Zion Market Research, the market research group announced the analysis report titled 'AI in Oil & Gas Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024'
Sarasota, FL -- (SBWIRE) -- 10/26/2018 -- Global AI in Oil & Gas Market: Overview
Oil is considered to be the extremely valued commodity in the energy division. Few of the AI solutions are surrogate reservoir modeling, top-down intelligent reservoir modeling, process optimization, and shale analytics. Growing variation of automation, rise in investment for this market, and pressure for reducing production cost are some of the major drivers which are responsible for the development of the global AI in oil & gas market. Drop in oil prices in the global market is a most important issue for several oil companies to maintain their profit level, this is likely to drive the implementation of AI in the oil and gas sector.
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Global AI in Oil & Gas Market: Growth Factors
The development of the global artificial intelligence in the oil and gas market can be accredited to the growing big data technology in the gas & oil sector to boost E&P capabilities. Other factors driving the growth of the market are a considerable increase in enterprise capital investments, the increasing requirement for automation, and remarkable pressure to decrease production price.
In the coming future, the global AI in oil & gas market is projected to observe the highest development rate in developed regions. This expansion is owing to rising acceptance of AI technologies by service providers and oilfield operators and the strong incidence of major system suppliers and AI software.
Global AI in Oil & Gas Market: Segmentation
The global AI in oil & gas market in terms of type is further classified into software, hardware, and services. The software division is likely to be dominating the global AI in oil & gas market. Software in the global AI in oil & gas market is related in upstream production activities and oil & gas exploration. The hardware division in the global AI in oil & gas market is projected to develop swiftly in the coming future, mainly owing to the growing need for components competent of handling huge data and advanced hardware system configurations. The global AI in oil & gas market, in terms of function, is categorized into machinery inspection, predictive maintenance, production planning, material movement, quality control, field services, and reclamation. Predictive maintenance division is the major and the fastest increasing division in the global AI in oil & gas market. The global AI in oil & gas market is fragmented in terms of application, which is further divided into midstream, upstream, and downstream. The upstream division of the global AI in oil & gas market is projected to account for the major market size.
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Global AI in Oil & Gas Market: Regional Analysis
North America is likely to be the largest contributor to the global AI in oil & gas market owing to the increasing ventures to advanced efficient infrastructure and growing demand and requirement for digitalization and automation. North America is followed by Europe. The Middle East & Africa is projected to develop at a significant rate owing to the increasing innovations in the global AI in oil & gas market. Another factor propelling the growth of the market in this region is the growing investments mainly in the start-ups for AI execution, which is increasing the demand and requirement for AI in the coming future.
Global AI in Oil & Gas Market: Competitive Players
Some of the most important market players in the global AI in oil & gas market are Oracle, Accenture, IBM, Microsoft Corporation, and Google, among others.
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