Current Business Affairs Global Artificial Intelligence in Oil & Gas Market

Global Artificial Intelligence in Oil & Gas Market Trends, Analysis, and
Forecast To 2025
Market Definition:
Oil & gas sector is considered as one of the most highly valued commodities in the energy sector. The sector is looking
for operational efficiency for driving the cost reduction and Artificial Intelligence (AI) technology is gaining traction for
optimizing, enhancing, automating, and improving operational efficiencies of businesses globally. The technology plays a
vital role in decision-making process and for managing and organizing data. AI technology is majorly adopted for
optimizing the drilling process and improving operational efficiency, leading to reduced drilling costs.
The technology growth in oil and gas market has been attributed to big data technology for improving E&P capabilities,
and rising demand for automation in oil & gas market. The industry has started adapting optimized performance while
maintaining long-term investment and profitability. Gradual rise in venture capital investments, and reducing pressure
of production costs will also benefit the industry.
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Market Growth and Analysis:
AI tools are also utilized for profit & loss management along with optimizing production cost per barrel. The
implementation of AI for integration of data collection for analysis and forecasting, optimized operation, and production
management is further expected to fuel the industry. On macro scale, investment decision in production & exploration,
along with economic conditions are accomplished with AI boosting the sector globally.
Furthermore, the technology also allows planning and forecasting, eliminating cost of drilling, well reservoir facility
management, predictive maintenance and remote logistics. Although, lack of stringent regulation and guidelines and
high AI installation costs are projected to restrain the market growth. Growing concerns for data privacy and cyber
security risks may also hinder the industry growth. However, improved operational efficiency and predictive
maintenance have paved future growth for the market.
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Market Segment:
The market for AI in oil & gas has been segmented by type, function, and application. Furthermore, type segment is
categorized into hardware, software, and hybrid. On the basis of function, as the segment is segregated into predictive
maintenance & machinery inspection, material movement, production planning, field services, quality control, and
reclamation. The application of the technology includes upstream, midstream, and downstream.
The software growth in North America is expected to drive the demand for upstream oil & gas applications. Predictive
maintenance solutions have wide application for analyzing operational data such as real-time decision making & drill