AI & ML in Oil & Gas Market to cross $4.9 Bn by 2034, Says Global Market Insights Inc.
Global Market Insights Inc.
Major AI & ML in oil & gas market participants include ABB, Baker Hughes, C3.ai, Halliburton, IBM, Intel, Palantir, Schlumberger, Siemens Energy, Yokogawa Electric.
Selbyville, Delaware, Jan. 28, 2025 (GLOBE NEWSWIRE) —
The AI & ML in oil & gas market valuation is predicted to surpass USD 4.9 billion by 2034, reported in a research analysis by Global Market Insights Inc.
This growth is largely driven by the increasing focus on digital transformation, the need for enhanced operational efficiency, and the rising importance of predictive analytics. Companies are leveraging artificial intelligence and machine learning technologies to optimize processes, reduce costs, and improve decision-making across various operations in the AI & ML in oil & gas market.
The adoption of AI and ML is reshaping the oil and gas sector, delivering significant benefits in efficiency, cost management, and safety compliance. These technologies play a critical role in ensuring better operational performance, heightened safety standards, and stronger environmental compliance, making them indispensable for modern oil and gas operations.
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The AI & ML in oil & gas market from the upstream segment valued at over USD 1 billion in 2024, is experiencing rapid growth due to the integration of AI-driven solutions for seismic interpretation, well planning, and production optimization. These advancements enable real-time decision-making, leading to higher efficiency and reduced downtime in exploration and production processes.
The market is further bolstered by the growing demand for advanced analytics, which is essential for extracting actionable insights from large datasets, including geospatial, seismic, and operational information. By utilizing these insights, companies can enhance exploration, drilling, production, and maintenance activities, resulting in improved decision-making and minimized downtime. The oil and gas analytics market is also on the rise, with expected revenue of approximately USD 33 billion by 2030, reflecting an annual growth rate of over 20%.
The application scope of AI and ML in the oil and gas market spans areas such as exploration and production (E&P) optimization, reservoir management, drilling optimization, asset monitoring, pipeline monitoring, and supply chain optimization. The E&P optimization segment is anticipated to grow at a CAGR of over 5% during the forecast period, driven by AI-powered technologies that improve resource identification, enhance performance, and lower operational risks.
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