Pioneering Efficiency - Global Artificial Intelligence (AI) in Oil & Gas Market

Jun 3,2023 | Information Technology

Artificial intelligence (AI) refers to systems or machines that mimic human intelligence to perform tasks and can iteratively improve themselves based on the information they collect. In general, AI includes natural language and processing, visual perception and pattern recognition, and decision making. These processes in combination give AI enormous potential in multiple disciplines and across many economic sectors. The application of AI and machine learning methods has produced demonstrable results in financial and manufacturing sectors and pharma leaders were quick to latch on to its usable benefits.

As the networks grow, the data does too. With AI, IoT has a wide range of benefits for organizations and offers a powerful solution to intelligent automation, such as avoiding downtime, increasing operational efficiency, enabling new and improved products and services, and risk management. Moreover, IoT, along with AI, is revolutionizing many industries, including manufacturing, sales and marketing, automotive, oil & gas, healthcare, etc.

The global artificial intelligence (AI) in oil & gas market will reach US$7,942.1 million by 2032, growing by 12.1% annually over 2022-2032, driven by the need to reduce production and maintenance cost, the rising demand for safety and security standards, the increasing adoption of advanced technologies in oil & gas industry, and the high investments and fast innovation in AI implementation.

Bharatbook presents the newest business market report available with in-depth qualitative analyses that includes identification and investigation of the following aspects:

The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global artificial intelligence (AI) in oil & gas market in every aspect of the classification from perspectives of Component, Operation, Application, and Region.

Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year.

Further, the analysis also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players such as Accenture PLC, C3.AI Inc., China Petrochemical Corporation, Cisco Systems Inc., Cloudera Inc., FuGenX Technologies Pvt. Ltd. (USM Business Systems, Inc.), Gazprom Neft PJSC, Google LLC, Huawei Technologies Co., Ltd., IBM Corporation, Infosys Limited, Intel Corporation, Microsoft Corporation, Neudax, NVIDIA Corp., Oracle Corporation, Royal Dutch Shell PLC, among others.

To learn more about the market, please visit Global Artificial Intelligence (AI) in Oil & Gas Market