Press release
Global AI In Oil And Gas Market Share to Reach $6.7 Billion by 2029, Growing at 13% CAGR
AI In Oil And Gas Market Share
The rise in the necessity for energy is predicted to stimulate the expansion of the AI in oil and gas market in the future. Energy demand is characterized by the amount of energy consumers, industries, or a certain area need or request during a specific period. Data regarding energy demand assists oil and gas businesses in effectively allocating their resources. AI systems have the capacity to scrutinize patterns in energy use and pinpoint areas where resources can be allocated more efficiently, thereby decreasing wastage and expenses. For instance, as cited by the European Commission, a governing organ based in Belgium, in August 2023, the objective for energy efficiency is to reach 20% by 2020 and a minimum of 35% by 2030. Hence, the surge in energy demand is propelling the expansion of the AI in oil and gas market.
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How will the growth rate of the ai in oil and gas market shape industry trends by 2034?
The market size for AI in the oil and gas industry has seen accelerated expansion in the past few years. The market is projected to surge from $3.59 billion in 2024 to $4.06 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 13.1%. Factors like industry-wide data explosion, improvements in operational efficiency, automation of redundant tasks, safety improvements, refinement of exploration and drilling operations, and advancements in reservoir management have propelled the growth during the historical period.
The size of the AI in oil and gas market is predicted to experience significant expansion in the coming years, escalating to $6.7 billion by 2029 with a CAGR of 13.3%. The anticipated growth during the forecast period can be accredited to the advancement in autonomous operations, implementation of cybersecurity protocols, integration of energy transition, adoption of dynamic pricing models, planning for resilience, and response to global market fluctuations. Key trends that are expected to dominate the forecast period encompass digital twins for asset simulation, autonomous processes and robotics, sophisticated analytics for reservoir administration, cognitive computations for decision assistance, AI solutions based on cloud, and remote supervision and management.
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What trends are poised to drive the future success of the ai in oil and gas market?
Leading businesses in the AI oil and gas market are homing in on the creation of technologically sophisticated solutions such as AI instruments to boost operational optimization, increase predictive maintenance, and augment safety and efficiency levels. AI implements involve advanced software and algorithms designed to scrutinize data to streamline procedures, anticipate equipment breakdowns, and refine decision-making in oil and gas operations. For example, in July 2024, Indosat, an internet service provider based in Indonesia, unveiled a range of solutions powered by AI and cloud-based technology. These solutions boost operational efficacy by automating tasks and fine-tuning resource distribution, leading to substantial cost reductions. Furthermore, they facilitate data-driven decision-making by swiftly analyzing extensive datasets, thus enhancing productivity throughout the company.
Which primary segments of the ai in oil and gas market are driving growth and industry transformations?
The AI in oil and gas market size has grown rapidly in recent years. It will grow from $3.59 billion in 2024 to $4.06 billion in 2025 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to data explosion in the industry, operational efficiency improvement, automation of repetitive tasks, safety enhancement, optimization of exploration and drilling processes, enhanced reservoir management.
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Which geographical regions are pioneering growth in the ai in oil and gas market?
North America was the largest region in the AI in oil and gas market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the ai in oil and gas market landscape?
Major companies operating in the AI in oil and gas market are The International Business Machines Corporation, Microsoft Corporation, accenture* PLC, Google LLC, Intel Corporation, Schlumberger Limited, Halliburton Company, Baker Hughes Company, National Oilwell Varco Inc., Weatherford International PLC, TechnipFMC PLC, Wood PLC, ABB Ltd, Siemens AG, Honeywell International Inc., Emerson Electric Co., General Electric Company, Rockwell Automation Inc., Schneider Electric SE, Yokogawa Electric Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Hitachi Ltd., Panasonic Corporation, NEC Corporation, Fujitsu Limited, Samsung Electronics Co. Ltd., LG Electronics Inc., Sony Corporation, Oracle Corporation, Numenta Corporation, Sentient Technologies Inc.
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What Is Covered In The AI In Oil And Gas Global Market Report?
• Market Size Forecast: Examine the ai in oil and gas market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the ai in oil and gas market for a structured understanding.
• Key Players Overview: Analyze major players in the ai in oil and gas market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ai in oil and gas market.
• Segment Contributions: Evaluate how different segments drive overall growth in the ai in oil and gas market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ai in oil and gas market.
• Industry Challenges: Identify potential risks and obstacles affecting the ai in oil and gas market.
• Competitive Landscape: Review strategic developments in the ai in oil and gas market, including expansions, agreements, and new product launches.
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