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AI & ML in Oil & Gas Market Share

Report ID: GMI12453
Published Date: Nov 2024
Report Format: PDF

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AI & ML in Oil & Gas Market Share

AI & ML in Oil & Gas Company Market Share, 2024

ABB, Schlumberger, Siemens Energy hold a significant market share of over 20% in AI & ML in oil & gas industry. These major companies are heavily investing in research and development to enhance their offerings, integrating advanced technologies such as machine learning algorithms, real-time data analytics, and predictive modelling. By prioritizing innovation and customization, these companies are addressing the industry's growing need for improved operational efficiency, cost optimization, and sustainability.

Additionally, players such as Schlumberger and Halliburton are forming strategic alliances with technology providers and energy companies to strengthen their market position and accelerate the adoption of AI solutions. These collaborations are focused on deploying AI-driven tools for reservoir management, drilling optimization, and supply chain efficiency. By adopting digital platforms for seamless integration, real-time decision-making, and predictive maintenance, industry leaders are delivering comprehensive solutions tailored to the evolving challenges and opportunities in the oil & gas sector.

AI & ML in Oil & Gas Market Companies

Major players operating in the AI & ML in oil & gas industry include:

ABB
Baker Hughes
C3.ai
Halliburton
IBM
Intel
Palantir
Schlumberger
Siemens Energy
Yokogawa Electric

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of AI & ML in oil & gas reached USD 2.5 billion in 2024 and is set to grow at a 7.1% CAGR from 2025 to 2034, driven by the increasing focus on digital transformation.

The upstream segment was valued at over USD 1 billion in 2024, led by the integration of advanced analytics and AI-driven insights for exploration and production optimization.

The North America market accounted for 30% of the revenue share in 2024, propelled by rapid adoption of advanced analytics and significant investments in digital technologies.

The key players in the industry include ABB, Baker Hughes, C3.ai, Halliburton, IBM, Intel, Palantir, Schlumberger, Siemens Energy, and Yokogawa Electric.