Artificial Intelligence in Oil and Gas Market - Introduction
- Artificial Intelligence is an advanced technology that helps to achieve enhanced production and business efficiencies in the oil and gas industry. The integration of artificial intelligence technology creates new ways and approaches in exploration, development, production, refining, sales, and transformation systems.
- Oil and gas companies are investing in AI technology services and solutions to reduce human errors in the process and to avoid critical business process challenges with the help of advanced technology in automation.
- Companies are using AI-based solutions in upstream, midstream, and downstream operations. Solution providers offer a wide range of solutions that are applicable in quality control, production planning, predictive maintenance, and fleet management with more efficiently.
- Oil and gas companies are using AI in data science to use more complex data in the production and exploration process and help identify more exploration options from the existing resources and offshore infrastructure.
- The oil and gas industry is one of the most valued industry in the energy sector and increasing adoption of advanced technologies drives the demand for AI-based solutions in the industry for different business operations.
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Key Drivers of the Artificial Intelligence in Oil and Gas Market
- Increasing demand for advanced solutions in boiler diagnostics, drilling, quality control, predictive maintenance, and planning in upstream and downstream operations is expected to drive the artificial intelligence in oil and gas market.
- Increasing investment in advanced technologies and automation processes in oil and gas field operations is expected to offer significant revenue opportunities to solution providers of artificial intelligence in the oil and gas industry.
Lack of Skilled Professionals for AI based Operations Expected to Hinder the Artificial Intelligence in Oil and Gas market
- The lack of skilled professionals in oil and gas companies to manage AI-based operations and deliver better results with advanced technologies is restraining the growth of the artificial intelligence in oil and gas market
- High capital investment for integrating AI technologies in existing infrastructure is expected to hamper the growth of the artificial intelligence in oil and gas market.
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Impact of COVID-19 on the Global Artificial Intelligence in Oil and Gas Market
- In the global oil and gas market, demand for crude oil is decreasing during the COVID-19 situation. Most companies are shut down and have temporarily stopped production processes which affects the demand for petrol, diesel, and natural gas. Oil and gas companies reduce the budgets for new technology adoption due to the low return on investment. The ever-increasing threat of COVID-19 is projected to decrease the investment of companies on artificial intelligence in oil and gas solutions and services during the pandemic period.
North America to Hold Major Share of the Global Artificial Intelligence in Oil and Gas Market
- North America holds a prominent share of the global artificial intelligence in oil and gas market due to increasing adoption of AI-based solutions and services among oilfield operators and presence of major players in AI solutions and services in this region.
- The artificial intelligence in oil and gas market in Middle East & Africa and Asia Pacific is expected to expand at a rapid pace during the forecast period due to the increasing adoption of AI technologies among major and startup companies to enhance the efficiencies of the production and distribution process.
Key Players Operating in the Global Artificial Intelligence in Oil and Gas Market
- Microsoft Corporation
Microsoft Corporation engages in the development, manufacture, licensing, marketing, and sale of software, personal computers & services, and consumer electronics. The company operates globally and has offices in more than 190 countries. Microsoft Corporation offers solutions in AI and machine learning technologies for the oil and gas industry.
- IBM Corporation
IBM Corporation is a multinational company, manufacturing and marketing products including computer hardware, middleware, and software, AI-based industrial solutions, besides providing hosting and IT consulting services.
Other key players operating in the global artificial intelligence in oil and gas market include Accenture plc, General Vision, Inc., Cloudera, Inc., Royal Dutch Shell PLC, Cisco Systems, Inc., and Oracle Corporation.
Global Artificial Intelligence in Oil and Gas Market: Research Scope
Global Artificial Intelligence in Oil and Gas Market, by Component
Global Artificial Intelligence in Oil and Gas Market, by Application
- Production Planning
- Quality Control
- Field Services
Global Artificial Intelligence in Oil and Gas Market, by Operation
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.