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Artificial Intelligence $5.1 Billion Surge in Oil & Gas: The 2028 Industry Forecast
[May 16, 2024]

Artificial Intelligence $5.1 Billion Surge in Oil & Gas: The 2028 Industry Forecast


Global Molecular Farming Market, as forecasted by BCC Research, to Grow at Compound Annual Growth Rate (CAGR) of 15.1% during the Forecast Period from 2023 to 2028.

BOSTON, May 16, 2024 /PRNewswire/ -- "AI in Oil and Gas: Global Markets and Technologies" is a report or analysis that looks at how artificial intelligence (AI) is used worldwide in the oil and gas industry. It explores how AI is applied in different parts of the industry, like finding oil, drilling, refining, distribution, and management. The report also talks about the size of the AI market in oil and gas, how fast it's growing, the main companies involved, rules that affect it, and new AI technologies being developed. In essence, it helps us understand how AI is changing and improving the oil and gas industry globally.

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"According to the latest research study, the demand for AI in Oil and Gas: Global Markets and Technologies expected to grow from $2.8 billion in 2023 and will reach $5.1 billion by the end of 2028 at a compound annual growth rate (CAGR) of 12.9% from 2023 through 2028."

This study looks at how artificial intelligence (AI) is used in the global oil and gas industry. It covers AI technology components like software, services, and hardware, and examines its applications in different parts of the industry, from finding oil to refining and support functions. The report also discusses the market's technological, regulatory, and competitive aspects, along with economic trends. It includes forecasts for growth and profiles of major vendors. The study focuses on key drivers and regional dynamics, including North America, Europe, Asia-Pacific, and the Rest of the World.

Some Interesting Facts

In the oil and gas industry, AI is making big changes. One way is through AI-driven digital twins, which simulate how equipment and processes work virtually. This helps operators improve operations and find ways to do things better. Another change is the use of AI and edge computing, which bring faster decision-making and better efficiency by placing computing power closer to where it's needed. Lastly, AI is also being used more in exploration and production, using smart algorithms to analyze data and predict things like where to find oil more accurately.

To discover more insights and information about AI in oil and gas: global markets and technologies, click here for further exploration.

AI in oil and gas: global markets and technologies are driven by factors such as:

  1. Advanced Imaging and Surveys: involves using sophisticated techniques like 3D imaging, ground radar, LiDAR, and aerial surveys to capture detailed images of inaccessible areas. This aids in gaining a deeper understanding of the Earth's features, locating resources such as oil and gas, mapping landscapes and environments, and planning infrastructure like roads and buildings with greater precision.
  2. Improved Market Competitiveness: means making a company better at competing with others in its industry. This can happen in different ways, like offering good products or services, making operations run smoother, coming up with new and smart ways to advertise, giving customers great service, or making the company stand out from others in a way that customers like. The main aim is to make the company stronger in the market, get more customers, grab a bigger share of the market, and make more money.
  3. Enhanced Operational Efficiency: is about making a business work better by finding ways to do things more smoothly. This could mean organizing tasks better, cutting down on waste, using resources wisely, and getting things done faster and with fewer errors. The main aim is to achieve more with less time, money, and effort, so the business can save money and run more efficiently.
  4. Reduced Operating Costs: means finding ways to spend less money on running a business or carrying out specific tasks. This could include things like cutting unnecessary spending, getting better deals from suppliers, using resources more wisely, using cheaper technologies, or doing things more efficiently to avoid waste. The goal is to make the business more profitable, use resources better, and stay competitive in the market.

Request a Copy of the AI in Oil and Gas: Global Markets and Technologies 

Report Synopsis





Report Metrics

Details

Base year considered

2022

Forecast Period considered

2023-2028

Base year market size

$2.5 billion

Market Size Forecast

$5.1 billion

Growth Rate

CAGR of 12.9% for the forecast period of 2023-2028

Segment Covered

Component, Application

Regions covered

North America, Europe, Asia-Pacific, Rest of the World (RoW)

Countries covered

Latin America, Middle East, and Africa

Key Market Drivers

  • Advanced Imaging and Surveys
  • Improved Market Competitiveness
  • Enhanced Operational Efficiency
  • Reduced Operating Costs

 Segmentation Analysis 

Component: When we talk about 'Component' here, we mean three main things: Software, which are the computer programs or apps used for different tasks; Services, which are the support or help that comes with the software, like training or technical assistance; and Hardware, which is the physical equipment or devices needed to run the software, like computers, servers, or machines. Basically, it's all the stuff you need to make things work: the programs, the help you get, and the actual machines or gadgets.

Application: When discussing 'Application' in this context, it refers to four main areas: Upstream, involving the discovery and extraction of natural resources like oil or gas; Midstream, focusing on the transportation and storage of these resources; Downstream, concerned with refining and processing the resources into usable products such as gasoline or plastics; and Support Functions, which encompass essential services like administration, logistics, or safety management to ensure the industry operates smoothly. Essentially, it covers all the various stages and roles in the process, from locating resources to delivering finished products.

This report on AI in oil and gas: global markets and technologies provide comprehensive insights and analysis, addressing the following key questions:

  1. What is the projected market size and growth rate of the market?
    •  The market is projected to reach $5,122.1 million by 2028, growing at a CAGR of 12.9%.
  2. What are the key factors driving the growth of the market?
    •  The key factors driving the market include the enhanced operational efficiency, reduced operating costs, advanced imaging and surveys, improved market competitiveness, etc.
  3. What segments are covered in the market?
    •  By Component
    •  By Application
    •  By Geography
  4. By Component, which segment will dominate the market by the end of 2028?
    •  By Component, software is expected to dominate the market by the end of 2028.
  5. Which region has the highest market share in the market?
    •  North America holds the highest share of the global market.

Some of the Key Market Players Are:

  •  ABB
  • ACCENTURE
  • ASPEN TECHNOLOGY INC.
  • CISCO SYSTEMS INC.
  • EY
  • FUGENX TECHNOLOGIES
  • GENERAL ELECTRIC
  • HONEYWELL INTERNATIONAL INC.
  • IBM CORP.
  • INTEL CORP.
  • MICROSOFT CORP.
  • ORACLE
  • SCHNEIDER ELECTRIC
  • SPARKCOGNITION

Browse for more Related Reports:

Global AI Consulting Services Market: is all about companies and experts worldwide who help other businesses use artificial intelligence (AI) effectively. They give advice and support for things like planning AI strategies, designing solutions, and training staff. This market looks at how big it is, how fast it's growing, who the main players are, and what's driving the demand for AI consulting services around the world. Essentially, it's about the business side of helping companies make the most of AI technology.

Global Enterprise Artificial Intelligence (AI) Market: is all about how businesses worldwide are using AI technology to improve their operations. This includes things like making better decisions, automating tasks, providing better customer service, and increasing productivity. Companies in this market offer AI software, platforms, and services designed specifically for businesses in different industries. Analysts look at things like how big the market is, how fast it's growing, who the main players are, and what factors are driving businesses to adopt AI technology. Basically, it's about how AI is helping businesses work smarter and stay ahead in the global market.

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For further information or to make a purchase, please get in touch with [email protected].

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SOURCE BCC Research LLC


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