Global Artificial Intelligence Market in Oil and Gas: Size, Share, Development, Growth and Demand Forecast to 2023
Over the past decade, the use of artificial intelligence (AI) and machine learning technologies in the oil and gas industry has gained significant interest. This has led to the growth in artificial intelligence market in this industry. With increasing challenges faced by the oil and gas industry in the past for exploration and exploitation of hydrocarbons, a cross disciplinary approach is being rendered which requires some critical processes to be semi-automated and some to be fully automated. Artificial intelligence is being introduced in every part of exploration procedure, including geology, geophysics, and reservoir engineering.
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Artificial intelligence consists of various tools such as machine learning, artificial neutral networks, fuzzy logic and expert systems. These tools help in transforming the data into valuable insights which can be further applied across various stages of exploration and production (E&P) life cycle. These stages include seismic, drilling, petro physics, reservoir and energy production. In the low product price environment, oil and gas operators need to reduce cost and boost the operational efficiency through efficient and effective use of data available. Major companies are investing heavily in predictive technology to become more productive. Artificial intelligence has enabled oil and gas operators to develop human capabilities and automate the processes to gain unobtainable outcomes.
Artificial intelligence in oil and gas industry is also gaining interest of consumers across the globe, since data interpretation through it highlights important geological features such as faults, unconformity, folds and boundaries. Such information provided by artificial intelligence technology is very crucial to operators because geoscientists sometimes fail to acquire such insights due to poor conditions of the wells or other external factors.
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The most surprising factor causing a surge in the demand for artificial intelligence in the oil and gas sector has been the worldwide drop in oil prices. This has in turn tightened margins and forced the oil and gas operators to shift their focus away from increasing their overall production to effectively optimizing it. Elimination of expensive risk of drilling, leveraging big data to improve operational performance, and transformation of traditional production system into new predictive technologies are the factors driving the growth of global artificial intelligence market in oil and gas industry.
In addition, the widespread increase in health and safety issues of the personnel on production sites is also fueling the growth of the global artificial intelligence market in oil and gas. Artificial intelligence can eliminate the health and safety concerns by helping the operators to control critical tasks through automated systems without the need for human presence. Since artificial intelligence systems can automate and optimize data rich processes, they help in minimizing or eliminating duplication of efforts and further in mitigating business risk. This enhances the productivity and minimizes the overall operational cost. Globally, oil and gas organizations have reengineered their production strategies and operational models to include artificial intelligence as an important element in business transformation. Therefore, the artificial intelligence market in oil and gas has a huge scope for rapid growth.
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