Global Molecular Farming Market, as
forecasted by BCC Research, to Grow at Compound Annual Growth Rate
(CAGR) of 15.1% during the Forecast Period from 2023 to
2028.
BOSTON, May 16, 2024
/PRNewswire/ -- "AI in Oil and Gas: Global Markets and
Technologies" is a report or analysis that looks at how artificial
intelligence (AI) is used worldwide in the oil and gas industry. It
explores how AI is applied in different parts of the industry, like
finding oil, drilling, refining, distribution, and management. The
report also talks about the size of the AI market in oil and gas,
how fast it's growing, the main companies involved, rules that
affect it, and new AI technologies being developed. In essence, it
helps us understand how AI is changing and improving the oil and
gas industry globally.
"According to the latest research study, the demand for AI in
Oil and Gas: Global Markets and Technologies expected to grow
from $2.8 billion in 2023 and will
reach $5.1 billion by the end of 2028
at a compound annual growth rate (CAGR) of 12.9% from 2023 through
2028."
This study looks at how artificial intelligence (AI) is used in
the global oil and gas industry. It covers AI technology components
like software, services, and hardware, and examines its
applications in different parts of the industry, from finding oil
to refining and support functions. The report also discusses the
market's technological, regulatory, and competitive aspects, along
with economic trends. It includes forecasts for growth and profiles
of major vendors. The study focuses on key drivers and regional
dynamics, including North America,
Europe, Asia-Pacific, and the Rest of the World.
Some Interesting Facts
In the oil and gas industry, AI is making big changes. One way
is through AI-driven digital twins, which simulate how equipment
and processes work virtually. This helps operators improve
operations and find ways to do things better. Another change is the
use of AI and edge computing, which bring faster decision-making
and better efficiency by placing computing power closer to where
it's needed. Lastly, AI is also being used more in exploration and
production, using smart algorithms to analyze data and predict
things like where to find oil more accurately.
To discover more insights and information about AI in oil and
gas: global markets and technologies, click here for further
exploration.
AI in oil and gas: global markets and technologies are driven
by factors such as:
- Advanced Imaging and Surveys: involves using
sophisticated techniques like 3D imaging, ground radar, LiDAR, and
aerial surveys to capture detailed images of inaccessible areas.
This aids in gaining a deeper understanding of the Earth's
features, locating resources such as oil and gas, mapping
landscapes and environments, and planning infrastructure like roads
and buildings with greater precision.
- Improved Market Competitiveness: means making a company
better at competing with others in its industry. This can happen in
different ways, like offering good products or services, making
operations run smoother, coming up with new and smart ways to
advertise, giving customers great service, or making the company
stand out from others in a way that customers like. The main aim is
to make the company stronger in the market, get more customers,
grab a bigger share of the market, and make more money.
- Enhanced Operational Efficiency: is about making a
business work better by finding ways to do things more smoothly.
This could mean organizing tasks better, cutting down on waste,
using resources wisely, and getting things done faster and with
fewer errors. The main aim is to achieve more with less time,
money, and effort, so the business can save money and run more
efficiently.
- Reduced Operating Costs: means finding ways to spend
less money on running a business or carrying out specific tasks.
This could include things like cutting unnecessary spending,
getting better deals from suppliers, using resources more wisely,
using cheaper technologies, or doing things more efficiently to
avoid waste. The goal is to make the business more profitable, use
resources better, and stay competitive in the market.
Request a Copy of the AI in Oil and Gas: Global
Markets and Technologies
Report Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2022
|
Forecast Period
considered
|
2023-2028
|
Base year market
size
|
$2.5 billion
|
Market Size
Forecast
|
$5.1 billion
|
Growth Rate
|
CAGR of 12.9% for the
forecast period of 2023-2028
|
Segment
Covered
|
Component,
Application
|
Regions
covered
|
North America, Europe,
Asia-Pacific, Rest of the World (RoW)
|
Countries
covered
|
Latin America, Middle
East, and Africa
|
Key Market
Drivers
|
- Advanced Imaging
and Surveys
- Improved Market
Competitiveness
- Enhanced
Operational Efficiency
- Reduced Operating
Costs
|
Segmentation Analysis
Component: When we talk about 'Component' here, we
mean three main things: Software, which are the computer programs
or apps used for different tasks; Services, which are the support
or help that comes with the software, like training or technical
assistance; and Hardware, which is the physical equipment or
devices needed to run the software, like computers, servers, or
machines. Basically, it's all the stuff you need to make things
work: the programs, the help you get, and the actual machines or
gadgets.
Application: When discussing 'Application' in this
context, it refers to four main areas: Upstream, involving the
discovery and extraction of natural resources like oil or gas;
Midstream, focusing on the transportation and storage of these
resources; Downstream, concerned with refining and processing the
resources into usable products such as gasoline or plastics; and
Support Functions, which encompass essential services like
administration, logistics, or safety management to ensure the
industry operates smoothly. Essentially, it covers all the various
stages and roles in the process, from locating resources to
delivering finished products.
This report on AI in oil and gas: global markets and
technologies provide comprehensive insights and analysis,
addressing the following key questions:
- What is the projected market size and growth rate of the
market?
• The market is projected to reach $5,122.1 million by 2028, growing at a CAGR of
12.9%.
- What are the key factors driving the growth of the market?
• The key factors driving the market include the enhanced
operational efficiency, reduced operating costs, advanced imaging
and surveys, improved market competitiveness, etc.
- What segments are covered in the market?
• By Component
• By Application
• By Geography
- By Component, which segment will dominate the market by the end
of 2028?
• By Component, software is expected to dominate the market
by the end of 2028.
- Which region has the highest market share in the market?
• North America holds
the highest share of the global market.
Some of the Key Market Players Are:
- ABB
- ACCENTURE
- ASPEN TECHNOLOGY INC.
- CISCO SYSTEMS INC.
- EY
- FUGENX TECHNOLOGIES
- GENERAL ELECTRIC
- HONEYWELL INTERNATIONAL INC.
- IBM CORP.
- INTEL CORP.
- MICROSOFT CORP.
- ORACLE
- SCHNEIDER ELECTRIC
- SPARKCOGNITION
Browse for more Related Reports:
Global AI Consulting Services Market: is all about companies and
experts worldwide who help other businesses use artificial
intelligence (AI) effectively. They give advice and support for
things like planning AI strategies, designing solutions, and
training staff. This market looks at how big it is, how fast it's
growing, who the main players are, and what's driving the demand
for AI consulting services around the world. Essentially, it's
about the business side of helping companies make the most of AI
technology.
Global Enterprise Artificial Intelligence (AI) Market: is all
about how businesses worldwide are using AI technology to improve
their operations. This includes things like making better
decisions, automating tasks, providing better customer service, and
increasing productivity. Companies in this market offer AI
software, platforms, and services designed specifically for
businesses in different industries. Analysts look at things like
how big the market is, how fast it's growing, who the main players
are, and what factors are driving businesses to adopt AI
technology. Basically, it's about how AI is helping businesses work
smarter and stay ahead in the global market.
Directly Purchase a copy of the report with BCC
Research.
For further information or to make a purchase, please get in
touch with info@bccresearch.com.
About BCC Research
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assessment of market opportunities with detailed market research
reports. Our experienced industry analysts' goal is to help you
make informed business decisions, free of noise and hype.
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