Latest News 2020: AI in Oil and Gas Market Will Emerge Globally And Grow With 16.2% of CAGR by 2026 | Know the Impact Analysis of Corona-virus/COVID19According to AllTheResearch's analysis, The Global AI in Oil and Gas Market Ecosystem size was valued at $413 Million in 2018 and expanding at a CAGR of 16.2% by 2027.
The ripple effect of Coronavirus-COVID19 on the AI in Oil and Gas Market Ecosystem needs to become part of strategy discussions to emerge strong. The need for next-gen technologies like AI to deal with COVID-19 could be one of the most important milestones in the AI ecosystem. From last, 4-month utilization of AI is assisting global institutes for early warning and alerts, tracking and prediction, data dashboards and early diagnosis. Applications or use cases of AI vary from each node of the ecosystem, various technologies from this Umbrella Technology are contributing to prevent and predict this pandemic. Naturally, by the end of 2021 penetration AI in Public Safety, Healthcare and the related sector is expected to increase at least 3 times.
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The integration of AI in oil and gas ecosystem sector has reshaped all operations in the industry by creating 'digital oilfields' of the future. Investment expectations for AI in oil and gas ecosystem has been increasing from the past few years and it is expected to be twice by 2022. The AI in oil and gas industry will bring in radical changes in oilfield working force, machines, and the operating system. The oil industry must ensure that there is timely and adequate investment so as not to lead to a supply shortage in the future. To meet the demand for crude oil worldwide, the industry is required to invest $11 trillion in the coming 20 years. The rise of the machines, analytics, and the digital oilfield has created new processes for exploration and production. AI helps in automated decision-making and real time reactions to improve operational efficiencies and connect infrastructure platforms together. It makes the interaction between machines and humans better, which in turn, is changing the expectation for the industry.
Major players operating in the space of AI in Oil and Gas market are engaged in both organic and inorganic strategies such as merger & acquisitions, joint ventures & partnerships, expansions, and product development, among others,
The major players operating in the global AI in Oil and Gas ecosystem are as follows: Weatherford, National Oilwell Varco, Halliburton, Kuwait Oil Company, Sinopec and more...
By Application: Predictive Maintenance/Self Diagnostics, Fraud Reduction, Cybersecurity, Network Security, Network Optimization, Virtual Assistance, Network Operations & Monitoring Management, Security & Surveillance, Recommendation Engines, Predictive Merchandising, Inventory Management, Others.
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AI IN OIL AND GAS MARKET ECOSYSTEM - BASED ON REGIONS:
The AI in Oil and Gas Ecosystem size was valued at $413 Million in 2018. Energy projects in the Middle East and North Africa (MENA) region are expected to bring in about $1 trillion investments over the next five years. The GCC region is also looking to adopt new technologies in its petroleum industry to increase efficiency, reduce costs, and make processes more competent. Accenture and Microsoft are helping these regions in better decision-making. The Middle East is witnessing significant traction in the field of AI, and local entrepreneurs are working on developing region-specific AI tools for oil extraction. AI robots are helping in reducing the risk of exposure to dangerous working conditions for many employees. The U.S. has already experienced a decreasing trend of labor injuries or fatalities in the field in recent years. AI in oil and gas industry is an effort to improve employee working conditions and this is a smart investment for the oil and gas industry.
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Table of Content:
Ecosystem Report - Table of Content
1.Global AI in Oil and Gas Market Ecosystem Definition
2.Scope of study
1.Global Market Segmentation
AI in Oil and Gas Market Ecosystem Positioning
1.Global AI in Oil and Gas Market Ecosystem Snapshot
2.Global AI in Oil and Gas Market Ecosystem Segmentation
AI in Oil and Gas Market Ecosystem Sizing, Volume, and ASP Analysis & Forecast
1.Global AI in Oil and Gas Market Ecosystem Sizing & Volume
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