12/07/2017 | Press release | Distributed by Public on 12/07/2017 01:21
The report 'AI in Oil & Gas Market by Type (Hardware, Software, Services), Application (Upstream, Midstream, Downstream), Function (Predictive Maintenance, Production Planning, Field Service, Material Movement, Quality Control), and Region - Global Forecast to 2022', AI in Oil & Gas market is expected to grow from an estimated USD 1.57 Billion in 2017 to USD 2.85 Billion by 2022, at a CAGR of 12.66%, during the forecast period. This growth can be attributed to the factors such as rising adoption of the big data technology, digitalization of the Oil & Gas industry, investments in AI-related start-ups, and rising pressure to reduce production costs.
Browse 66 market data Tables and 42 Figures spread through 140 Pages and in-depth TOC on 'AI in Oil & Gas Market by Type (Hardware, Software, Services), Application (Upstream, Midstream, Downstream), Function (Predictive Maintenance, Production Planning, Field Service, Material Movement, Quality Control), and Region - Global Forecast to 2022'
Early buyers will receive 10% customization on reports.
The software segment is expected to hold the largest share of AI in Oil & Gas market, by type, during the forecast period
The software segment led AI in Oil & Gas market in 2016 and is expected to grow at a decent pace during the forecast period. A rapid growth in North America is driven by high demand from the upstream Oil & Gas applications for AI in the region, which is the main reason for a large market share held by the segment.
The predictive maintenance and machinery inspection segment is expected to be the largest segment in AI in Oil & Gas market, by function.
The predictive maintenance and machinery inspection segment is expected to be the largest in AI in Oil & Gas market, by function, in 2017. Predictive maintenance solutions are used in analyzing operational data such as drill maintenance or downtime and real-time decision making and then develop models that can predict equipment failure modes. Predictive maintenance is applicable across all the streams of the Oil & Gas sector and is extremely crucial in running uninterrupted operations by predicting accurate equipment status to avoid costly downturn.
North America: The leading regional market in artificial intelligence in Oil & Gas
In this report, AI in Oil & Gas market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America is the largest and one of the most advanced markets for AI in the Oil & Gas market. Increasing adoption of AI technologies by oilfield operators and service providers and a strong presence of prominent AI software and system suppliers, especially in the US and Canada, drive the market growth in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in AI in the Oil & Gas market. They are IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), and Oracle (US). These players adopted various strategies such as new product launches, contracts & agreements, and investments and expansions, to increase their global presence and market share.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the 'Growth Engagement Model - GEM'. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write 'Attack, avoid and defend' strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, 'RT' connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441