Press release
AI in Oil and Gas Market To Witness Astonishing Growth – 2027 | Key Players: Google LLC, IBM Corporation, FuGenX Technologies Pvt. Ltd., Microsoft Corporation
The AI in Oil and Gas Market report offers an in-depth assessment of market dynamics, the competitive landscape, segments, and regions in order to help readers to become familiar with the AI in Oil and Gas market. It particularly sheds light on market fluctuations, pricing structure, uncertainties, potential risks, and growth prospects to help players to plan effective strategies for gaining successful in the AI in Oil and Gas market. Importantly, it allows players to gain deep insights into the business development and market growth of leading companies operating in the AI in Oil and Gas market.The AI in Oil and Gas market was valued at USD 2040.89 million in 2019 and expected to register a CAGR of 10.14% over the forecast period 2021 - 2026.
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Top Leading Companies of AI in Oil and Gas Market are - Google LLC, IBM Corporation, FuGenX Technologies Pvt. Ltd., Microsoft Corporation, Intel Corporation, Royal Dutch Shell PLC, PJSC Gazprom Neft, Huawei Technologies Co., Ltd., NVIDIA Corp., Infosys Ltd., Neudax, C3.AI and others.
Industry News and Updates:
- September 2020 - Intel and Oracle deployed the next generation of cloud-based, high-performance computing (HPC) instances within Oracle Cloud Infrastructure, leveraging the computing performance of 10nm Intel Xeon Scalable processors. Leveraging 3rd Gen Intel Xeon Scalable processors and other improvements in Oracle’s new X9 Generation instance, performance gains may be up to 30% higher on certain workloads compared to older versions. Oracle’s X9 Generation cloud instance is targeted at computationally intensive workloads, such as crash simulations, seismic analysis for oil and gas exploration, and electronic design automation.
- 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.
- January 2020 - Gazprom and ICS Holding set up a joint venture to develop digital products for the oil and gas industry and roll them out in the Russian and global markets. The development strategy for the new joint venture is aimed at addressing the challenges of digitally transformation in the oil and gas sector through the application of Industry 4.0 technologies.
Key Market Trends:
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.
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.
Investigator Observers Strong Growth in Specific Regions:
– Europe Market (Germany, UK, France, Russia, Italy)
– Center East and Africa Market (Saudi Arabia, UAE, Egypt, Nigeria, South Africa)
– South America Market (Brazil, Argentina, Colombia)
– North America Market (United States, Canada, Mexico)
– Asia Pacific Market (China, Japan, Korea, India, Southeast Asia).
The Latest Industry Data Included in this Report:
- AI in Oil and Gas Market Size & Analysis (2016 - 2026)
- Market Share Analysis of AI in Oil and Gas Market (%),2016 - 2026
- AI in Oil and Gas Market Share, By Brand
- AI in Oil and Gas Market Share, By Company
- AI in Oil and Gas Market Assessment & Opportunity (Value),2016 - 2026
- Major Companies AI in Oil and Gas Market Value Analysis & Forecast
- Promising AI in Oil and Gas Development by Major Companies
- Detailed AI in Oil and Gas Portfolio of the Major Companies
- Major Deals in the AI in Oil and Gas Market
- Major Companies Analysis
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https://www.marketinsightsreports.com/reports/02082592389/ai-in-oil-and-gas-market-growth-trends-covid-19-impact-and-forecasts-2021-2026?Mode=namita
We Offer Customization on Report Based on Specific Client Requirement:
- Country Level analysis for any 5 countries of your choice.
- Competitive analysis of any 5 key market players.
- 40 analyst hours to cover any other data point.
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Irfan Tamboli (Head of Sales) – Market Insights Reports
Phone: + 1704 266 3234 | +91-750-707-8687
sales@marketinsightsreports.com | irfan@marketinsightsreports.com
About Us:
MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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