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Pulished Date December, 2019
ID: 8968
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Global AI in Oil & Gas market segmented by Offering (Software, Hardware, Services), by Application (Upstream, Midstream, Downstream), by End - Use (Predictive Maintenance, Field Management, Quality Control, Production Planning, Thermal Detection), Regional analysis- Global Industry Analysis, Forecast, Trends and Market Size.(2019 – 2024)

Pulished: December, 2019
ID: 8968
Pages: 175

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: 

  • The increased environmental concerns due to the Oil and Gas sector increased the need for this industry to go after the sustainable innovations, and AI seems to be a perfect way out for this sector, which is a significant factor that's driving the global AI in Oil & Gas market.
  • The technological developments in the field of AI, such as the development of technologies that can actively predict and simulate the oil and gas resources can act as another driver to the AI in Oil & Gas market. 

Restraints:

  • The market is crowded with big-time tech companies, and many startups, so it's a bit difficult for a company to keep on par with other companies unless the company has invested heavily into their R&D. This can be considered as a significant restraint of AI in the Oil & Gas market.

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:

  1. North America
    1. S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden
  3. Asia Pacific
    1. China
    2. India
    3. Japan
  4. Latin America and Middle East Africa
    1. Brazil
    2. Argentina
    3. Mexico
    4. Saudi Arabia

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. Evaluation of the current stage of market and future implications of the market based on the detailed observation of recent key developments.
  2. Address the matter by better understanding the market size estimates through CAGR analysis to forecast the future market.
  3. Comprehensive segmentations of the market, detailed evaluation of the market by further sub-segments.
  4. Address Market Drivers, Restraints and providing insights for gaining market share.
  5. Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is as a result of competitive environment.

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                              

  • Global, regional, and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of By Type, Processing Technology, Distribution Channel and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global AI in Oil & Gas Market By Region, From 2019-2024 ( USD Billion )
  2. Global AI in Oil & Gas Market By Offering, From 2019-2024 ( USD Billion )
  3. Global Software Market By Region, From 2019-2024 ( USD Billion )
  4. Global Hardware Market By Region, From 2019-2024 ( USD Billion )
  5. Global Services Market By Region, From 2019-2024 ( USD Billion )
  6. Global AI in Oil & Gas Market By Application, From 2019-2024 ( USD Billion )
  7. Global Upstream Market By Region, From 2019-2024 ( USD Billion )
  8. Global Mid Stream Market By Region, From 2019-2024 ( USD Billion )
  9. Global Downstream Market By Region, From 2019-2024 ( USD Billion )
  10. Global AI in Oil & Gas Market By End-Use, From 2019-2024 ( USD Billion )
  11. Global Predictive Maintenance Market By Region, From 2019-2024 ( USD Billion )
  12. Global Field Management Market By Region, From 2019-2024 ( USD Billion )
  13. Global Quality Control Market By Region, From 2019-2024 ( USD Billion )
  14. Global Production Planning Market By Region, From 2019-2024 ( USD Billion )
  15. Global Thermal Detection Market By Region, From 2019-2024 ( USD Billion )
  16. Global Other Uses Market By Region, From 2019-2024 ( USD Billion )

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