The North America AI in Oil and Gas Market would witness market growth of 11.9% CAGR during the forecast period (2022-2028).
Expert systems, machine learning, artificial neutral networks, fuzzy logic, and other methods make up artificial intelligence. These technologies assist in converting the data into insightful knowledge that can then be deployed at different phases of the exploration & development life cycle. Seismic, drilling, petrophysics, reservoir development, and energy production are some of these phases.
Oil and gas operators must decrease costs and improve operational efficiency in the context of low product prices by making effective and efficient use of the data at hand. To increase productivity, major organizations are making significant investments in predictive technologies. Oil and gas companies are now able to automate operations and improve human capabilities due to artificial intelligence.
Since it reveals significant geological characteristics like faults, unconformities, folds, and boundaries through data interpretation, artificial intelligence in the oil and gas business is also attracting interest from customers throughout the world. Operators rely heavily on the knowledge offered by artificial intelligence technology since geoscientists occasionally are unable to obtain such insights because of subpar good conditions or other external reasons.
The robust innovation environment, America has long been the leader in this new era of AI and is well-positioned to continue to remain so in the future. Industry, academia, and government must work together to fully realize AI's potential for the country. To speed up AI innovation in the US for the benefit of American citizens, the Administration has been engaged in formulating policies and putting these into practice.
The US market dominated the North America 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 $1,415 million by 2028.The Canada market is poised to grow at a CAGR of 14.1% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 13.8% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global AI in Oil and Gas Market is Estimated to reach $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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