The global AI in oil and gas market size was US$ 2.3 billion in 2021. The global AI in oil and gas market size is estimated to reach US$ 7.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.5% during the forecast period from 2022 to 2030.
AI in the oil and gas industry improves oil and gas production as well as increases profits in the oil and gas industry through predictive maintenance and machinery inspection, quality control, accommodation, exploration, tank and reservoir monitoring, and other methods.
Artificial intelligence consists of a variety of tools such as machine learning, artificial neural networks, fuzzy logic, and expert systems that help convert data into useful information that can be applied at various stages of the exploration and production lifecycle.

Factors Affecting Marketing Growth

The sharp reduction in oil prices worldwide has been the most unexpected element driving the growth of the global market.
Eliminating the costly risk of utilizing big data to improve operational performance, drilling, and transforming the traditional production system into new predictive technologies drives the growth of the global market.
Organizations worldwide are trying to make the exploration and production processes more efficient and optimized. The operations in this field are the primary factors driving the growth of the global market.

Impact on COVID-19 Analysis

The COVID-19 outbreak had a high impact on the growth of global artificial intelligence in the oil and gas market, as the adoption of AI in oil and gas has been boosted due to unprecedented circumstances like the pandemic. This crisis had many direct and indirect effects on all areas of society. The oil and gas sector is expecting weaker demand and consequently lower crude prices as a result of the global health crisis, geopolitical difficulties that are causing surplus production, and certain significant industrial developments.

Regional Analysis

North America dominated the global AI in the oil and gas industry in 2021 and is expected to continue this trend during the forecast period. factors such as the strong economy, the high adoption rate of AI technologies across the oilfield operators and service providers, a robust presence of prominent AI software and system suppliers, and combined investment by government and private organizations for the development and growth of R&D activities are projected to drive the demand for AI in the oil and gas sector in the region.

Asia-Pacific region is expected to witness the highest global AI in Oil and Gas market growth in the coming years, due to meeting the growing demand for fuel due to the growth in passenger cars in the region.


Leading Competitors
The prominent players in the global AI in oil and gas market are:
Intel Corporation
NVIDIA Corporation
Cisco Systems
Cloudera
FuGenX Technologies Pvt. Ltd
Oracle Inc.
Microsoft Corporation
Google LLC
IBM
C3.AI
Others
Segmentation Analysis
The global AI in oil and gas market segmentation focuses on Components, Operations, and Region.
Segmentation on the basis of Component
Services
Solution

Segmentation on the basis of Operations
Upstream
Midstream
Downstream

Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America