has shown significant growth in recent years, growing from $3.59 billion in 2024 to an expected $4.06 billion in 2025 at a compound annual growth rate (CAGR) of 13.1%. The growth during this historic period can be attributed to a data explosion in the industry, operational efficiency improvement, automation of repetitive tasks, safety enhancement, and optimization of exploration and drilling processes, as well as enhanced reservoir management. The market size is expected to grow rapidly in the coming years, with a projection of reaching $6.7 billion in 2029 at a CAGR of 13.3%. The growth in the forecast period can be attributed to the development of autonomous operations, cybersecurity measures, energy transition integration, dynamic pricing strategies, resilience planning, and the ability to respond to global market volatility. Major trends in the forecast period include digital twins for asset modeling, autonomous operations and robotics, advanced analytics for reservoir management, cognitive computing for decision support, cloud-based AI solutions, and remote monitoring and control.
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What Are The Key Growth Drivers In The AI In Oil And Gas Market?
The increase in energy demand is expected to propel the growth of the AI in oil and gas market going forward. Energy demand data helps oil and gas companies optimize resource allocation. AI algorithms can analyze energy consumption patterns and identify opportunities to allocate resources efficiently, reducing waste and costs. For instance, in August 2023, according to the European Commission, a Belgium-based governing body, the goal for energy efficiency is 20 % by 2020 and at least 35% by 2030. Therefore, the increase in energy demand is driving the growth of the AI in oil and gas market.
What Are The Major Segments In The AI In Oil And Gas Market?
1) By Type: Hardware, Software, Hybrid
2) By Function: Predictive Maintenance And Machinery Inspection, Material Movement, Production Planning, Field Services, Quality Control, Reclamation
3) By Process: Reservoir Optimization, Drilling Optimization, Production Optimization, Safety Management, Other Processes
4) By Technology: Internet Of Things (IoT), Advance Analytics, Robotics, Cloud Computing, Mobility, Other Technologies
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Who Are The Major Players In The AI In Oil And Gas Market?
Major companies operating in the AI in oil and gas market include The International Business Machines Corporation, Microsoft Corporation, Accenture PLC, Google LLC, Intel Corporation, Schlumberger Limited, Halliburton Company, Baker Hughes Company, National Oilwell Varco Inc., Weatherford International PLC, TechnipFMC PLC, Wood PLC, ABB Ltd, Siemens AG, Honeywell International Inc., Emerson Electric Co., General Electric Company, Rockwell Automation Inc., Schneider Electric SE, Yokogawa Electric Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Hitachi Ltd., Panasonic Corporation, NEC Corporation, Fujitsu Limited, Samsung Electronics Co. Ltd., LG Electronics Inc., Sony Corporation, Oracle Corporation, Numenta Corporation, Sentient Technologies Inc.
What Are The Key Emerging Trends In The AI In Oil And Gas Market?
Major companies operating in the AI in the oil and gas market are focusing on developing technologically advanced solutions, such as AI tools to optimize operations, enhance predictive maintenance, and improve safety and efficiency. For example, in July 2024, Indosat, an Indonesia-based Internet service provider company, launched a suite of AI-powered, cloud-based solutions. These solutions automate tasks and optimize resource allocation, leading to significant cost savings while enabling data-driven decision-making through rapid analysis of large datasets, improving productivity across the organization.
What Does The Regional Analysis Say About The AI In Oil And Gas Market?
North America was the largest region in the AI in oil and gas market in 2024, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The AI In Oil And Gas Market Report 2025 Offer?
AI in oil and gas is used for upstream operations, customized drilling, and optimization of downstream operations. Emulating human intelligence in machines created to act and think like people is known as artificial intelligence (AI). The AI In Oil And Gas Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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