“AI In Oil And Gas Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ai in oil and gas market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for ai in oil and gas? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The ai in oil and gas market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
- 1) By Type: Hardware; Software; Hybrid
- 2) By Function: Predictive Maintenance And Machinery Inspection; Material Movement; Production Planning; Field Services; Quality Control; Reclamation
- 3) By Process: Reservoir Optimization; Drilling Optimization; Production Optimization; Safety Management; Other Processes
- 4) By Technology: Internet Of Things (IoT); Advance Analytics; Robotics; Cloud Computing; Mobility; Other Technologies
- 5) By Application: Upstream; Downstream; Midstream
- Companies Mentioned: IBM Corporation; Microsoft Corporation; Accenture PLC.; Google LLC; Intel Corporation
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the ai in oil and gas market are: IBM Corporation, Microsoft Corporation, Accenture PLC., Google LLC, Intel Corporation, Cisco Systems Inc., FuGenX Technologies Pvt Ltd. , Infosys Ltd., General Vision Inc., Royal Dutch Shell PLC., Numenta, NVIDIA Corporation, Sentient Technologies, Hortonworks, Inbenta, and Cloudera Inc.
The global AI in oil and gas market is expected to grow from $2.83 billion in 2022 to $3.22 billion in 2023 at a compound annual growth rate (CAGR) of 13.71%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The AI in oil and gas market is expected to reach $5.16 billion in 2027 at a CAGR of 12.52%.
The AI in oil and gas market consists of revenues earned by entities by professional services, managed services, installation, training and support and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI in oil and gas market also includes sales of hardware and software used in providing AI in oil and gas services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The AI in oil and gas is used for upstream operations, customized drilling, and optimization of downstream operations. Emulating human intelligence in machines created to act and think like people is known as artificial intelligence (AI).
North America was the largest region in the AI in oil and gas market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in oil and gas report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of AI in oil and gas are hardware, software, and hybrids. Hardware refers to the computer's tangible components or delivery systems that store and run the written instructions provided by the software. The various functions are predictive maintenance and machinery inspection, material movement, production planning, field services, quality control, and reclamation, and the different processes used are reservoir optimization, drilling optimization, production optimization, safety management, and other processes. The technologies used are IoT, advanced analytics, robotics, cloud computing, mobility, and other technologies. The various applications are upstream, downstream and midstream.
The digitization of the oil and gas industry is propelling the growth of AI in the oil and gas market. A high rate of adoption of AI technology among oilfield operators and service providers is anticipated to support the market's expansion. The oil and gas industry is embracing technology to reshape its operating landscape and reap the benefits of productivity, efficiency, and cost savings. For instance, in February 2021, Shell, C3 AI, Baker Hughes, and Microsoft announced the introduction of the Open AI Energy Initiative (OAI), an open ecosystem of solutions powered by artificial intelligence (AI) for the process and energy industries. The OAI offers a framework for energy operators, service providers, equipment suppliers, and independent software vendors to create interoperable solutions, including AI and physics-based models, monitoring, diagnostics, and prescriptive actions, driven by the BHC3 AI Suite and Microsoft Azure, and services. This program combines the efforts of the worldwide oil and gas industry's digital transformation. Therefore, the digitization of the oil and gas industry will drive the market for AI in oil and gas.
Technological advancement is a key trend in AI in the oil and gas market. The development of cutting-edge technology solutions is a top priority for the major players in the oil and gas industry as they seek to improve their competitiveness. The oil and gas sectors are integrating IT with operations to improve essential operational activities, including production, maintenance, safety, and asset management. These digital technologies include big data, analytics, automation, AI, 3D printing, and the Internet of Things (IoT). For instance, in May 2021, Saudi Aramco, a Saudi Arabian oil and gas company, adopted robotic innovation for more sustainability, efficiency, and safety. The company is utilising developments in AI, data analytics, and IoT to create new, completely autonomous robots that can operate remotely. Robotics has transformed how oil and gas companies operate, facilitating real-time, data-driven decision-making and prediction abilities.
In July 2021, British Oil, a UK-based oil and gas company, acquired Open Energi for an undisclosed amount. Through this acquisition, BP aims to optimize the performance of its renewable energy assets. Open Energi is a UK-based artificial intelligence (AI) driven company that provides a digital platform that uses real-time data to optimize the energy use of low-carbon assets, from battery storage to hydrogen electrolyzers and solar farms, creating cost savings.
