Global AI in Oil & Gas Market Forecasts to 2022 – Growing Need for Automation is Driving AI in Oil & Gas Industry – Research and Markets

DUBLIN–(BUSINESS WIRE)–The "AI
in Oil & Gas Market by Type, Application, Function, and Region – Global
Forecast to 2022" report has been added to Research and
Markets' offering

AI in Oil & Gas market is projected to reach USD 2.85 billion by
2022, growing at a CAGR of 12.66%, from 2017 to 2022.

The growth of AI in Oil & Gas market can be attributed to the big data
technology in the Oil & Gas industry to augment E&P capabilities, a
significant increase in venture capital investments, growing need for
automation in the Oil & Gas industry, and tremendous pressure to reduce
production costs. Concerns regarding data security and cybersecurity are
the major challenges faced by the players in this market.

Drivers

• Big Data Technology in the Oil & Gas Industry to Augment E&P
  Capabilities
• Significant Increase in Venture Capital Investments
• Growing Need for Automation is Driving AI in Oil & Gas Industry
• Tremendous Pressure to Reduce Production Costs

Restraints

• Lack of Stringent Regulatory Guidelines for AI in Oil & Gas Industry
• High AI Installation Costs

Opportunities

• Improving Operational Efficiency in the Oil & Gas Industry
• Predictive Maintenance to Avoid Costly Downtime

Challenges

• Concerns Regarding Data Privacy & Increased Cyber Security Risks

North America is projected to be the largest market for AI in the Oil &
Gas market due to increasing adoption of AI technologies by oilfield
operators and service providers and the strong presence of prominent AI
software and system suppliers, especially in the US and Canada.

The Middle East and Africa is the fastest growing market due to
increasing investments in start-ups for AI implementation, which would
further raise the demand for AI in the near future.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 AI in Oil & Gas Market, By Type

7 AI in Oil & Gas Market, By Function

8 AI in Oil & Gas Market, By Application

9 AI in Oil & Gas Market, By Region

10 Competitive Landscape

11 Company Profiles

• Accenture
• Cisco
• Fugenx Technologies
• General Vision
• Google
• Hortonworks
• IBM
• Inbenta
• Infosys
• Intel
• Microsoft
• Numenta
• Oracle
• Sentient Technologies
• Shell

For more information about this report visit https://www.researchandmarkets.com/research/tmbhpr/global_ai_in_oil?w=4

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Related
Topics: Gas,
Oil,
Artificial
Intelligence