AI in Oil and Gas: Global Markets and Technologies

Report Highlights

The global market for AI Technology in the Oil and Gas Sector is estimated to increase from $2.8 billion in 2023 to reach $5.1 billion by 2028, at a compound annual growth rate (CAGR) of 12.9% from 2023 through 2028.

Report Includes

• 32 data tables and 32 additional tables
• An overview of the global market for AI in the oil and gas sector
• Analyses of the global market trends, with historical market revenue for 2022, estimates for 2023, forecasts for 2024 and projections of compound annual growth rates (CAGRs) through 2028
• Estimate of the current market size and revenue forecast for the global market, and a corresponding analysis of market shares based on component, application and region
• Facts and figures pertaining to the market dynamics, opportunities and challenges, upcoming technologies, future prospects and impacts of macroeconomic variables
• Overview of the sustainability trends and ESG developments in the market, with an emphasis on consumer attitudes, ESG score analysis, a discussion of the future of ESG, and the ESG practices followed by leading companies
• An analysis of the competitive landscape, including company market shares, recent M&A activity, and the outlook for venture funding
• Company profiles of major players within the industry, including IBM Corp., General Electric, Accenture, Microsoft Corp., and Schneider Electric

Report Scope

The scope of this study encompasses the analysis of various components of AI technology in the global oil and gas sector, which include software, services, and hardware. It also examines different applications within the industry, such as upstream, midstream, downstream, and support functions. Additionally, the report discusses the technological, regulatory, and competitive aspects, as well as economic trends that impact the market. It further analyzes the market’s key drivers, regional dynamics, and current industry trends. The report concludes by providing detailed profiles of the major vendors in the market. The base year for the study is 2022, and projections for the years 2023 through 2028 are included, along with forecasts of the compound annual growth rate (CAGR) for the forecast period.

The report provides an overview of AI in the oil and gas sector, focusing on its key components and driving factors. It explores the software, services, and hardware aspects of the market, analyzing the solutions provided by different companies. The applications of AI in the industry are also discussed, including upstream, midstream, downstream, and support functions. The report also includes a regional analysis, examining the current and future factors influencing AI deployment in North America, Europe, Asia-Pacific, and the Rest of the World (including Latin America, the Middle East, and Africa).

Analyst Credentials

Austin Samuel – Consultant-Technology Research
Austin Samuel is an experienced professional with nearly a decade of industry experience in research and analysis, specializing in Information Technology. He has conducted extensive research and provided comprehensive syndicate and custom reports on the developments and application of information technology across multiple industries for international and domestic clients. He exhibits exceptional analytical abilities and strategic thinking and has contributed significantly to the team. Academically, Austin holds a master’s degree in Marketing and IT and a bachelor’s degree in Electrical and Electronics.

Consulting Editor’s Credentials

Andrew McWilliams has over 40 years’ experience in marketing strategy and research with top consulting firms like Kearney and EY, and as an independent consultant. He has been a BCC Research contributor for over 20 years. Mr. McWilliams has a BA from Princeton University and an MA from Harvard University. He resides in the greater Boston area.