The Europe AI in Oil and Gas Market would witness market growth of 12.5% CAGR during the forecast period (2022-2028).
The sharp reduction in oil prices throughout the world has been the most unexpected element driving up demand for machine learning in the oil and gas industry. Margin constraints as a result forced oil and gas operators to change their priorities from raising overall output to successfully optimizing it.
The factors propelling the growth of the artificial intelligence market in the oil and gas industry include the elimination of the costly risk of drilling, utilizing big data to improve operational performance, and transforming the traditional production system into new forecasting technologies. By assisting operators in controlling crucial activities via automated systems without any need for human presence, artificial intelligence can reduce health and safety risks.
Artificial intelligence technologies reduce or eliminate duplication of effort and further aid to mitigate business risk since they can automate and optimize data-rich operations. This raises productivity while lowering total operating expenses. Oil and gas companies all around the world have updated their operating and production models to incorporate artificial intelligence as a key component of business transformation. Thus, there is tremendous potential for quick growth in the oil and gas industry's artificial intelligence sector.
The World Intellectual Property Organization released a report on the technology trends in AI earlier this year, and this study seeks to examine those patterns with a stronger emphasis on the UK. It explores previous and present trends in this quickly developing field of technology and offers an overview of the landscape of AI patents. It is one of the first to examine in greater detail how the UK's AI industry compares to that of other nations in terms of patenting activities.
The Germany market dominated the Europe AI in Oil and Gas Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $348 million by 2028.The UK market is anticipated to grow at a CAGR of 11.6% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 13.3% during (2022 - 2028).
Based on Operation, the market is segmented into Upstream, Midstream and Downstream. Based on Component, the market is segmented into Solution and Services. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global AI in Oil and Gas Market will Hit $5.2 Billion by 2028, at a CAGR of 13.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Oracle Corporation, Intel Corporation, IBM Corporation, Cisco Systems, Inc., Accenture PLC, NVIDIA Corporation, Cloudera, Inc., C3.ai, Inc. and FuGenX Technologies (USM Business Systems, Inc.).
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