AI In Oil and Gas Market Size, Share, and Forecast 2032

Global AI in Oil and Gas Market: Size

The global AI in oil and gas market size was worth around USD 3.19 million in 2023 and is predicted to grow to around USD 9.34 million by 2032 with a compound annual growth rate (CAGR) of roughly 12.80% between 2024 and 2032. The report covers a forecast and an analysis of the AI in oil and gas market on a global and regional level. The study provides historical data from 2018 to 2022 with a forecast from 2024 to 2032 based on revenue (USD Billion).

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Global AI in Oil and Gas Market: Overview

Operations in the oil and gas industry are performed at high risk. The oil and gas industry is dependent on laborers, owing to create a safe environment for a highly labor-sensitive industry. This is an important requirement for the oil and gas industry, which has increased the demand for AI-integrated robots in the industry. Robots integrated with AI can perform tasks that are dangerous for humans. AI has been used in industries to perform production, maintenance, and inspection operations digitally. AI can anticipate system failures even before the actual failures occur.

The study covers the key drivers and restraints of the AI in oil and gas market. It also provides the impact of the market within the forecast period. Furthermore, the study also includes the opportunities accessible within the AI in oil and gas market on a global level.

In order to offer the users of this report, a comprehensive read of the AI in oil and gas market, we have enclosed a detailed value chain analysis. To know the competitive landscape within the market, an analysis of Porter’s Five Forces model for the AI in oil and gas market has additionally been enclosed within the study. The study includes a market attractiveness analysis, wherein all the segments are benchmarked supported their market size, growth rate, and general attractiveness.

The study also includes the market share of the key participant’s operating in the AI in oil and gas market across the globe. Additionally, the report covers the strategic development together with acquisitions & mergers, agreements, partnerships, collaborations and joint ventures, and regional growth of key players within the market on a regional basis.

Global AI in Oil and Gas Market: Growth Drivers

The global AI in oil and gas market is projected to witness notable growth in the upcoming few years, owing to the rising demand for automated systems to perform operations like underground excavation and drilling in the oil and gas industry. Moreover, to detect upcoming mishaps and perform dangerous operations by AI systems will create a safer environment for the laborers, which will further drive the AI in oil and gas market. As oil and gas prices have been increasing in over the last few years, the oil and gas companies need to optimize their operations to curb this problem. AI systems implemented in the oil and gas industry will reduce the operating time and lead to various developments in the oil and gas industry. However, the lack of quick ability to learn and understand may restrict the applications integrated with AI in the oil and gas industry. Additionally, equipment failures and maintenance of AI-integrated systems will restrict numerous opportunities in the global AI in oil and gas market.

Global AI in Oil and Gas Market: Segmentation

The study provides a crucial view of the AI in oil and gas market by segmenting it based on product type, function, application, and region. All the segments have been analyzed based on present and the future trends and the market is estimated from 2024 to 2032.

By type, the AI in oil and gas market is classified into hybrid, hardware, and software.

By function, the AI in oil and gas market is classified into predictive maintenance and machinery inspection, field services, material movement, quality control, reclamation, and production planning.

By application, the market is classified into upstream, midstream, and downstream.

AI In Oil and Gas Market: Report Scope

Global AI in Oil and Gas Market: Regional Analysis

The regional classification includes Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. 

The North American AI in oil and gas market is the largest globally, as the oil and gas industry officials are looking for other options to reduce the industry’s dependency on aging and depleting workforce. The Asia Pacific region is the fastest growing market globally, due to the increasing investments in the region’s AI in oil and gas market. The decreasing demand for oil and gas in Europe will result in the slow growth of the AI in oil and gas market in the region.

Global AI in Oil and Gas Market: Key Players Analysis

Some key players in the global AI in oil and gas market are: 

• General Vision
• Inbenta
• FuGenX Technologies
• Hortonworks
• IBM
• Google
• Intel
• Microsoft
• Accenture
• Sentient Technologies
• Oracle
• Numenta
• Cisco 
• Infosys

This report segments the global AI in oil and gas market into:

Global AI in Oil and Gas Market: By Type Analysis

• Hardware
• Software
• Hybrid

Global AI in Oil and Gas Market: By Function Analysis

• Predictive Maintenance and Machinery Inspection
• Material Movement
• Production Planning
• Field Services
• Quality Control
• Reclamation

Global AI in Oil and Gas Market: By Application Analysis

• Upstream
• Downstream
• Midstream

Global AI in Oil and Gas Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa