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Artificial Intelligence in Oil and Gas Industry Is Gaining Interest of Consumers across the Globe
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Artificial intelligence consists of various tools such as machine learning, artificial neutral networks, fuzzy logic and expert systems. These tools help in transforming the data into valuable insights which can be further applied across various stages of exploration and production (E&P) life cycle. These stages include seismic, drilling, petro physics, reservoir and energy production. In the low product price environment, oil and gas operators need to reduce cost and boost the operational efficiency through efficient and effective use of data available. Major companies are investing heavily in predictive technology to become more productive. Artificial intelligence has enabled oil and gas operators to develop human capabilities and automate the processes to gain unobtainable outcomes.
With increasing number of oil and gas companies adopting artificial intelligence globally, North
America has been witnessing the highest demand for artificial intelligence solutions in oil and gas industry. The adoption of artificial intelligence is also gaining potential interest of countries with immense growth opportunities, such as Saudi Arabia, India and Africa. The implementation of artificial intelligence in oil and gas sector is increasing significantly, but the overall adoption remains low compared to the other industries. Therefore, there is plenty of opportunity for the development of advanced artificial intelligence systems in this industry sector to further automate, improve and optimize the operational and business efficiencies. In addition, artificial intelligence combined with the effective use of data analytics creates an immense opportunity for the artificial intelligence market to grow in oil and gas industry in near future.
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In addition, the widespread increase in health and safety issues of the personnel on production sites is also fueling the growth of the global artificial intelligence market in oil and gas. Artificial intelligence can eliminate the health and safety concerns by helping the operators to control critical tasks through automated systems without the need for human presence. Since artificial intelligence systems can automate and optimize data rich processes, they help in minimizing or eliminating duplication of efforts and further in mitigating business risk. This enhances the productivity and minimizes the overall operational cost. Globally, oil and gas organizations have reengineered their production strategies and operational models to include artificial intelligence as an important element in business transformation. Therefore, the artificial intelligence market in oil and gas has a huge scope for rapid growth.
Some of the major players in the global artificial intelligence market in oil and gas are IBM Corporation, Microsoft Corporation, Google Inc., NVIDIA Corporation, Intel Corporation, Sentient Technologies, and Numenta Inc.
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