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AI in Oil and Gas Market Outlook 2020: Global Opportunity and Demand Analysis, Market Forecast, 2019-2028

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AI in Oil and Gas Market Outlook 2020: Global Opportunity and Demand Analysis, Market Forecast, 2019-2028

AI in Oil and Gas Market Outlook 2020: Global Opportunity and Demand Analysis, Market Forecast, 2019-2028

  • Published Date: 17 Jun 2020
  • Report ID: ICT&S 0027
  • Pages:156
  • Base Year: 2019
  • Format: PDF
  • Historical Data: 2016-2019

According to a study published by Insure Insights, the global AI in the oil and gas market is projected to grow at a CAGR of 12.3% during the forecast period. Artificial intelligence is a diverse scientific field, with machine learning and data science as a significant two application of the technology in the oil and gas industry. The oil and gas industry is inclining towards modern technologies, specifically Artificial Intelligence, to maximize and enhance their efficiency and revenues. The AI links information together, identifies new connections and workflows, and uses them to create a robust image of BP’s subsurface assets. It has wide applications in the oil and gas industry, such as AI, which helps in developing algorithms that offer accurate and precise intelligence to guide drills on the water as well as land. Precision drilling helps in reducing the risk of accidents, fires, oil spills, and improves the rate of penetration.

Top Driver: Reduced Oil Prices and Added Advantages of AI

The significant factor driving the global AI in the oil and gas market is the plunge in oil prices worldwide. This has forced the oil and gas operators to increase the overall production due to tightened margins. AI aids in optimizing production by identifying the areas of inefficiency. These systems can be trained on large volumes of raw production data that offers the automatic recognition of patterns and refining the data to generate analytics. AI systems can be trained on the data of technicalities such as seismic interpretations, geology, management of reservoir, production, and others and help in field surveillance, thereby reducing the reservoir maintenance costs, reservoir engineering. Hence, these significant factors are expected to boost the AI in the oil and gas market during the forecast period.

Predictive Maintenance to be the Largest Segment in the Market

Among Function the market is segmented into Production planning, Field services, Predictive maintenance and machinery inspection, Material movement, Quality control, Reclamation. The predictive maintenance segment is expected to be the largest segment is expected to fuel the market in the forecast period. The ability of the predictive maintenance to predict the possibility of equipment failure is expected to be the reason for its wide acceptability and huge share in the market.  On the basis of type the market is segmented into hardware, software, hybrid. On the basis of application, the market is segmented into upstream, downstream and midstream.

 

   

 

Increase in Adoption of AI technologies to Benefit North America Market

North America is anticipated to be the largest market for Artificial Intelligence in Oil and Gas market due to surge in the adoption of AI technologies by oilfield operators and service providers. Furthermore, the strong presence of prominent AI software and system suppliers, especially in the US and Canada would propel the market growth in the next few years. The Middle East and Africa is the estimated to be growing market due to rising investments in start-ups for AI implementation, which would further boost the demand for AI in the near future.

 

Players to Focus on AI in Oil and Gas Market

The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. IBM, Intel, Microsoft, Accenture, Google, Microsoft, Oracle, Numenta, Sentient technologies, Inbenta, General Vision, Cisco, FuGenX Technologies, Infosys, Hortonworks, and Royal Dutch Shell among others could be at the forefront of the competition in the global market.

IBM Research Brazil: In April 2019, Russian oil and gas company Gazprom Neft has signed a research cooperation agreement with IBM Research Brazil to leverage artificial intelligence (AI) to enhance geological information processing. The agreement will see more than 30 Gazprom Neft research geologists and IBM Research Brazil machine-learning research scientists collaborate and share their expertise in the Cognitive Geologist research project

Infosys: In February 2020, Infosys, a global leader in next-generation digital services and consulting, announced a definitive agreement to acquire Simplus, one of the fastest growing Salesforce Platinum Partners in the USA and Australia. Simplus is a recognized leader and advisor in cloud consulting, implementation, data integration, change management and training services for Salesforce CPQ and Billing applications.

