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(IT-NEWSWIRE.COM, May 04, 2019 ) AI in Oil & Gas Market is projected to grow from an estimated USD 1.57 Billion in 2017 to USD 2.85 Billion by 2022, 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, and 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.
Browse 66 market data Tables and 42 Figures spread through 140 Pages and in-depth TOC on "AI in Oil & Gas Market - Global Forecast to 2022"
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The midstream segment is expected to grow at the highest CAGR from 2017 to 2022.
The midstream segment is expected to grow at the highest CAGR in the global AI in Oil & Gas market during the forecast period. The growth in the shale oil and gas production in the US is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals. AI is widely used in the midstream sector to gather data during the transportation process through pipelines and provide the same to the human-machine interface in order to control the process. In the Oil & Gas industry these tools have been used to solve problems such as pressure transient analysis, well log interpretation, reservoir characterization, and well selection for stimulation, among others.
North America: The largest market for artificial intelligence in oil & gas and Middle East & Africa growing at the highest rate
North America is currently the largest market for AI in Oil & Gas, followed by the markets in Europe and Asia Pacific. Rising investments in the Oil & Gas infrastructure and increased focus toward automation and digitalization are expected to drive AI in the Oil & Gas market during the forecast period.
The Middle East and Africa is the fastest market for AI in Oil & Gas due to the recent discovery of offshore reserves in the Red Sea region. The increase in E&P activities is likely to boost the demand for AI solutions during the forecast period. The increasing investments in start-ups for AI implementation would further raise the demand for AI in the Oil & Gas market in the near future.
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Some of the global players in this AI in the Oil & Gas market include IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), and Oracle (US).
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