Global Artificial Intelligence (AI) in Oil and Gas Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast

The Global AI in oil and gas market has presented a growth of USD 2,194.9 Million by 2021 and is expected to touch USD 5,689.7 Million by the end of 2030 at a compound annual growth rate of 12.5% during the forecast period.

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.

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The Artificial Intelligence (AI) in Oil and Gas Market: Overview

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.

The Artificial Intelligence (AI) in Oil and Gas Market: Growth Factors

A number of different tools and equipment are required for setting up the machinery which is required for artificial intelligence which imposes an additional demand for skilled professionals in the industry.

The rapid advancements which have taken place in the field of machinery and technology have profited the development of artificial intelligence as well and have hence increased the confidence of key market players in the system. Numerous companies all over the world that deal in oil and gas consider the usage of artificial intelligence for managing the demand and supply chain as well as the various other functions that are included in the business.

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The huge amount of money that is spent on hiring skilled professionals emerges to be very costly for the key market players and hence the emergence of artificial intelligence into the oil and gas system has proved to be a suitable option for saving the excess expense that was made on hiring employees.

The Artificial Intelligence (AI) in Oil and Gas Market: Regional Insights

On the basis of geography, the region of North America has emerged as the largest global market pertaining of the huge amount of oil and gas that has been produced over the period of time which has been assisted with the help of artificial intelligence in almost every field and process that has been included for the manufacturing of these products.

The intrusion of artificial intelligence into the system of oil and gas has helped the companies to explore more areas all over the country and find out suitable locations for maximum extraction of oil and gas which has helped them to increase the revenue return over the period of time.

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The Artificial Intelligence (AI) in Oil and Gas Market: Recent developments

November 2021 - shell landed in collaboration with Infosys with a view to introducing a new product for the consumers. Leveraging solutions that provide artificial intelligence helps the company to modernize the various inventories that are used in the warehouse. The planning and development that will take place in the industries will help to reduce the amount of Labor and time that is required for conducting the maintenance operations.

The Artificial Intelligence (AI) in Oil and Gas Market: Key Market Players

IBM
AI
Google LLC
Microsoft Corporation
Oracle
FuGenX Technologies Pvt. Ltd
Cloudera
Cisco Systems
NVIDIA Corporation
Intel Corporation

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The Artificial Intelligence (AI) in Oil and Gas Market: Segments

By Component

Services
Solutions

By Operation

Mainstream
Upstream
Downstream

By Service Type

Professional Services
Managed Services

The Artificial Intelligence (AI) in Oil and Gas Market: Regions

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

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This release was published on openPR.