Global Fleet and MRO Market Forecast 2023-2033

The AI In Oil And Gas Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s AI In Oil And Gas Global Market Report 2024, The ai in oil and gas market size has grown rapidly in recent years. It will grow from $3.2 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%.  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 $5.96 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.  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..

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.

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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

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 report table of contents includes:

1. Executive Summary
2. AI In Oil And Gas Market Characteristics
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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