According to a new report published by Reports Monitor titled, “Artificial Intelligence in Oil & Gas Market By Type, Function & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Artificial Intelligence in Oil & Gas marketwas valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North America dominates the Artificial Intelligence in Oil & Gas Market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.
Artificial Intelligence can be used to reduce drilling costs by optimizing drilling process and enhancing operational efficiency by driving decisions such as direction and speed in real-time. Also it can predict equipment and system failures as well to reduce unplanned downtime & equipment costs.
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However, installation cost of Artificial Intelligence systems is high due to continuous developments and up gradation of applications.
North America is largest and one of the most advanced market of AI in oil & gas market. As demand of AI & machine learning technologies is increasing from oilfield operators particularly from US and Middle East countries.
Key Question Answered:
• What will be the market size in 2025 and at what rate it will grow?
• What trends, barriers, challenges are influencing its growth?
• Who are the major key players in global artificial intelligence in oil & gas market and what are their strategies?
• Which vertical industry is expected to show major growth?
• What segment and region will lead the market and why?
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The major companies profiled in the report include: IBM, Accenture, Google, Microsoft, Oracle, Intel, Numenta, Sentient Technologies, Inbenta, Cisco, Infosys, and Shell.
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