The Artificial Intelligence in Oil and Gas Market

Artificial Intelligence is an advanced technology which supports to achieving improved production and business efficiencies in the oil and gas industry. The inclusion of artificial intelligence technology provides new ways and approaches in exploration, development, refining, production, sales and transformation systems. Oil and gas companies are highly investing in AI technology services and solutions to minimize human errors in the process and to prevent critical business process challenges with the support of advanced technology in automation. The major driving factors causing an increase in the demand for artificial intelligence in the oil and gas industry has been the worldwide decrease in oil prices. This has in turn tightened margins and pushed the oil and gas operators to change their emphasis away from raising their overall production to effectively optimizing it. Prevention of expensive risk of drilling, leveraging big data to enhance operational performance and transformation of conventional production system into new predictive technologies are the factors propelling the growth of artificial intelligence in oil and gas market. Furthermore, the substantial increase in health and safety concerns of the personnel on production sites is also boosting the growth of the global artificial intelligence market in oil and gas. Artificial intelligence can avoid the health and safety issues by supporting the operators to regulate critical tasks through automated systems without the requirement for human presence. Hence, the artificial intelligence systems can automate and optimize data rich processes, they help in reducing or avoiding duplication of efforts and further in reducing business risk. This improves the productivity and reduces the overall operational cost. Across the world, the oil and gas companies have reengineered their production strategies and operational models to involve artificial intelligence as a prominent element in business transformation. Thus, the artificial intelligence market in oil and gas has an enormous scope for rapid growth. However, the heavy coat of installation is likely to limit the market growth.

With the advancement in computer hardware and software in the past few years, and rise in the number of providers providing data-driven solutions, the artificial intelligence-enabled technology has relatively succeeded in domains such as healthcare, finance and manufacturing, and has also grasped the attention of the oil and gas industry.

The global Artificial Intelligence (AI) in Oil & Gas Market is segregated on the basis of Type as Hardware, Software and Hybrid. Based on Function the global Artificial Intelligence (AI) in Oil & Gas Market is segmented in Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control and Reclamation. Based on Application the global Artificial Intelligence (AI) in Oil & Gas Market is segmented in Upstream, Downstream and Midstream.

The global Artificial Intelligence (AI) in Oil & Gas Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Artificial Intelligence (AI) in Oil & Gas Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

IBM, ExxonMobil, Royal Dutch Shell, China Petroleum and Chemical Corp, Total S.A., Gazprom and others are among the major players in the global Artificial Intelligence (AI) in Oil & Gas Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In October 2019, Microsoft declared the collaboration with Baker Hughes an energy industry tech company and AI developer C3.ai to bring enterprise AI technology to the energy industry through its Azure cloud computing platform. It would enable customers to streamline the adoption of AI designed to address problems such as energy management, inventory, predictive maintenance and equipment reliability.
• In September 2020, Intel and Oracle adopted the next generation of cloud-based, high-performance computing (HPC) instances within Oracle Cloud Infrastructure, influencing the computing performance of 10nm Intel Xeon Scalable processors. Leveraging 3rd Gen Intel Xeon Scalable processors and other enhancements in Oracle’s new X9 Generation instance, performance gains may be up to 30% higher on few workloads over older versions. Oracle’s X9 Generation cloud instance is targeted at computationally intensive workloads, including crash simulations, seismic analysis for oil and gas exploration and electronic design automation.

The global Artificial Intelligence (AI) in Oil & Gas Market has been segmented as below:

Artificial Intelligence (AI) in Oil & Gas Market, By Type

• Hardware
• Software
• Hybrid

Artificial Intelligence (AI) in Oil & Gas Market, By Function

• Predictive maintenance and machinery inspection
• Material movement
• Production planning
• Field services
• Quality control
• Reclamation

Artificial Intelligence (AI) in Oil & Gas Market, By Application

• Upstream
• Downstream
• Midstream

Artificial Intelligence (AI) in Oil & Gas Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

Artificial Intelligence (AI) in Oil & Gas Market, By Company

• IBM
• ExxonMobil
• Royal Dutch Shell
• China Petroleum and Chemical Corp
• Total S.A.
• Gazprom
• Accenture
• Google
• Microsoft
• Oracle
• Intel
• Numenta
• Sentient Technologies
• Inbenta
• General Vision
• Cisco
• Fugenx Technologies
• Infosys

The report covers the below scope:

• Global Artificial Intelligence (AI) in Oil & Gas Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global Artificial Intelligence (AI) in Oil & Gas Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global Artificial Intelligence (AI) in Oil & Gas Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global Artificial Intelligence (AI) in Oil & Gas Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Artificial Intelligence (AI) in Oil & Gas Market share. Major industry players with significant revenue share include IBM, ExxonMobil, Royal Dutch Shell, China Petroleum and Chemical Corp, Total S.A., Gazprom and others.

Why to Buy this Report:

• Gain detailed insights on the Artificial Intelligence (AI) in Oil & Gas industry trends
• Find complete analysis on the market status
• Identify the Artificial Intelligence (AI) in Oil & Gas Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

Free and Paid Customization based on the requirement

1.      Introduction

1.1.       Key Points

1.2.      Report Description

1.3.      Markets Covered

1.4.      Stakeholders

2.     Research Methodology

2.1.      Research Scope

2.2.     Research Methodology

2.2.1.     Market Research Process

2.2.2.    Research Methodology

2.2.2.1.           Secondary Research

2.2.2.2.          Primary Research

2.2.2.3.          Models for Estimation

2.3.     Market Size Estimation

2.3.1.     Bottom-Up Approach

2.3.2.    Top-Down Approach

3.     Executive Summary

4.    Market Overview

4.1.      Introduction

4.2.     Drivers

4.3.     Restraints

4.4.     Opportunities

4.5.     Challenges

5.     Artificial Intelligence (AI) in Oil & Gas Market, By Type

5.1.      Key Points

5.2.  Hardware

5.3.  Software

5.4.  Hybrid

6.    Artificial Intelligence (AI) in Oil & Gas Market, By Function

6.1.      Key Points

6.2. Predictive maintenance and machinery inspection

6.3. Material movement

6.4. Production planning

6.5.  Field services

6.6. Quality control

6.7.  Reclamation

7.     Artificial Intelligence (AI) in Oil & Gas Market, By Application

7.1.      Key Points

7.2.  Upstream

7.3.  Downstream

7.4.  Midstream

8.    Competitive Landscape

8.1.      Introduction

8.2.     Start-up companies- Artificial Intelligence (AI) in Oil & Gas Market

8.3.     Recent Developments

8.3.1.     Mergers & Acquisitions

8.3.2.    New Product Developments

8.3.3.    Portfolio/Production Capacity Expansions

8.3.4.    Joint Ventures, Collaborations, Partnerships & Agreements

8.3.5.    Others

9.    Company Profile

9.1.  IBM

9.2. ExxonMobil

9.3. Royal Dutch Shell

9.4. China Petroleum and Chemical Corp

9.5.  Total S.A.

9.6. Gazprom

9.7.  Accenture

9.8. Google

9.9. Microsoft

9.10.   Oracle

9.11.    Intel

9.12.   Numenta

9.13.   Sentient Technologies

9.14.   Inbenta

9.15.   General Vision

9.16.   Cisco

9.17.   Fugenx Technologies

9.18.   Infosys

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