AI in Oil & Gas market is expected to grow from an estimated USD 1.57 Billion in 2017 to USD 2.85 Billion by 2022, at a CAGR of 12.66%, during the forecast period. This growth can be attributed to the factors such as rising adoption of the big data technology, digitalization of the Oil & Gas industry, investments in AI-related start-ups, and rising pressure to reduce production costs.
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The predictive maintenance and machinery inspection segment is expected to be the largest segment in AI in Oil & Gas market
The predictive maintenance and machinery inspection segment is expected to be the largest in AI in Oil & Gas market, by function, in 2017. Predictive maintenance solutions are used in analyzing operational data such as drill maintenance or downtime and real-time decision making and then develop models that can predict equipment failure modes. Predictive maintenance is applicable across all the streams of the Oil & Gas sector and is extremely crucial in running uninterrupted operations by predicting accurate equipment status to avoid costly downturn.
North America: The leading regional market in artificial intelligence in Oil & Gas
In this report, AI in Oil & Gas market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America is the largest and one of the most advanced markets for AI in the Oil & Gas market. Increasing adoption of AI technologies by oilfield operators and service providers and a strong presence of prominent AI software and system suppliers, especially in the US and Canada, drive the market growth in the region.
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Some of the top players in AI in the Oil & Gas market are IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), and Oracle (US). These players adopted various strategies such as new product launches, contracts & agreements, and investments and expansions, to increase their global presence and market share.
