Market Definition:

Oil & gas sector is considered as one of the most highly valued commodities in the energy sector. The sector is looking for operational efficiency for driving the cost reduction and Artificial Intelligence (AI) technology is gaining traction for optimizing, enhancing, automating, and improving operational efficiencies of businesses globally. The technology plays a vital role in decision-making process and for managing and organizing data. AI technology is majorly adopted for optimizing the drilling process and improving operational efficiency, leading to reduced drilling costs.

The technology growth in oil and gas market has been attributed to big data technology for improving E&P capabilities, and rising demand for automation in oil & gas market. The industry has started adapting optimized performance while maintaining long-term investment and profitability. Gradual rise in venture capital investments, and reducing pressure of production costs will also benefit the industry.

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Market Growth and Analysis:

AI tools are also utilized for profit & loss management along with optimizing production cost per barrel. The implementation of AI for integration of data collection for analysis and forecasting, optimized operation, and production management is further expected to fuel the industry. On macro scale, investment decision in production & exploration, along with economic conditions are accomplished with AI boosting the sector globally.

Furthermore, the technology also allows planning and forecasting, eliminating cost of drilling, well reservoir facility management, predictive maintenance and remote logistics. Although, lack of stringent regulation and guidelines and high AI installation costs are projected to restrain the market growth. Growing concerns for data privacy and cyber security risks may also hinder the industry growth. However, improved operational efficiency and predictive maintenance have paved future growth for the market.

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Market Segment:

The market for AI in oil & gas has been segmented by type, function, and application. Furthermore, type segment is categorized into hardware, software, and hybrid. On the basis of function, as the segment is segregated into predictive maintenance & machinery inspection, material movement, production planning, field services, quality control, and reclamation. The application of the technology includes upstream, midstream, and downstream.

The software growth in North America is expected to drive the demand for upstream oil & gas applications. Predictive maintenance solutions have wide application for analyzing operational data such as real-time decision making & drill maintenance.  The solution is suitable for all the streams and help in predicting accurate system status to overcome production costs and uninterrupted operations.

Regional Analysis:

Geographically, the industry is categorized as North America, Europe Union (EU), Asia Pacific (APAC), Middle East and Africa (MEA) and Latin America (LA). North America is anticipated to have major share traced in comparison to Europe and APAC. Rising implementation of AI technologies by service providers and oilfield operators and strong presence of prominent AI system and software suppliers, particularly in the US and Canada has driven the regional growth.

Market Key players:

Prominent global players are IBM, Accenture, Microsoft Corporation, Google LLC and Oracle Corporation. Furthermore, the prominent players are highly investing in R&D, for launching products and ground-breaking services for increasing the awareness amongst the end-users. Other key players are CISCO Systems, Fugenx Technologies, General Vision, HortonWorks, Intel, Numenta, and Sentient Technologies.

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