AI In Oil And Gas Market Outlook 2024-2033: Trends and Projections

The ai in oil and gas global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

AI In Oil And Gas Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –

The ai in oil and gas market size has grown rapidly in recent years. It will grow from <b>$3.2 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. </b> The growth in the historic period can be attributed to data explosion in the industry, operational efficiency improvement, automation of repetitive tasks, safety enhancement, optimization of exploration and drilling processes, enhanced reservoir management.

The ai in oil and gas market size is expected to see rapid growth in the next few years. It will grow to <b>$5.96 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. </b> The growth in the forecast period can be attributed to autonomous operations development, cybersecurity measures, energy transition integration, dynamic pricing strategies, resilience planning, global market volatility response. 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, remote monitoring and control.

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Scope Of AI In Oil And Gas Market

The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

AI In Oil And Gas Market Overview

Market Drivers –

The digitization of the oil and gas industry is propelling the growth of AI in the oil and gas market. A high rate of adoption of AI technology among oilfield operators and service providers is anticipated to support the market’s expansion. The oil and gas industry is embracing technology to reshape its operating landscape and reap the benefits of productivity, efficiency, and cost savings. For instance, in February 2021, Shell, C3 AI, Baker Hughes, and Microsoft announced the introduction of the Open AI Energy Initiative (OAI), an open ecosystem of solutions powered by artificial intelligence (AI) for the process and energy industries. The OAI offers a framework for energy operators, service providers, equipment suppliers, and independent software vendors to create interoperable solutions, including AI and physics-based models, monitoring, diagnostics, and prescriptive actions, driven by the BHC3 AI Suite and Microsoft Azure, and services. This program combines the efforts of the worldwide oil and gas industry’s digital transformation. Therefore, the digitization of the oil and gas industry will drive the market for AI in oil and gas.

Market Trends –

Technological advancement is a key trend in AI in the oil and gas market. The development of cutting-edge technology solutions is a top priority for the major players in the oil and gas industry as they seek to improve their competitiveness. The oil and gas sectors are integrating IT with operations to improve essential operational activities, including production, maintenance, safety, and asset management. These digital technologies include big data, analytics, automation, AI, 3D printing, and the Internet of Things (IoT). For instance, in May 2021, Saudi Aramco, a Saudi Arabian oil and gas company, adopted robotic innovation for more sustainability, efficiency, and safety. The company is utilising developments in AI, data analytics, and IoT to create new, completely autonomous robots that can operate remotely. Robotics has transformed how oil and gas companies operate, facilitating real-time, data-driven decision-making and prediction abilities.

The ai in oil and gas market covered in this report is segmented –

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
5) By Application: Upstream, Downstream, Midstream

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Regional Insights –

North America was the largest region in the AI in oil and gas market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the ai in oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –

Major companies operating in the ai in oil and gas market report are 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.

Table of Contents
1. Executive Summary
2. AI In Oil And Gas Market characterstics
3. AI In Oil And Gas Market Trends And Strategies
4. AI In Oil And Gas Market – Macro Economic Scenario
5. Global AI In Oil And Gas Market Size And Growth
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31. Global AI In Oil And Gas Market Competitive Benchmarking
32. Global AI In Oil And Gas Market Competitive Dashboard
33. Key Mergers And Acquisitions In The AI In Oil And Gas Market
34. AI In Oil And Gas Market Future Outlook and Potential Analysis
35. Appendix

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