The software growth in North America is expected to drive the demand for upstream oil & gas applications. Predictive maintenance solutions have wide application for analyzing operational data such as real-time decision making & drill maintenance. The solution is suitable for all the streams and help in predicting accurate system status to overcome production costs and uninterrupted operations.
Furthermore, the technology also allows planning and forecasting, eliminating cost of drilling, well reservoir facility management, predictive maintenance and remote logistics.Although, lack of stringent regulation and guidelines and high AI installation costs are projected to restrain the market growth. Growing concerns for data privacy and cyber security risks may also hinder the industry growth. However, improved operational efficiency and predictive maintenance have paved future growth for the market.
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Artificial Intelligence (AI) in Oil and Gas market has been attributed to big data technology for improving E&P capabilities, and rising demand for automation in oil & gas market. The market is expected to witness gradual growth owing to constant cash flow crunches and falling oil prices. The industry has started adapting optimized performance while maintaining long-term investment and profitability. Gradual rise in venture capital investments, and reducing pressure of production costs will also benefit the industry.
The implementation of AI tools has led the upstream oil and gas companies to shift the production at all cost to production in context. AI tools are also utilized for profit & loss management along with optimizing production cost per barrel. The implementation of AI for integration of data collection for analysis and forecasting, optimized operation, and production management is further expected to fuel the industry. On macro scale, investment decision in production & exploration, along with economic conditions are accomplished with AI boosting the sector globally.
Top Industry Player’s
Prominent global players are IBM, Accenture, Microsoft Corporation, Google LLC and Oracle Corporation. Furthermore, the prominent players are highly investing in R&D, for launching products and ground-breaking services for increasing the awareness amongst the end-users. Other key players are CISCO Systems, Fugenx Technologies, General Vision, HortonWorks, Intel, Numenta, and Sentient Technologies.
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The market for AI in oil & gas has been segmented by type, function, and application. Furthermore, type segment is categorized into hardware, software, and hybrid. On the basis of function, as the segment is segregated into predictive maintenance & machinery inspection, material movement, production planning, field services, quality control, and reclamation. The application of the technology includes upstream, midstream, and downstream.
Geographically, the industry is categorized as North America, Europe Union (EU), Asia Pacific (APAC), Middle East and Africa (MEA) and Latin America (LA). North America is anticipated to have major share traced in comparison to Europe and APAC. Rising implementation of AI technologies by service providers and oilfield operators and strong presence of prominent AI system and software suppliers, particularly in the US and Canada has driven the regional growth.
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