Global AI in Oil and Gas Market Size Study, by Component (Solution, Services), by Operation (Upstream, Midstream, Downstream), and Regional Forecasts 2022-2032

Description

Global AI in Oil and Gas Market is estimated to be valued at approximately USD 3.5 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 14.1% from 2024 to 2032, ultimately reaching a valuation of USD 13 billion by the end of 2032. AI is also being utilized in exploration and production within the oil and gas sector. It can analyze seismic data to identify potential oil and gas reserves more accurately and quickly than traditional methods. This capability allows companies to make better decisions regarding drilling and resource extraction. Furthermore, AI assists in predictive maintenance by analyzing sensor data to predict equipment failures, thereby reducing downtime, maintenance costs, and improving safety.

The increasing adoption of artificial intelligence (AI) in the oil and gas industry is primarily driven by the need to enhance operational efficiency. AI-powered systems analyze data from sensors and other sources to identify inefficiencies, enabling companies to take corrective actions. Additionally, AI plays a crucial role in identifying potential safety hazards, allowing for proactive measures to prevent accidents and injuries. By optimizing operations and identifying inefficiencies, AI helps companies reduce operating costs and improve profitability in a highly competitive market. Also, the increasing adoption of artificial intelligence (AI) in the oil and gas industry is primarily driven by the need to enhance operational efficiency. AI-powered systems analyze data from sensors and other sources to identify inefficiencies, enabling companies to take corrective actions. Additionally, AI plays a crucial role in identifying potential safety hazards, allowing for proactive measures to prevent accidents and injuries. By optimizing operations and identifying inefficiencies, AI helps companies reduce operating costs and improve profitability in a highly competitive market. Despite these benefits, challenges such as data quality and availability persist. High-quality data is essential for AI algorithms to function effectively. The oil and gas industry has historically faced issues with data silos, incomplete datasets, and a lack of standardization, making it difficult for AI models to work across the entire value chain.

Key regions considered for the Global AI in Oil and Gas market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is a leading market for AI in the oil and gas sector, driven by its strong economy, widespread adoption of AI technologies, significant presence of top AI software and system suppliers, and joint investments by government and private entities in research and development. The region's expanding oil and gas production capacities and rising investments are expected to further enhance market opportunities.

Major market players included in this report are:

IBM
Schlumberger
Halliburton
Baker Hughes
Microsoft
C3.ai
Siemens
Honeywell
Oracle
Accenture
Google Cloud
Rockwell Automation
Infosys
TIBCO Software
ABB

The detailed segments and sub-segment of the market are explained below:

By Component:

Solution
Services

By Operation:

Upstream
Midstream
Downstream

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global AI in the Oil and Gas Market Executive Summary

1.1. Global AI in the Oil and Gas Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Component
- 1.3.2. By Operation
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global AI in the Oil and Gas Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global AI in the Oil and Gas Market Dynamics

3.1. Market Drivers
- 3.1.1. Increasing Demand for Operational Efficiency
- 3.1.2. Safety Enhancement and Hazard Prevention
- 3.1.3. Cost Reduction Initiatives
3.2. Market Challenges
- 3.2.1. Data Quality and Availability Issues
- 3.2.2. Complexity Across the Value Chain
3.3. Market Opportunities
- 3.3.1. AI in Exploration and Production
- 3.3.2. Predictive Maintenance and Downtime Reduction
- 3.3.3. Advanced AI Applications in Safety

Chapter 4. Global AI in the Oil and Gas Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global AI in the Oil and Gas Market Size & Forecasts by Component 2022-2032

5.1. Segment Dashboard
5.2. Global AI in the Oil and Gas Market: Component Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Solution
- 5.2.2. Services

Chapter 6. Global AI in the Oil and Gas Market Size & Forecasts by Operation 2022-2032

6.1. Segment Dashboard
6.2. Global AI in the Oil and Gas Market: Operation Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Upstream
- 6.2.2. Midstream
- 6.2.3. Downstream

Chapter 7. Global AI in the Oil and Gas Market Size & Forecasts by Region 2022-2032

7.1. North America AI in the Oil and Gas Market
- 7.1.1. U.S. AI in the Oil and Gas Market
  - 7.1.1.1. Component breakdown size & forecasts, 2022-2032
  - 7.1.1.2. Operation breakdown size & forecasts, 2022-2032
- 7.1.2. Canada AI in the Oil and Gas Market
7.2. Europe AI in the Oil and Gas Market
- 7.2.1. U.K. AI in the Oil and Gas Market
- 7.2.2. Germany AI in the Oil and Gas Market
- 7.2.3. France AI in the Oil and Gas Market
- 7.2.4. Spain AI in the Oil and Gas Market
- 7.2.5. Italy AI in the Oil and Gas Market
- 7.2.6. Rest of Europe AI in the Oil and Gas Market
7.3. Asia-Pacific AI in the Oil and Gas Market
- 7.3.1. China AI in the Oil and Gas Market
- 7.3.2. India AI in the Oil and Gas Market
- 7.3.3. Japan AI in the Oil and Gas Market
- 7.3.4. Australia AI in the Oil and Gas Market
- 7.3.5. South Korea AI in the Oil and Gas Market
- 7.3.6. Rest of Asia Pacific AI in the Oil and Gas Market
7.4. Latin America AI in the Oil and Gas Market
- 7.4.1. Brazil AI in the Oil and Gas Market
- 7.4.2. Mexico AI in the Oil and Gas Market
- 7.4.3. Rest of Latin America AI in the Oil and Gas Market
7.5. Middle East & Africa AI in the Oil and Gas Market
- 7.5.1. Saudi Arabia AI in the Oil and Gas Market
- 7.5.2. South Africa AI in the Oil and Gas Market
- 7.5.3. Rest of Middle East & Africa AI in the Oil and Gas Market

Chapter 8. Competitive Intelligence

8.1. Key Company SWOT Analysis
8.2. Top Market Strategies
8.3. Company Profiles
- 8.3.1. Baker Hughes
  - 8.3.1.1. Key Information
  - 8.3.1.2. Overview
  - 8.3.1.3. Financial (Subject to Data Availability)
  - 8.3.1.4. Product Summary
  - 8.3.1.5. Market Strategies
- 8.3.2. Microsoft
- 8.3.3. C3.ai
- 8.3.4. Siemens
- 8.3.5. Honeywell
- 8.3.6. Oracle
- 8.3.7. Accenture
- 8.3.8. Google Cloud
- 8.3.9. Rockwell Automation
- 8.3.10. Infosys
- 8.3.11. TIBCO Software
- 8.3.12. ABB
- 8.3.13. IBM
- 8.3.14. Schlumberger
- 8.3.15. Halliburton

Chapter 9. Research Process

9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
9.2. Research Attributes