AI in Oil and Gas Ecosystem Market - Key Factors, Market Segments Regions and Industry Forecasts Analysis
AI in oil and gas ecosystem has made the decision-making process faster by detecting patterns that human eyes cannot see and thus, take advantage of the insights quicker.
AI assistants in the oil industry are helping in providing customer support assistance, identifying key details, providing actionable summaries, and in removing the need for multitasking during important tasks. With help of an AI assistant, oil and gas companies can minimize or eliminate the duplication of efforts and reduce risks. AI assistants make decisions in real time and handle the growing complexity of engineering systems. According to our estimates, the AI in Oil and Gas Ecosystem is expected to witness growth at ~16.2% CAGR from 2019 to 2020.
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The integration of AI in oil and gas ecosystem sector has reshaped all operations in the industry by creating ‘digital oilfields’ of the future. Investment expectations for AI in oil and gas ecosystem has been increasing from the past few years and it is expected to be twice by 2022. The AI in oil and gas industry will bring in radical changes in oilfield working force, machines, and the operating system. The oil industry must ensure that there is timely and adequate investment so as not to lead to a supply shortage in the future. To meet the demand for crude oil worldwide, the industry is required to invest $11 trillion in the coming 20 years. The rise of the machines, analytics, and the digital oilfield has created new processes for exploration and production. AI helps in automated decision-making and real time reactions to improve operational efficiencies and connect infrastructure platforms together. It makes the interaction between machines and humans better, which in turn, is changing the expectation for the industry.
The AI in Oil and Gas Ecosystem size was valued at $413 Million in 2018. Energy projects in the Middle East and North Africa (MENA) region are expected to bring in about $1 trillion investments over the next five years. The GCC region is also looking to adopt new technologies in its petroleum industry to increase efficiency, reduce costs, and make processes more competent. Accenture and Microsoft are helping these regions in better decision-making. The Middle East is witnessing significant traction in the field of AI, and local entrepreneurs are working on developing region-specific AI tools for oil extraction. AI robots are helping in reducing the risk of exposure to dangerous working conditions for many employees. The U.S. has already experienced a decreasing trend of labor injuries or fatalities in the field in recent years. AI in oil and gas industry is an effort to improve employee working conditions and this is a smart investment for the oil and gas industry.
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