Artificial Intelligence in Oil & Gas Market - Technological Advancement Facilitating Market Growth : Include Covid-19 impact Analysis

Overview of Artificial Intelligence in Oil & Gas Market

A comprehensive evaluation of the Artificial Intelligence in Oil & Gas Market has been presented in the report for the forecasted period 2019 to 2025. In order to get a deep insight into the market, a wide range of segments have been covered in the report along with the thorough analysis of the key trends and the factors that impact the market. The main highlight of the report includes the key factors that impact the Artificial Intelligence in Oil & Gas Market market, the market dynamics, major drivers, restraining factors, and the opportunities and threats that arise in the market. The intrinsic factors that have been identified are restraints and drivers. The identified threats and opportunities are the extrinsic factors that exist in the market setting. The thorough study provides an insight into the market development in terms of the revenue generation capacity during the forecasted period.

Artificial Intelligence (AI) 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 market is expected to witness gradual growth owing to constant cash flow crunches and falling oil prices. 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.

The implementation of AI tools has led the upstream oil and gas companies to shift the production at all cost to production in context. 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.

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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.

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.

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.

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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.

Artificial Intelligence in Oil & Gas Market : Research Methodology

Artificial Intelligence in Oil & Gas Market research methodologies comprise primary research, secondary and expert panel reviews. Secondary research consists of the following sources: company annual report, research papers, and press releases, as documented in the industry. For further understanding, the following have been considered: Industry magazines, trade journals, government websites, and associations since they also contain vital information that can be useful during the study period. If all these sources are efficiently used to gather information about the industry, then the Artificial Intelligence in Oil & Gas Market market achieves its goals in the study, which is most likely to expand its territory in the market.

Primary research has been the best way during the study, as it involves things like; telephone conversations that can be either as interviews or creation of appointments between the Artificial Intelligence in Oil & Gas Market researchers and market players. Questionnaires are also used, and this can also be sent as emails or distributing them to the people for question and answer moments. Lastly, there is a face-to-face interaction between the researchers and the market players. This has been the most effective way the two parties involved engage in one on one question and answer sessions. At primary research, the engagement always leaves both Artificial Intelligence in Oil & Gas Market research and the market players convinced of the way forward for the betterment of the industry. Primary research enhances discussion on essential factors such as market trends, size, competitions involved has to be done on an ongoing basis with industry experts, to understand the existing market.

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