functions normally associated with humans such as learning, decision making, problem solving, perception and decision making. In oil and gas industry, AI is being used for various applications such as predictive maintenance, production optimization, supply chain and logistics optimization, risk management, autonomous drones, digital assistant, exploration and drilling etc. AI helps in accurately predicting equipment failures and scheduling maintenance accordingly, facilitating precise production planning, route optimization for transferring oil and gas, analyzing risk patterns and mitigating hazards, mapping terrain using drones and robots and automating exploration process. It enhances productivity, reduces costs and improves safety in oil and gas operations. The Global Artificial Intelligence (AI) in Oil and Gas Market is estimated to be valued at US$ 2.99 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the artificial intelligence (AI) oil and gas market are Google, IBM, SAS, Accenture Plc., Baidu, Inc., H2O.ai., Microsoft Corporation, Oracle Corporation. Google provides AI tools like TensorFlow and Kubernetes for oil and gas applications. IBM offers Watson for oil and gas industry to improve productivity, efficiency and safety.

Growing energy demand across Artificial Intelligence (AI) in Oil and Gas Market Demand the globe is propelling the oil and gas industry to adopt AI solutions to ramp up production and exploration activities. AI helps oil and gas companies to access remote reservoirs, optimize field performance, predict equipment failures and inspect infrastructure in a cost effective manner.

Advent of technologies like machine learning, deep learning, predictive analytics and Internet of Things (IoT) has opened up new opportunities for AI deployment in oil and gas industry. Oil and gas companies are investing heavily in AI startups and collaborating with technology players to develop industry specific AI solutions. This is encouraging innovation and advancing the capabilities of AI systems in oil and gas domain.

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