Artificial Intelligence in Oil and Gas Market
Artificial Intelligence in Oil and Gas Market valued USD 1.63 Billion in 2017 and expected to reach USD 5.24 Billion by 2026, at a CAGR of 15.72%. Artificial Intelligence in Oil and Gas Market
Artificial intelligence has expanded its application in the oil & gas sector during the last few years. Exploration and availability of oil remain areas of concern and continuous development which has led to the application of artificial intelligence in the oil & gas sector. Use of virtual assistants or intelligent for excavation, drilling and analyzing purpose are a few examples of how artificial intelligence is applied in oil & gas sector. Artificial Intelligence in Oil and Gas Market Software segment is expected to hold the largest market share for artificial intelligence in the oil & gas market globally. High demand in North America for upstream oil & gas excavations have been a major factor contributing to the overall growth of the market. Preventive maintenance is massive and one of the fastest growing segments in Artificial Intelligence in the Oil & Gas market. Predictive maintenance is a costly downturn so by predicting maintenance schedules for equipment helps in the prevention of equipment failures thereby saving millions of dollars.
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