Artificial Intelligence in the Oil & Gas Industry, 2020-2025 – Upstream Operations to Witness Significant Growth – ResearchAndMarkets.com – Yahoo…

The "AI in Oil and Gas Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.

The AI in Oil and Gas market was valued at USD2 billion in 2019 and is expected to reach USD3.81 billion by 2025, at a CAGR of 10.96% over the forecast period 2020-2025. As the cost of IoT sensors declines, more major oil and gas organizations are bound to start integrating these sensors into their upstream, midstream, and downstream operations along with AI-enabled predictive analytics.

Oil and gas remains as one of the most highly valued commodities in the energy sector. In recent years, there has been an increased focus on improving efficiency, and reducing downtime has been a priority for the oil and gas companies as their profits slashed since 2014, due to fluctuating oil prices. However, as concerns over the environmental impact of energy production and consumption persist, oil and gas companies are actively seeking innovative approaches to achieve their business goals, while reducing environmental impact.

In addition, the Oil and Gas Authority (OGA) is making use of AI in parallel ways, owing to the United Kingdom's first oil and gas National Data Repository (NDR), launched in March 2019, using AI to interpret data, which, according to the OGA anticipations, is likely to assist to discover new oil and gas forecast and permit more production from existing infrastructures.

The offshore oil and gas business use AI in data science to make the complex data used for oil and gas exploration and production more reachable, which lets companies to discover new exploration prospects or make more use out of existing infrastructures. For instance, in January 2019, BP invested in Houston-based technology start-up, Belmont Technology, to bolster the company's AI capabilities, developing a cloud-based geoscience platform nicknamed Sandy.

However, high capital investments for the integration of AI technologies, along with the lack of skilled AI professionals, could hinder the growth of the market. A recent poll validated that 56% of senior AI professionals considered that a lack of additional and qualified AI workers was the only biggest hurdle to be overcome, in terms of obtaining the necessary level of AI implementation across business operations.

Key Market Trends

Upstream Operations to Witness a Significant Growth

North America Expected to Hold a Significant Market Share

Competitive Landscape

The AI in the oil and gas market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. The companies are continuously capitalizing on acquisitions, in order to broaden, complement, and enhance its product and service offerings, to add new customers and certified personnel, and to help expand sales channels.

Recent Industry Developments

Key Topics Covered

1 INTRODUCTION

1.1 Study Assumptions and Market Definition

1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

4.1 Market Overview

4.2 Industry Attractiveness - Porter's Five Forces Analysis

4.3 Technology Snapshot - By Application

4.3.1 Quality Control

4.3.2 Production Planning

4.3.3 Predictive Maintenance

4.3.4 Other Applications

5 MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Increasing Focus to Easily Process Big Data

5.1.2 Rising Trend to Reduce Production Cost

5.2 Market Restraints

5.2.1 High Cost of Installation

5.2.2 Lack of Skilled Professionals across the Oil and Gas Industry

6 MARKET SEGMENTATION

6.1 By Operation

6.1.1 Upstream

6.1.2 Midstream

6.1.3 Downstream

6.2 By Service Type

6.2.1 Professional Services

6.2.2 Managed Services

6.3 Geography

6.3.1 North America

6.3.2 Europe

6.3.3 Asia-Pacific

6.3.4 Latin America

6.3.5 Middle East & Africa

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 Google LLC

7.1.2 IBM Corporation

7.1.3 FuGenX Technologies Pvt. Ltd.

7.1.4 Microsoft Corporation

7.1.5 Intel Corporation

7.1.6 Royal Dutch Shell PLC

7.1.7 PJSC Gazprom Neft

7.1.8 Huawei Technologies Co. Ltd.

7.1.9 NVIDIA Corp.

7.1.10 Infosys Ltd.

7.1.11 Neudax

8 INVESTMENT ANALYSIS

9 FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/14dtcc

View source version on businesswire.com: https://www.businesswire.com/news/home/20200424005472/en/

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Artificial Intelligence in the Oil & Gas Industry, 2020-2025 - Upstream Operations to Witness Significant Growth - ResearchAndMarkets.com - Yahoo...