Global AI in Oil & Gas Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Application Coverage, By Sector Coverage, By Component Coverage, By Geographical Coverage, Leading Companies)
Published Date: Jul 2023 |
Format:
| No. of Pages: 250
Industry: Energy & Natural Resources | Author Name: Harshad
Global AI market in oil & gas is anticipated to reach US$2.9 Bn by 2030-end.
Globally, the top five players in the AI in oil & gas market include Google, IBM, Intel Corporation, Microsoft, and Oracle Corporation.
In 2022, North America constituted 38.2% of the global AI market in oil & gas. In terms of value, Asia Pacific is expected to register a CAGR of 17.4% from 2023-2030.
In terms of application, the predictive maintenance segment dominated the market in 2022 with nearly 30.2% share. In terms of sector, the same year, the upstream segment constituted more than 51.8% share of the global AI market in oil & gas. In terms of component, the services segment constituted more than 41.4% share. By software, the deep learning and machine learning segment is likely to show strong growth during the forecast period.
Due to the COVID-19 pandemic, the crude oil prices collapsed owing to lowered demand from industrial and automotive sectors, which negatively influenced the AI investments in the global oil & gas business industry.
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