AI in Oil and Gas Market: Delving into the Promising Future of Oil and Gas

Report on Global AI in Oil and Gas by DataM Intelligence estimates the market to grow at a CAGR of 13% during the forecast period of 2023 - 2030. The driving factors in the global AI oil and gas markets include the increasing safety concerns in the workforce about the aging infrastructure, the analysis of a huge amount of data for improvement in decision making in terms of exploration and production processes. 

The implementation of Artificial Intelligence techniques such as Machine Learning, Deep Neural Networks, Robotics, and others in the Oil and Gas Market not only solves problems but also helps to make processes more efficient. The immense computational capacity of computer systems, along with software that shows or mimics human traits such as pattern recognition, plays a significant role in the expansion of the oil and gas industry. 

The market need for operations automation, data assessment and analysis is rapidly increasing. According to Motorola Solutions, demand for artificial intelligence (AI) in the global oil industry is predicted to rise by 33% by 2035.

Market Analysis

DataM Intelligence’s report on the AI in oil and gas market provides valuable insights into the latest trends and developments in the industry. It offers a comprehensive overview of the market’s competitive landscape, key players, and market dynamics, allowing you to make informed decisions.

Furthermore, the report offers precise forecasts for the market’s development over the forecast period, highlighting the key trends, growth opportunities, and market potential. This helps readers to gain a clear understanding of the market’s landscape and develop more effective strategies. 

Market Drivers

To Optimize the Exploration and Exploitation of Hydrocarbons

Oil and gas-producing nations throughout the globe are seeking innovative ways to overcome the obstacles posed by current drilling, refining, and data analysis technologies.  As a result, to improve the efficiency and effectiveness of hydrocarbon exploration and extraction. Recent AI applications and research in these systems have shown that it can be a superior method.

For instance, WIHG (Wadia Institute of Himalayan Geology) experts developed a novel artificial intelligence approach in 2019 to analyze seismic wave data to determine the kind of rock formation and geological characteristics under the surface. This approach might be expanded to investigate the existence of hydrocarbons under the surface, enhancing the procedure by using AI.

Growth Opportunities

Rapid research and development activities undertaken by key industry participants in order to introduce contemporary technology into the market have emerged as a significant potential for the expansion of artificial intelligence in the oil and gas market. The incorporation of artificial intelligence into the system has simplified the process for manufacturers to retain records and equipment that can be maintained under continual check with the assistance of machines and technology.

Key Players

The major companies operating in the AI in oil and gas market include:

• IBM 
• Amazon
• Microsoft
• Oracle
• Sentient technologies

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