AI a Huge Revolution in the Oil and Gas Industry - Communal News

AI in Oil & Gas market is expected to grow from an estimated $1.57 billion in 2017 to $2.85 billion by 2022, at a CAGR of 12.66%, from 2017 to 2022. The growth of AI in Oil & Gas market will be mainly driven by the rise in adoption of the big data technology in the Oil & Gas industry to augment E&P capabilities, a significant increase in venture capital investments, and growing need for automation in the Oil & Gas industry, and tremendous pressure to reduce production costs. Software in AI in Oil & Gas market is applicable in upstream Oil & Gas exploration and production activities. The hardware segment in AI in Oil & Gas market is expected to grow swiftly during the forecast period (2017 to 2022), mainly due to the increasing requirement for sophisticated hardware system configurations and components capable of handling massive data, including, but not limited to Tensor Processor Unit (TPU), Graphic Processing Unit (GPU), Resistive Processing Unit (RPU), Field Programmable Gate Array (FPGA), and Visual Processing Unit (VPU) to install software-based AI capabilities. The upstream AI in Oil and Gas Market is set to grow in the next five years.