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AI & ML in Oil & Gas Market Size

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

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AI & ML in Oil & Gas Market Size

The global AI & ML in oil & gas market size was valued at USD 2.5 billion in 2024 and is estimated to register a CAGR of 7.1% between 2025 and 2034. The increasing focus on digital transformation, rising demand for operational efficiency, and growing emphasis on predictive analytics are key factors driving market growth. Companies are actively pursuing strategic partnerships to enhance technological capabilities and expand market presence. For instance, in September 2024, APA collaborated with Palantir to integrate AI into oil and gas operations, focusing on supply chain management, operational planning, production optimization, maintenance planning, and contract management.

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The adoption of AI and ML technologies is revolutionizing the oil & gas sector by significantly enhancing operational efficiency, cost management, and decision-making capabilities. These technologies not only improve operational performance but also enhance safety and environmental compliance, making them an essential component of modern oil & gas operations.

AI & ML in Oil & Gas Market Report Attributes
Report Attribute	Details
Base Year:	2024
AI & ML in Oil & Gas Market Size in 2024:	USD 2.5 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	7.1%
2025 – 2034 Value Projection:	USD 4.9 Billion
Historical Data for:	2021 – 2024
No. of Pages:	160
Tables, Charts & Figures:	185
Segments covered:	Offering, Operation, Application, End Use
Growth Drivers:	Rising demand for operational efficiency Growing adoption of predictive maintenance Increasing focus on data-driven decision making Rising investment in digital transformation
Pitfalls & Challenges:	Data quality and integration challenges Skilled workforce shortage

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Additionally, market growth is further driven by the growing need for oil & gas analytics to enhance operational efficiency and reduce costs. By leveraging advanced data analytics, AI and ML technologies are enabling companies to extract actionable insights from vast amounts of geospatial, seismic, and operational data. These insights are crucial for optimizing exploration, drilling, production, and maintenance processes, helping companies improve decision-making and reduce downtime. The oil & gas analytics market is projected to grow and generate revenue of around USD 33 billion by 2030, with an annual growth rate of over 20%.

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.