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Global AI In Oil and Gas Market Will Reach to USD 4.01 Billion By 2025: Zion Market Research

According to the report, the global AI in oil and gas market was around USD 1.75 billion in 2018 and is expected to reach around USD 4.01 billion by 2025, at a CAGR of 12.5% between 2019 and 2025.

New York, NY, July 18, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “AI In Oil and Gas Market by Type (Hardware, Software, and Hybrid), by Function (Predictive Maintenance and Machinery Inspection, Material Movement, Production Planning, Field Services, Quality Control, and Reclamation), and by Application (Upstream, Downstream, and Midstream): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global AI in oil and gas market was around USD 1.75 billion in 2018 and is expected to reach around USD 4.01 billion by 2025, at a CAGR of 12.5% between 2019 and 2025.

The global oil and gas sector is using AI to significantly digitize its operations; AI has optimized the process of operations by simplifying the optimization process in the sector. The declining oil and gas prices have forced the oil and gas industry to invest in AI to improve efficiency and increase production rates. Another advantage of advanced AI in the oil and gas industry is that it can identify bottlenecks and perform respective actions to counter a problem way before its occurrence. 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.

Browse through 54 Tables & 29 Figures spread over 120 Pages and in-depth TOC on “Global AI in Oil & Gas Market: Industry Size, Share, Demand, Growth, Segments, Analysis and Forecast, 2018–2025”.
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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. Furthermore, there will be more opportunities in AI in oil and gas market in real-time process optimization and efficient hydrocarbon exploration. 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.

The global AI in oil and gas market is classified on the basis of type, function, and application. By type segment of AI in oil and gas market is classified into hybrid, hardware, and software. The hardware segment will experience significant growth in the future, owing to the increasing advanced hardware applications, such as AI-integrated robots. Additionally, the software segment is expected to likely to register substantial growth, due to the increasing AI software demand to handle huge complex data volumes. 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. Predictive maintenance and machinery inspection is the fastest growing segment in the AI in oil and gas market globally. By application, the market is classified into upstream, midstream, and downstream. The upstream segment is set to dominate the AI in oil and gas market globally.

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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. AI implementation in the region’s oil and gas industry has offered companies many opportunities to adapt and optimize their operations, which is the major driver of the North American AI in oil and gas market. AI is reducing the industry’s dependency on the workforce, reducing operational cost per barrel, and eliminating operational risks involving humans.

The Asia Pacific region is the fastest growing market globally, due to the increasing investments witnessed in the region’s AI in oil and gas market. Rapid economic growth in the Asia Pacific region has sharply increased energy consumption. Developing countries in the region are focusing to reduce their dependency on imported oil. Recently, developments made in the oil and gas production facilities near the South China Sea, the Gulf of Thailand, and Australia has also boosted the AI in oil and gas market.

By Yahoo FINANCE