Table of Content
Chapter 1 Overview And Scope
1.1 Market Vision
1.1.1 Market Definition
1.1.2 Market Scope
1.2 Market Segmentation
Chapter 2 Our Research Practice
2.1 Our Research Methodology
2.2 Data Triangulation
2.3 Data Sources
2.4 Assumptions for the study
2.5 Approach Adopted
Chapter 3 Executive Summary
3.1 Market Snapshot
3.2 Regional Snapshot
3.3 Segment Summary
Chapter 4 Covid-19 Impact Analysis
4.1 Overview
4.2 Prevalence analysis
4.3 Key Factor Impact Analysis
Chapter 5 Global AI in Oil and Gas Market Forces
5.1 What’s Driving the Market
5.2 Porter’s Five Forces Analysis
5.2.1 Power of Suppliers
5.2.2 Threats From New Entrants
5.2.3 Power of Buyer
5.2.4 Threat From Substitute Product
5.2.5 Degree of Competition
Chapter 6 Global AI in Oil and Gas Market -Industry Snapshots
6.1 Overview
6.1.1 Global AI in Oil and Gas Market Value, 2019 – 2028, (US$ Bn)
6.2 Market Overview
6.2.1 Drivers Analysis
6.2.2 Restraint/Challenges analysis
6.2.3 Opportunity Analysis
6.3 Supply Chain/Value Chain Analysis
6.4 Market SWOT Analysis
Chapter 7 Global AI in Oil and Gas Market Analysis, by Type
7.1 Overview
7.2 Key Findings for AI in Oil and Gas Market- By Type
7.2.1 AI in Oil and Gas Market- Hardware
7.2.2 AI in Oil and Gas Market- Software
7.2.3 AI in Oil and Gas Market- Hybrid
Chapter 8 Global AI in Oil and Gas Market Analysis, by Function
8.1 Overview
8.2 Key Findings for AI in Oil and Gas Market- By Function
8.2.1 AI in Oil and Gas Market- Production planning
8.2.2 AI in Oil and Gas Market- Field services
8.2.3 AI in Oil and Gas Market- Predictive maintenance and machinery inspection
8.2.4 AI in Oil and Gas Market- Material movement
8.2.5 AI in Oil and Gas Market- Quality control
8.2.6 AI in Oil and Gas Market- Reclamation
Chapter 9 Global AI in Oil and Gas Market Analysis, by Application
9.1 Overview
9.2 Key Findings for AI in Oil and Gas Market- By Application
9.2.1 AI in Oil and Gas Market- Upstream
9.2.2 AI in Oil and Gas Market- Downstream
9.2.3 AI in Oil and Gas Market- Midstream
Chapter 10 AI in Oil and Gas Market Analysis by Region
10.1 Key Findings for AI in Oil and Gas Market- By region
10.2 Overview
10.2.1 Global AI in Oil and Gas Market Analysis, By Type, 2019 – 2028
10.2.2 Global AI in Oil and Gas Market Analysis, By Function, 2019 – 2028
10.2.3 Global AI in Oil and Gas Market Analysis, By Application, 2019 – 2028
10.3 AI in Oil and Gas Market – North America
10.3.1 Overview
10.3.2 U.S.
10.3.3 Canada
10.3.4 Mexico
10.3.5 North America Market, By Type
10.3.6 North America Market, By Function
10.3.7 North America Market, By Application
10.4 AI in Oil and Gas Market – Europe
10.4.1 Overview
10.4.2 Germany
10.4.3 United Kingdom
10.4.4 France
10.4.5 Italy
10.4.6 Rest Of Europe
10.4.7 Europe Market, By Type
10.4.8 Europe Market, By Function
10.4.9 Europe market by, Application
10.5 AI in Oil and Gas Market – Asia Pacific
10.5.1 Overview
10.5.2 China
10.5.3 Japan
10.5.4 India
10.5.5 Rest of APAC
10.5.6 Asia Pacific Market, By Type
10.5.7 Asia Pacific Market, By Function
10.5.8 Asia Pacific Market, By Application
10.6 AI in Oil and Gas Market – SAMEA
10.6.1 Overview
10.6.2 Middle East & Africa (MEA)
10.6.3 South America
10.6.4 Rest Of World
10.6.5 South America, Middle East and Africa Market, By Type
10.6.6 South America, Middle East and Africa Market, By Function
10.6.7 South America, Middle East and Africa Market, By Application
Chapter 11 Market Competition Analysis
11.1 Market Share/Positioning Analysis
11.1.1 Market Positioning of Key Vendors, 2019
11.1.2 Key Strategies Adopted by the Leading Players
11.1.3 Recent Developments
Chapter 12 Company Profiles- Snapshot
12.1 IBM
12.1.1 Business Fundamentals
12.1.2 Financial Snapshots
12.1.3 Product Portfolio
12.1.4 Recent Developments
12.2 Intel
12.3 Microsoft
12.4 Accenture
12.5 Google
12.6 Microsoft
12.7 Oracle
12.8 Numenta
12.9 Sentient technologies
12.10 Inbenta
*More than 10 Companies are profiled in this Research Report*
*Financials would be provided on a best efforts basis for private companies”
Chapter 13 Appendix

 

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