Artificial Intelligence Oil Gas Market is expected to rise at a moderate CAGR during the forecast period from 2021 to 2027. Companies in the oil and gas sector are experimenting with contemporary technologies to increase their efficiency and revenue. By leveraging artificial intelligence in oil and gas operations, corporations can design algorithms to guide drills on land mass and ocean floor. As the cost of IoT sensors declines, more major oil and gas organizations have started to integrate these sensors into their upstream, midstream, and downstream operations along with AI-enabled predictive analytics. Additionally, the offshore oil and gas business use Artificial Intelligence in data science to make the complex data used for oil and gas exploration and production in an easy-to-understand format. This lets companies to discover new exploration prospects and make more use out of existing infrastructures.
However, the high capital investments for the integration of AI technologies and the lack of skilled AI professionals, might hinder the growth of the Artificial Intelligence Oil Gas market. North American region is projected to hold a significant market share during the forecast period owing to the increasing adoption of AI technologies among the oilfield operators and service providers in the region. The Artificial Intelligence Oil and Gas Market is moderately competitive and consists of a few major players, in the market, in terms of market share. The key players in the market include Google LLC, Microsoft Corp., IBM Corp., FuGenX Technologies Pvt. Ltd., and Intel Corp. among others.
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A full report of Global Artificial Intelligence Oil Gas Market is available at: https://www.orionmarketreports.com/artificial-intelligence-oil-gas-market/43493/
The following Segmentation are covered in this report:
By Type
- Hardware
- Software
- Hybrid
By Function
- Predictive maintenance and machinery inspection
- Material movement
- Production planning
- Field services
- Quality control
- Reclamation
By Application
- Upstream
- Downstream
- Midstream
By Region
North America:
- US
- Canada
Europe:
- France
- Italy
- Germany
- UK
- Rest of Europe
Asia Pacific:
- India
- China
- Japan
- Australia
- Rest of APAC
The report covers the following objectives:
- Proliferation and maturation of trade in the global Artificial Intelligence Oil Gas Market.
- The market share of the global Artificial Intelligence Oil Gas Market, supply and demand ratio, growth revenue, supply chain analysis, and business overview.
- Current and future market trends that are influencing the growth opportunities and growth rate of the global Artificial Intelligence Oil Gas Market.
- Feasibility study, new market insights, company profiles, investment return, revenue (value), and consumption (volume) of the global Artificial Intelligence Oil Gas Market.
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
