The global artificial intelligence (AI) in oil and gas market is estimated to be valued at US$ 2.99 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031. Artificial intelligence utilizes algorithms and software to perform tasks commonly associated with human intelligence such as visual perception, speech recognition, decision-making, and translation between languages. Companies in the oil and gas industry are increasingly adopting AI technologies to gain insights from data, automate decision making, and optimize operations.
Key players operating in the artificial intelligence (AI) oil and gas market are Google, IBM, SAS, Accenture Plc., Baidu, Inc., H2O.ai., Microsoft Corporation, Oracle Corporation. These players are implementing artificial intelligence across the value chain for upstream, midstream, and downstream operations to improve productivity and reduce costs. With increasing digital transformation initiatives and growing data volumes in the oil and gas industry, the demand for AI solutions is expected to surge in the coming years. Major oil companies are also expanding their AI departments globally to develop new-age solutions for the energy sector.
Key Takeaways
Key players: Key players operating in the artificial intelligence (AI) oil and gas market include Google, IBM, SAS, Accenture Plc., Baidu, Inc., H2O.ai., Microsoft Corporation, Oracle Corporation. These companies are focusing on developing AI-powered predictive maintenance, production optimization, and autonomous robotics for the industry.
Growing demand: The demand for Artificial Intelligence (AI) in Oil and Gas Market Demand in oil and gas is growing due to rising adoption of digital technologies across E&P, refining operations, and distribution channels. AI improves oil rig maintenance, enhances output quality, optimizes logistics, and ensures safety and environmental compliance.
Global expansion: Major AI vendors and oil companies are expanding their AI departments globally to develop new-age solutions for the energy sector. They are also making acquisitions and entering into partnerships to strengthen AI capabilities for oil and gas applications.
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