According to a recent Markets and Markets report, artificial intelligence (AI) in the oil and gas market, which in 2017 was worth $1.57bn, is predicted to climb to $2.85bn by 2022.
"This growth is mainly attributed to the increasing demand for big data technology in the oil & gas industry to augment E&P capabilities, growing need for automation in the oil & gas industry, and increasing investments in joint venture capitals," the report stated.
Five regions were taken into account in the report: North America, Europe, Asia-Pacific, South America, the Middle East and Africa. The result, North America was deemed to be the leading the market for AI in oil and gas, driven by oil field operators and service providers.
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Additionally, the report identified some of the prominent leaders of AI in oil and gas: IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), and Oracle (US). The report stated that the growth share and international presence is due to the product launches, contracts & agreements and investments and expansions.
The report claimed, "The upstream AI in oil and gas market is set to grow in the next five years. AI systems are capable of automating and optimizing initial stages of the exploration and production lifecycle such as seismic, geology, drilling, petrophysics, reservoir, and production."
"They have the potential to reduce risks, enhance productivity, and minimize operational costs. Precise targeting and ability to identify drilling locations can help to maximize the Return on Investment (ROI) on any drilling activity."