Future Market Insights, Inc. (FMI) predicts a vibrant future for the AI in oil and gas market, fueled by a relentless drive for efficiency, safety, and data-driven insights. Dive deeper into the intricate dynamics of this burgeoning market and uncover compelling stakeholder opportunities in our comprehensive FMI report.
NEWARK, Del., Feb. 1, 2024 /PRNewswire/ -- The AI in Oil And Gas Market is estimated to be valued at US$ 3.5 billion in 2024 and is expected to reach US$13 billion by 2034. From 2019 to 2023, the market registered a CAGR of 17.0%; however, during the forecast period, the demand for AI in oil and gas is projected to be invigorating, with a CAGR of 14.1%.
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The oil and gas industry has been increasingly adopting artificial intelligence (AI) technology in recent years, and this trend is expected to continue in the coming years. Several factors are driving the growth of AI in oil and gas market.
The need to optimize production and reduce costs. The oil and gas industry is highly competitive, and companies are always looking for ways to increase efficiency and reduce costs. AI technology, such as machine learning and data analytics, can help companies optimize production and reduce costs by identifying inefficiencies and implementing solutions to address them.
Increasing the need to improve safety and reduce environmental impact. The oil and gas industry is inherently risky, and accidents can have severe consequences for both workers and the environment. AI technology can help companies improve safety by identifying potential hazards and implementing measures to mitigate them. Additionally, AI can help companies reduce their environmental impact by identifying opportunities to reduce waste and emissions.
The increasing availability of data is also driving the growth of AI in the oil and gas market. With the proliferation of sensors and other data-gathering technologies, companies have access to more data than ever before. AI technology can help companies make sense of this data and extract insights that can inform decision-making and drive operational improvements.
"The sophistication of AI technology and its potential to deliver increased assets itself is driving its adoption in the oil and gas industry. As AI becomes more affordable and reliable for several industries, they can address increasingly complex problems and deliver more accurate predictions and recommendations even in the oil and gas sector, "says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the AI in Oil and Gas Market
- The AI in oil and gas market is estimated to register a CAGR of 14.1% with a valuation of US$ 13 billion by 2034.
- The solution segment is anticipated to dominate the global market by registering a 13.8% CAGR from 2024 to 2034.
- With a 13.6% CAGR, the upstream segment is estimated to drive the global market in 2024.
- The United States market for AI in oil and gas is expected to grow 14.5% through 2034.
Competitive Landscape
Numerous companies are investing significantly in AI technologies to optimize their operations, reduce expenses, and enhance safety. Companies are heavily investing in AI-powered solutions that can analyze data from sensors and other sources to improve efficiency and minimize downtime. In addition, many startups and smaller organizations are developing cutting-edge AI solutions specifically for the oil and gas industry. In general, the market is fiercely competitive for established players.
In 2022, C3 AI released the C3 Generative AI Product Suite, which includes C3 Generative AI for Enterprise Search as its debut product. The package consists of pre-built AI apps that may be utilized in various industries, including oil and gas.
Key Players in Artificial Intellegence in Oil and Gas Market:
- FuGenX Technologies Pvt. Ltd
- Microsoft Corporation
- IBM Corp.
- Google LLC
- Intel Corporation
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Key Market Segments
By Component:
- Solution
- Services
By Operation:
- Upstream
- Midstream
- Downstream
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- The Middle East and Africa
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About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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