The countries covered in the AI In Oil And Gas market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The AI in oil and gas market research report is one of a series of new reports from The Business Research Company that provides AI in oil and gas market statistics, including AI in oil and gas industry global market size, regional shares, competitors with a AI in oil and gas market share, detailed AI in oil and gas market segments, market trends and opportunities, and any further data you may need to thrive in the AI in oil and gas industry. This AI in oil and gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Table of Contents
1. Executive Summary
2. AI In Oil And Gas Market Characteristics
3. AI In Oil And Gas Market Trends And Strategies
4. AI In Oil And Gas Market - Macro Economic Scenario
- 4.1. COVID-19 Impact On AI In Oil And Gas Market
- 4.2. Ukraine-Russia War Impact On AI In Oil And Gas Market
- 4.3. Impact Of High Inflation On AI In Oil And Gas Market
5. AI In Oil And Gas Market Size And Growth
- 5.1. Global AI In Oil And Gas Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global AI In Oil And Gas Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. AI In Oil And Gas Market Segmentation
- 6.1. Global AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hardware
- Software
- Hybrid
- 6.2. Global AI In Oil And Gas Market, Segmentation By Function, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Predictive Maintenance And Machinery Inspection
- Material Movement
- Production Planning
- Field Services
- Quality Control
- Reclamation
- 6.3. Global AI In Oil And Gas Market, Segmentation By Process, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Reservoir Optimization
- Drilling Optimization
- Production Optimization
- Safety Management
- Other Processes
- 6.4. Global AI In Oil And Gas Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Internet Of Things (IoT)
- Advance Analytics
- Robotics
- Cloud Computing
- Mobility
- Other Technologies
- 6.5. Global AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Upstream
- Downstream
- Midstream
7. AI In Oil And Gas Market Regional And Country Analysis
- 7.1. Global AI In Oil And Gas Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global AI In Oil And Gas Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific AI In Oil And Gas Market
- 8.1. Asia-Pacific AI In Oil And Gas Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China AI In Oil And Gas Market
- 9.1. China AI In Oil And Gas Market Overview
- 9.2. China AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India AI In Oil And Gas Market
- 10.1. India AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan AI In Oil And Gas Market
- 11.1. Japan AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia AI In Oil And Gas Market
- 12.1. Australia AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia AI In Oil And Gas Market
- 13.1. Indonesia AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea AI In Oil And Gas Market
- 14.1. South Korea AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe AI In Oil And Gas Market
- 15.1. Western Europe AI In Oil And Gas Market Overview
- 15.2. Western Europe AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK AI In Oil And Gas Market
- 16.1. UK AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany AI In Oil And Gas Market
- 17.1. Germany AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France AI In Oil And Gas Market
- 18.1. France AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe AI In Oil And Gas Market
- 19.1. Eastern Europe AI In Oil And Gas Market Overview
- 19.2. Eastern Europe AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia AI In Oil And Gas Market
- 20.1. Russia AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America AI In Oil And Gas Market
- 21.1. North America AI In Oil And Gas Market Overview
- 21.2. North America AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA AI In Oil And Gas Market
- 22.1. USA AI In Oil And Gas Market Overview
- 22.2. USA AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America AI In Oil And Gas Market
- 23.1. South America AI In Oil And Gas Market Overview
- 23.2. South America AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil AI In Oil And Gas Market
- 24.1. Brazil AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East AI In Oil And Gas Market
- 25.1. Middle East AI In Oil And Gas Market Overview
- 25.2. Middle East AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa AI In Oil And Gas Market
- 26.1. Africa AI In Oil And Gas Market Overview
- 26.2. Africa AI In Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa AI In Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. AI In Oil And Gas Market Competitive Landscape And Company Profiles
- 27.1. AI In Oil And Gas Market Competitive Landscape
- 27.2. AI In Oil And Gas Market Company Profiles
- 27.2.1. IBM Corporation
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. Microsoft Corporation
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. Accenture PLC.
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. Google LLC
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Intel Corporation
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The AI In Oil And Gas Market
29. AI In Oil And Gas Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer