Austin, TX, USA, July 13, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Artificial Intelligence AI in Oil and Gas Market Size, Trends and Insights By Component (Services, Solutions), By Operation (Mainstream, Upstream, Downstream), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.
“According to the latest research study, the demand of global Artificial Intelligence (AI) in Oil and Gas Market size & share was valued at approximately USD 2,194.9 Million in 2021 and is expected to reach USD 2,583.2 Million in 2022 and is expected to reach a value of around USD 5,689.7 Million by 2030, at a compound annual growth rate (CAGR) of about 12.5% during the forecast period 2022 to 2030.”
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Market Overview
The introduction of artificial intelligence in the gas and oil market has helped companies to maintain a perfect record regarding the various business steps that have been taken along with the records of demand and supply that are conducted over the period of time.
The functioning and condition of the equipment and devices that are utilized in the oil and gas market are also kept under close check with the help of artificial intelligence and hence it makes the work of the industry easier. The inclusion of manual assistance in order to maintain the condition of the equipment is also prevented which decreases the risk of error.
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Market dynamics
Drivers
The inclusion of artificial intelligence in oil and gas market has helped to modernize the entire system of the various industries that have adopted this technology. The maintenance of the various equipment and devices that have been involved in the production of oil and gas are kept under close watch with the help of artificial intelligence and hence smart diagnosis is facilitated with it. This helps to increase the productivity of the manufacturing unit and hence helps the company record considerable revenue over time. Rapid advancements made by the key market player regarding the various solutions and services provided by artificial intelligence have helped the market record considerable revenue which is expected to grow further in the future.
Restraints
The high cost associated with the use of modern technology has imposed an additional cost on the manufacturers for maintaining the systems and equipment which emerges as a major restraining factor for the growth of artificial intelligence in the oil and gas market. The penetration of artificial intelligence is not as convincing as it was expected and hence it emerges as a major challenge for the key market players to expand their business. Not lack of skilled professionals who can deal with the system of artificial intelligence has also emerged as a major challenge for the growth of the market. These multiple reasons have emerged as the restraining factors for the growth of the market during the forecast period.
(A free sample of the Artificial Intelligence (AI) in Oil and Gas report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request.
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated.
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the sample of the Artificial Intelligence (AI) in Oil and Gas report has been modified to include the COVID-19 impact study prior to delivery.)
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Opportunities
The rapid research and development programs carried out by the key market players with a view to introducing modern technology into the market have emerged as a major opportunity for the growth of artificial intelligence in the oil and gas market. The inclusion of artificial intelligence into the system has made the process quite easy for the manufacturers to maintain the records and the equipment which can be kept under constant check with the help of machines and technology.
Challenges
The various rules and regulations imposed by the government regarding the use of artificial intelligence have emerged as a major challenge to the growth of the market. Adoption of artificial intelligence imposes an additional cost on the manufacturers which reduces the total profit gained from the business and hence it emerges as another challenge for the growth of the market. These multiple reasons have emerged as challenges to the growth of artificial intelligence in the oil and gas market which is expected to hamper the growth of the revenue in the future.
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Report Highlights
Based on operation, the segment upstream has emerged as the major market about the large number of shares that have been acquired by it goes to the increasing demand among potential consumers all over the world. Based on components, the solutions segment has emerged as the largest market for the huge demand for advanced solutions among the key market players. The segment of services has also performed quite well and is expected to show better growth over the period. Based on geography, the region of North America has emerged as the largest consumer of artificial intelligence in the oil and gas market. The huge number of industries which are involved in the oil and gas business how emerged as the potential consumers of artificial intelligence and hence the region is emerging as a major market player.
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Key questions answered in this report:
- What is the size of the Artificial Intelligence (AI) in Oil and Gas market and what is its expected growth rate?
- What are the primary driving factors that push Artificial Intelligence (AI) in Oil and Gas market forward?
- What are the Artificial Intelligence (AI) in Oil and Gas Industry's top companies?
