DUBLIN–(BUSINESS WIRE)–The “AI in Oil and Gas Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The report provides an in-depth analysis of the artificial intelligence (AI) impact on the oil and gas industry. This comprehensive market report unveils that the global AI in oil and gas market is expected to surge to an impressive $5.96 billion by 2028, growing at a compound annual growth rate (CAGR) of 13.3%.
Houston, TX Emerges as a Hub for AI Innovation in Oil and Gas
The phenomenal growth prospects of the AI in oil and gas market can be attributed to several pivotal factors, including the integration of advanced digital technologies and the rising demand for energy efficiency and sustainability measures. North America continues to be the market leader with transformative initiatives underway in the sector, particularly with corporations deploying new technologies in Houston, further bolstering development.
Revolutionizing Safety and Efficiency: Autonomous Operations and Cybersecurity Take Center Stage
Key Market Drivers and Trends
- Digitization of Oil and Gas Industry Activities
- Enhanced Operational Efficiency through Automation
- Advanced Safety Measures and Cybersecurity in Operations
- Optimization of Exploration and Production via AI Technologies
- Strategic Industry Partnerships Leading to Innovation
The study emphasizes the transformation propelled by digitization strategies, with artificial intelligence leading the charge in operational efficiency, safety, and effective resource management. Innovations such as digital twins, autonomous robotics, and advanced analytics are poised to redefine the sector with significant contributions from key market participants.
Intelligent Solutions and Strategic Acquisitions at the Forefront
This seminal report details the advent of intelligent exploration and production technologies, with major industry players making significant inroads through strategic mergers and acquisitions. These moves signal an industry in transition, keen on leveraging the profound capabilities offered by artificial intelligence, data analytics, and cloud-based infrastructures.
Global Perspectives and Regional Analysis
Deep-diving into the global landscape, this report provides insights into the predominant regional markets, with North America leading the charge, followed by dynamic evolutions in Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa. It examines a wide gamut of AI applications across various sectors of the industry, including predictive maintenance, production optimization, and safety management.
Cutting-edge Technologies and Market Segmentation
- Internet of Things (IoT)
- Robotics
- Cloud Computing
- Advanced Analytics
- Artificial Intelligence Applications in Upstream, Midstream, and Downstream Sectors
The report provides an extensive breakdown of the varied technological implementations and their respective segments, giving stakeholders a clear view of the market composition and underlying dynamics.
Transforming the Landscape
With AI-driven innovation at its core, the oil and gas industry is set to undergo a profound transformation, impacting everything from reservoir optimization to asset management and energy consumption strategies — setting a new standard for the future of the sector.
Enabling Industrial Progress
The AI in oil and gas market represents not just a technological revolution but a requisite shift towards sustainable, efficient, and safer energy practices worldwide.
A selection of companies mentioned in this report includes
- The International Business Machines Corporation
- Microsoft Corporation
- Accenture PLC
- Google LLC
- Intel Corporation
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Company
- National Oilwell Varco Inc.
- Weatherford International PLC
- TechnipFMC PLC
- Wood PLC
- ABB Ltd
- Siemens AG
- Honeywell International Inc.
- Emerson Electric Co.
- General Electric Company
- Rockwell Automation Inc.
- Schneider Electric SE
- Yokogawa Electric Corporation
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Hitachi Ltd.
- Panasonic Corporation
- NEC Corporation
- Fujitsu Limited
- Samsung Electronics Co. Ltd.
- LG Electronics Inc.
- Sony Corporation
- Oracle Corporation
- Numenta Corporation
- Sentient Technologies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/w331gv
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