Northbrook, IL -- (SBWire) -- 06/20/2019 --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. The growth of AI in Oil & Gas market will be mainly driven by the rise in adoption of the big data technology in the Oil & Gas industry to augment E&P capabilities, a significant increase in venture capital investments, and growing need for automation in the Oil & Gas industry, and tremendous pressure to reduce production costs.
Software in AI in Oil & Gas market is applicable in upstream Oil & Gas exploration and production activities. The hardware segment in AI in Oil & Gas market is expected to grow swiftly during the forecast period (2017 to 2022), mainly due to the increasing requirement for sophisticated hardware system configurations and components capable of handling massive data, including, but not limited to Tensor Processor Unit (TPU), Graphic Processing Unit (GPU), Resistive Processing Unit (RPU), Field Programmable Gate Array (FPGA), and Visual Processing Unit (VPU) to install software-based AI capabilities.
North America: The leading regional market for AI in Oil & Gas
North America is currently the largest market for AI in Oil & Gas, followed by the Europe and Asia Pacific. North America is projected to be the largest market for Artificial Intelligence in Oil and Gas market due to increasing adoption of AI technologies by oilfield operators and service providers and the strong presence of prominent AI software and system suppliers, especially in the US and Canada. Growing investments in the Oil & Gas infrastructure and increased focus toward automation and digitalization are expected to drive AI in the Oil & Gas market during the forecast period.
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Some of the leading global players in AI in Oil & Gas market include IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), and Oracle (US).
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AI in Oil & Gas Market to Exceed $2.85 Billion by 2022
AI in Oil & Gas market is projected to grow from an estimated USD 1.57 Billion in 2017 to USD 2.85 Billion by 2022, at a CAGR of 12.66% from 2017 to 2022.