AI In Oil & Gas Market Analysis 2020 by Global Manufacturers - IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US)

Global AI In Oil & Gas Market trends analysis report 2020 provides an in-depth analysis of the COVID-19 impact, key players strategies, market growth, product demand, growth factors, regional outlook, global dynamics which includes drivers, challenges, and opportunities dominant in the industry. The Market report focus to provide extensive information on industry with market overview, key trends and business plans for AI In Oil & Gas market.

The AI in Oil and Gas market was valued at USD 2 billion in 2019 and is expected to reach USD 3.81 billion at a CAGR of 10.96% by 2025

Analysis: Oil and gas remains as one of the most highly valued commodities in the energy sector. In recent years, there has been an increased focus on improving efficiency, and reducing downtime has been a priority for the oil and gas companies as their profits slashed since 2014, due to fluctuating oil prices. However, as concerns over the environmental impact of energy production and consumption persist, oil and gas companies are actively seeking innovative approaches to achieve their business goals, while reducing environmental impact.

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Key Market Players:

IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), Oracle (US), ...

Industry News :

February 2020 - Royal Dutch Shell PLC has been expanding an online program that teaches its employees artificial intelligence skills, part of an effort to cut costs, improve business processes, and generate revenue. Artificial intelligence enables the company to process the vast quantity of data across the businesses to generate new insights, which can keep the ahead of the competition.

October 2019 - Microsoft announced the collaboration with energy industry tech company Baker Hughes and AI developer C3.ai to bring enterprise AI technology to the energy industry via its Azure cloud computing platform. It would allow customers to streamline the adoption of AI designed to address issues like inventory, energy management, predictive maintenance and equipment reliability.

Upstream Operations to Witness a Significant Growth

Organizations across the world are trying to make the exploration and the production processes more efficient and optimized. The operations in this field are the major factors that are driving the usage of AI in oil and gas companies. The AI tools can help oil and gas companies in digitizing records and can automate the analysis of the gathered geological data and charts, which can lead to potential identification of issues, such as pipeline corrosion or increased equipment usage.

Oil and gas companies can potentially gain crucial insights to improve their business outcomes in their upstream processes with the integration of AI software. This process would involve the feeding of curated data records and information from data sources to the software that could include structured documents, PDFs, handwritten notes, audio, or video files.

The market is witnessing many investments by big players in the technology. For instance, in Jan 2019, BP invested in a technology start-up: Belmont Technology to strengthen the company's AI capabilities by developing a cloud-based geoscience platform.

North America is Expected to Hold a Significant Market Share

Owing to the increasing adoption of AI technologies across the oilfield operators and service providers and the robust presence of prominent AI software and system suppliers, especially in the United States and Canada, the North American segment is anticipated to account for the largest share of the AI in the oil and gas market, over the forecast period.

Factors, such as the strong economy, the high adoption rate of AI technologies across the oilfield operators and service providers, robust presence of prominent AI software and system suppliers, and combined investment by government and private organizations for the development and growth of R&D activities are poised to drive the demand for AI in oil and gas sector, in the region.

ExxonMobil, one of the leading oil producers in the country, announced its plans to increase the production activity in the Permian Basin of West Texas, by producing more than 1 million barrels per day (BPD) of oil-equivalent by as early as 2024.

Market Segmentation by Types:

Hardware, Software, Services

Market Segmentation by Applications:

Predictive Maintenance, Production Planning, Field Service, Material Movement, Quality Control

For comprehensive understanding of market dynamics, the AI In Oil & Gas Market is analysed across key geographies namely: United States, China, Europe, Japan, South-east Asia, India and others. Each of these regions is analysed on basis of market findings across major countries in these regions for a macro-level understanding of the market.

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Research Methodology:

A recent market intelligence report that is published on the global AI In Oil & Gas market makes an offering of in-depth analysis of segments and sub-segments in the regional and international market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global AI In Oil & Gas market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global AI In Oil & Gas market is offered.

AI In Oil & Gas Market Report Highlights:

- The report provides a detailed analysis of current and future market trends to identify the investment opportunities market forecasts till 2026.

- Key AI In Oil & Gas market trends across the business segments, regions and countries

- Key developments and strategies observed in the market

- In-depth company profiles of key players and upcoming prominent players

- Key market dynamics such as drivers, restraints, opportunities and other trends

- Market opportunities and recommendations for new investments

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