Recent Developments of the AI in the Oil & Gas market:
BP, a market giant of Oil and Gas Industry, made investments in a startup by name Belmont Technology, located in Houston, on January of 2019, with a goal to strengthen the company's AI abilities and to build a cloud-based geophysics platform nicknamed Sandy.
Sandy enables BP to perceive geology, geophysics, historic and basin project information, and create multiple knowledge-graphs. The oil & gas company could then check the information in the Knowledge Graph, using machine learning algorithms (Neural Networks) to conduct simulations and analyze the data and predict the results.
AI in Oil & Gas market Growth:
The Global AI in Oil & Gas market is estimated at USD 1.84 billion in 2019 and is expected to expand at a CAGR of 12.32% to reach USD 3.28 billion by 2024.
AI in Oil & Gas Market Description:
Global AI in Oil & Gas market is expected to grow at a CAGR of 12.32%. The growth of the market can be attributed to the reduction in cost of Internet of Things (IOT) and technological applications in field of Artificial Intelligence and Machine Learning.
AI in Oil & Gas Market DESCRIPTION:
Product Description:
Oil and Gas Market is one of the largest industries, with a size of more than 1.5 trillion dollars. The growing environmental issues are pressing the Oil and Gas companies to adopt sustainable and innovative technologies. Market leaders in the oil and gas sector are incorporating AI in several areas. The reduction of carbon footprint, the deep-sea discovery of hydrocarbons and the introduction of creative, renewable energy technologies are accelerating the pace of development in the industry. Two of the most popular AI technologies used by market leaders include Intelligent Robots and Virtual Assistants
Drivers and Restraints:
Drivers:
Restraints:
AI in Oil & Gas market Segmentation:
By Offering:
Based on the Offering, the Global AI in Oil & Gas market is segmented into Software, Hardware, Services. Out of these, the Software segment holds the majority of the market share in 2019, with over 45%, which can be attributed to the increased demand of Upstream Oil and Gas application. Also, the hardware is expected to be the fastest-growing segment, with a CAGR of over 14.7%. The growing need for sophisticated and robust hardware to handle an enormous amount of data drive this segment.
By Application:
Based on the Application, the Global AI in Oil & Gas market is segmented into Upstream, Midstream, Downstream. Out of these, Upstream is both the largest and the fastest-growing segment that accounted for over 70% in 2019. The division is expected to expand at CAGR of 15.3% during the forecast period of 2019 - 2024 due to the upstream being the most profitable segment and need for AI in this segment. Upstream involves identification and dwelling of hydrocarbons (oil and gas). Whereas midstream and downstream corresponds to the transportation and purification of crude oil, respectively. The essential need for AI to detect the potential places where one can find oil is a driving factor of Upstream segment in AI in the Oil & Gas market.
By the End - Use:
Based on the End - Use, the Global AI in Oil & Gas market is segmented into Predictive Maintenance, Field Management, Quality Control, Production Planning, Thermal Detection. Out of these, Predictive Maintenance is both the largest and the fastest-growing segment that contributed a market share of over 40% in 2019. It is also expected to expand at CAGR of over 13.4% during the forecast period of 2019 - 2024 due to the perks provided by the Predictive Maintenance. The idea of Predictive Maintenance is to identify the potential failures of any equipment by selectively assessing based on the years of available data. By proper assessment and predicting the failure can alone save millions of dollars, which is what that's driving the Predictive Maintenance segment of AI in Oil & Gas Market.
AI in Oil & Gas Market Region wise analysis:
Based in the region, AI in Oil & Gas market can be segmented into:
Geographically, North America, fueled by the U.S holds the largest market share. It’s just being consistent with a well-known fact that the U.S being the country with leading Oil ang Gas companies, and in correlation with that, there has been many tech companies who are developing AI technologies to help these Oil & Gas industries. For example, market giants like Google, IBM and Microsoft are based in this region.
Key Players:
The key players of AI in Oil & Gas market include, IBM Corporation, Google Inc., Intel Corporation, Royal Dutch Shell PLC, and Numenta Inc. Some other key Players of Market include Microsoft Corporation, NVIDIA Corporation, PJSC Gazprom Neft, Sentient Technologies. Many of these key players focused on the technological innovations and aggressive market expansion strategies for staying ahead of competition.
RESEARCH METHODOLOGY:
The research of the AI in Oil & Gas market takes place in two phases namely-
Secondary Research The first phase of the research process is an extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. An extensive secondary research helps in generating hypothesis and identifying critical areas of interest that are investigated through primary research.
Primary Research This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies.
Global AI in Oil & Gas Market Research Report Key Highlights:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Offering
5.1.1 Introduction
5.1.2 Software
5.1.3 Hardware
5.1.4 Services
5.1.5 Y-o-Y Growth Analysis
5.1.6 Market Attractiveness Analysis
5.1.7 Market Share Analysis
5.2 By Application
5.2.1 Introduction
5.2.2 Upstream
5.2.3 Midstream
5.2.4 Downstream
5.2.5 Y-o-Y Growth Analysis
5.2.6 Market Attractiveness Analysis
5.2.7 Market Share Analysis
5.3 By End - Use
5.3.1 Introduction
5.3.2 Predictive Maintenance
5.3.3 Field Management
5.3.4 Quality Control
5.3.5 Production Planning
5.3.6 Thermal Detection
5.3.7 Y-o-Y Growth Analysis
5.3.8 Market Attractiveness Analysis
5.3.9 Market Share Analysis
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By End Use
6.1.3.3 By Offering
6.1.3.4 By Application
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By End Use
6.1.3.3 By Offering
6.1.3.4 By Application
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By End Use
6.1.3.3 By Offering
6.1.3.4 By Application
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leader Analysis
8.1 IBM Corporation
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Google Inc.
8.3 Intel Corporation
8.4 Royal Dutch Shell PLC
8.5 Numenta Inc
8.6 Microsoft Corporation
8.7 NVIDIA Corporation
8.8 PJSC Gazprom Neft
8.9 Sentient Technologies
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