- What are the different categories that the Artificial Intelligence (AI) in Oil and Gas Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Artificial Intelligence (AI) in Oil and Gas market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Snapshots
The region of North America has emerged as the largest market player for artificial intelligence in the oil and gas market beginning with the huge adoption of modern technology and equipment in the various industries that helped to make the process faster and more accurate compared to the other options available. The inclusion of artificial intelligence into the system has also assisted the company in widening its scope of business by finding better places for obtaining gas and oil. The records are maintained quite easily with the help of artificial intelligence which reduces the chances of error.
The region of Asia Pacific has also emerged as a global market for artificial intelligence about the huge number of industries that have come up in recent years with the active participation of the government that has helped the market of artificial intelligence in the oil and gas market to record a considerable revenue over the period which is expected to further increase in the times to come. The huge client base in the Asia Pacific region about the huge number of startups that have come up in recent years has helped the market record considerable revenue over some time. The European nations have also contributed significantly to the market of artificial intelligence and gas and oil market.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 2,194.9 Million |
| Projected Market Size in 2030 | USD 5,689.7 Million |
| CAGR Growth Rate | 12.5% CAGR (2022-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Prominent Players | IBM, C3.AI, Google LLC, Microsoft Corporation, Oracle, FuGenX Technologies Pvt. Ltd, Cloudera, Cisco Systems, NVIDIA Corporation, Intel Corporation and Others |
| Key Segment | By Component, Operation and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
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Key Market Players
- IBM
- AI
- Google LLC
- Microsoft Corporation
- Oracle
- FuGenX Technologies Pvt. Ltd
- Cloudera
- Cisco Systems
- NVIDIA Corporation
- Intel Corporation
Recent Developments
- November 2021 – Shell collaborated with Infosys to launch a new product for consumers. Leveraging solutions for facilitating artificial intelligence supports the industry to modernize the numerous inventories utilized in the warehouse. The development that will take place in the industries will help to decrease the amount of time that is needed for conducting maintenance activities.
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Segments covered in the report
By Component
- Services
- Solutions
By Operation
- Mainstream
- Upstream
- Downstream
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On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
This Artificial Intelligence (AI) in Oil and Gas Market Research/Analysis Report Contains Answers to the following Questions.
- What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Artificial Intelligence (AI) in Oil and Gas Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Global Market Status of the Artificial Intelligence (AI) in Oil and Gas Market? What Was the Capacity, Production Value, Cost and PROFIT of the Artificial Intelligence (AI) in Oil and Gas Market?
- What Is the Current Market Status of the Artificial Intelligence (AI) in Oil and Gas Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Artificial Intelligence (AI) in Oil and Gas Market by Considering Applications and Types?
- What Are Projections of the Global Artificial Intelligence (AI) in Oil and Gas Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is Artificial Intelligence (AI) in Oil and Gas Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On Artificial Intelligence (AI) in Oil and Gas Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Artificial Intelligence (AI) in Oil and Gas Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Artificial Intelligence (AI) in Oil and Gas Industry?
Click Here to Access a Free Sample Report of the Global Artificial Intelligence (AI) in Oil and Gas Market @ https://www.custommarketinsights.com/report/ai-in-oil-and-gas-market/
Reasons to Purchase Artificial Intelligence (AI) in Oil and Gas Market Report
- Artificial Intelligence (AI) in Oil and Gas Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- Artificial Intelligence (AI) in Oil and Gas Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Artificial Intelligence (AI) in Oil and Gas Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- Artificial Intelligence (AI) in Oil and Gas Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global Artificial Intelligence (AI) in Oil and Gas market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
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What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Artificial Intelligence (AI) in Oil and Gas market analysis.
- The competitive environment of current and potential participants in the Artificial Intelligence (AI) in Oil and Gas market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide Artificial Intelligence (AI) in Oil and Gas market should find this report useful. The research will be useful to all market participants in the Artificial Intelligence (AI) in Oil and Gas industry.
- Managers in the Artificial Intelligence (AI) in Oil and Gas sector are interested in publishing up-to-date and projected data about the worldwide Artificial Intelligence (AI) in Oil and Gas market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Artificial Intelligence (AI) in Oil and Gas products' market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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