Ai In Oil And Gas Market Size, Share, Industry Trends and Report Forecast 2023-2028

How Big Is the Ai In Oil And Gas Market?

The global AI in oil and gas market size reached US$ 2.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 9.76% during 2023-2028.

What is Ai In Oil And Gas?

AI in the oil and gas industry refers to applying machine learning (ML) algorithms in exploration, drilling optimization, and safety monitoring to improve efficiency and reduce costs. It includes predictive analytics, neural networks, and natural language processing for data management purposes. It assists in real-time decision-making, optimizing operational workflows, and reducing downtime. It reduces costs, ensures regulatory compliance, and elevates worker safety by proactively identifying risks.

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Global Industry Trends and Drivers:

The rising adoption of AI technologies, which offer data-driven insights and automation capabilities to optimize various processes in the oil and gas industry, is impelling the growth of the market. Additionally, the increasing utilization of predictive analytics and ML algorithms for precise decision-making capabilities is contributing to the market growth. Besides this, the growing emphasis on environmental sustainability to lower the harmful effects of climate change and global warming is offering a favorable market outlook. Moreover, rising developments in advanced neural networks for seismic interpretation and reservoir management are supporting the market growth. In addition, the increasing demand for real-time monitoring and predictive maintenance capabilities to minimize the complexities of extraction processes and drilling operations is strengthening the growth of the market. Furthermore, the growing focus on maintaining worker safety in hazardous environments is positively influencing the market.

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What Is Included In Market Segmentation?

The report has been segmented the market into following categories:

Breakup by Type:
• Hardware
• Software
• Services

Breakup by Function:
• Predictive Maintenance and Machinery Inspection
• Material Movement
• Production Planning
• Field Services
• Quality Control
• Reclamation

Breakup by Application:
• Upstream
• Downstream
• Midstream

Breakup by Region:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

The report provides a comprehensive analysis of the industry key players listed below:

C3.AI Inc., Cisco Systems Inc., Cloudera Inc., Fugenx Technologies, Huawei Technologies Co. Ltd, Infosys Limited, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Neudax, Nvidia Corporation, Oracle Corporation and Shell plc.

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This release was published on openPR.