Press release
Generative Artificial Intelligence (AI) In Oil And Gas Market Size Projected To Reach $0.98 Billion By 2034 With A Cagr Of 17%
Generative Artificial Intelligence (AI) In Oil And Gas
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What Is the Projected Growth of the Generative Artificial Intelligence (AI) In Oil And Gas Market?_x000D_
The generative AI in oil and gas market size will grow from $0.45 billion in 2024 to $0.53 billion in 2025, with a CAGR of 17.3%. The historic growth can be linked to efficiency improvements, exploration and production optimization, digital transformation, the need to reduce operational costs, and the growing volume of data from sensors and exploration activities._x000D_
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The generative AI in oil and gas market size is projected to reach $0.99 billion in 2029 at a CAGR of 17.0%. Growth is driven by operational efficiency, resource extraction optimization, environmental compliance, supply chain optimization, and better risk assessment and mitigation. Key trends include predictive maintenance, AI-driven exploration, automated drilling, risk assessment models, and supply chain management._x000D_
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What Are the Different Generative Artificial Intelligence (AI) In Oil And Gas Market Segments?_x000D_
The generative artificial intelligence (AI) in oil and gas market covered in this report is segmented -_x000D_
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1) By Deployment: On-Premise, Cloud-Based_x000D_
2) By Function: Data Analysis And Interpretation, Predictive Modelling, Anomaly Detection, Decision Support, Other Functions_x000D_
3) By Application: Asset Maintenance, Drilling Optimization, Exploration And Production, Reservoir Modelling, Other Applications_x000D_
4) By End User: Oil And Gas Companies, Drilling Contractors, Equipment Manufacturers, Service Providers, Consulting Firms_x000D_
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Subsegments:_x000D_
1) By On-Premise: Infrastructure Management, Data Security Solutions, Legacy System Integration, Customizable AI Models_x000D_
2) By Cloud-Based: Software as a Service (SaaS), Data Storage and Analytics, Real-Time Monitoring Solutions, Scalable AI Solutions_x000D_
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What Are the Primary Drivers Shaping the Generative Artificial Intelligence (AI) In Oil And Gas Market?_x000D_
The shift towards cloud technologies is anticipated to fuel the growth of generative AI in the oil and gas market. Cloud technologies deliver services like storage, processing, and applications via the internet, replacing the need for local servers. The increasing demand stems from scalability, cost-efficiency, collaboration, and digital transformation. These technologies empower generative AI by providing the infrastructure for processing vast data, leading to better analytics and resource optimization. For example, in December 2023, Eurostat reported that 45.2% of EU enterprises utilized cloud services, a 4.2 percentage point increase from 2021. Hence, the growing shift to cloud technologies is boosting generative AI in the oil and gas market._x000D_
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Which Companies Are Leading in the Generative Artificial Intelligence (AI) In Oil And Gas Market?_x000D_
Major companies operating in the generative artificial intelligence (AI) in oil and gas market are Exxon Mobil Corporation, Google LLC, Chevron Corporation, TotalEnergies SE, Microsoft Corporation, Equinor ASA, Siemens AG, International Business Machines Corporation, Honeywell International Inc., ABB Ltd., Tata Consultancy Services Limited, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, Emerson Electric Co., Wipro Limited, Rockwell Automation Inc., AVEVA Group plc, Aspen Technology Inc., C3.ai Inc., Altair Engineering Inc._x000D_
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What Trends Are Driving Growth in The Generative Artificial Intelligence (AI) In Oil And Gas Market?_x000D_
In the oil and gas market, companies are utilizing generative AI large language models to enhance data analysis, optimize operations, and provide predictive insights. Saudi Aramco launched Aramco Metabrain AI in March 2024, which analyzes historical data to provide forecasts on drilling plans, geological data, and market trends, aiding in better decision-making within the industry._x000D_
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What Are the Top Revenue-Generating Geographies in the Generative Artificial Intelligence (AI) In Oil And Gas Market?_x000D_
North America was the largest region in the generative artificial intelligence in the oil and gas market in 2024. The regions covered in the generative artificial intelligence (AI) in oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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Frequently Asked Questions:_x000D_
1. What Is the Market Size and Growth Rate of the Generative Artificial Intelligence (AI) In Oil And Gas Market?_x000D_
2. What is the CAGR expected in the Generative Artificial Intelligence (AI) In Oil And Gas Market?_x000D_
3. What Are the Key Innovations Transforming the Generative Artificial Intelligence (AI) In Oil And Gas Industry?_x000D_
4. Which Region Is Leading the Generative Artificial Intelligence (AI) In Oil And Gas Market?_x000D_
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Why This Report Matters:_x000D_
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Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors._x000D_
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Informed Decisions: Understand key strategies related to products, segmentation, and industry trends._x000D_
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Efficient Research: Quickly identify market growth, leading players, and major segments.
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