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Artificial Intelligence

Artificial lift system market size to grow substantially over 2026

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Pune, India, April 27, 2021 (GLOBE NEWSWIRE) — The ever-grossing demand for hydrocarbon will help the global artificial lift system market to grow at a fast pace. According to a report published by Fortune Business Insights, titled, “Artificial Lift System“: Global Market Analysis, Insights, And Forecast, 2019-2026,” the global artificial lift system market is projected to reach US$ 12,707.4Mn by the End of 2026. Fortune Business Insights has predicted that the market will rise from its 2019 valuation of US$ 8,393.5 Mn at a CAGR of 5.32%. Artificial list system provides production capability that in turn, reduces the cost of operation. It also provides long-lasting well life. These are the two major factors that will contribute to market growth.

For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/artificial-lift-system-market-100467

Key Industry Developments

  • In February 2019, Tenaris will inaugurate a facility specially designed for sucker rod manufacturing in Conroe, Texas. The new facility will be functional by July 2019 with advanced technologies to optimize efficiencies and reduce production time.
  • In December 2019, Baker Hughes is pleased to announce the inauguration of its first artificial lift assembly, repair facility in Oman to support Petroleum Development Oman (PDO) operations and other customers in the region aiming to optimize production, cutting cost, and enhancing oil production.
  • In July 2019, Well Master Corporation has pleased to announce acquisition of leading provider of optimization solution T-Ram Canada Inc.

Tenaris, Quick Connector, Inc., and Other Key Players Emphasize on Product Launches to Strengthen Positions

Quick Connector, Inc., a prominent provider of artificial lift wellhead solutions, based in the U.S.A., announced the launch of their new product called QCI Gas Lift Wellhead Hanger and Adapter in May 2019. The product provides numerous benefits and features for gas lift completions. It also prevents the delay and cost of sourcing through traditional wellhead supplier. Tenaris, a manufacturer and supplier of steel pipes, revealed in February 2019 that it will be opening its sucker rod facility in Texas. The facility will will offer modern technologies to decrease production time and enhance efficiency. Earlier, in December 2019, Baker Hughes, a full stream gas and oil company joined hands with Petroleum Development Oman and declared the inauguration of its first ever artificial repair facility and lift assembly. Its main aim was to support PDO’s operations. It also targets those customers residing in the region who are looking for cost reduction, and efficient oil production.

Important Features that are under Offering and Key Highlights of Artificial Lift System Market Report:

  • Detailed overview of Market Share
  • Changing market dynamics of the industry
  • In-depth market segmentation by Type, Application, etc.
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape of Market
  • Strategies of key players and product offerings
  • Potential and niche segments/regions exhibiting promising market growth

A Rise in the Number of Exploration Activities Likely to Boost Growth in European Countries

Geographically, the global Artificial Lift System market is divided into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Amongst these regions, in North America, the U.S. currently holds the largest share of artificial list system market, accounting more than 40% artificial lifts distributed in the world. There has been a rise in the number of gas and oil exploration activities combined with technological advancements that has boosted the market in this continent. Fortune Business Insights states that in North America, countries namely, Alaska, Texas, North Dakota, and Permian region are anticipated to witness growth of the Artificial Lift System during the forecast period. This is because the production in these regions have recently reached at a peak level. On the other hand, Europe is predicted to exhibit considerable growth likely due to the increasing number of exploration that have been taking place in the North Sea region.

Top Players Overview:

  • Weatherford
  • Schlumberger Limited
  • Baker Hughes
  • Dover Corporation
  • Borets International
  • National Oilwell Varco
  • Halliburton
  • Summit ESP, LLC
  • John Crane
  • SPOC Automation
  • Flotek Industries
  • Quick Connector, Inc.

Key Market Driver – Numerous onshore and offshore E&P

Key Market Restraint – Environmental restrictions and government policies

Request a Sample Copy of the Global Market Research Report https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/artificial-lift-system-market-100467

Artificial Lift System Market Landscape and Market Scenario Includes:

  • Current market size estimate
  • Revenues by players Top Companies
  • Market size by product categories
  • Market size by regions/country

Queries Addressed In Artificial Lift System Market Report:

  • What opportunities are present for the market players to enhance their business footprint?
  • What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
  • Which segment is witnessing huge traction from the consumers?
  • For what purposes, is the market being utilized?
  • How many units are estimated to be sold in 2019?

Ability to Handle Harsh Conditions Increases Demand for Propel Electrical Submersible Pumps

The report classifies the global artificial lift system into three segments, namely, by application, by type, and by geography. In terms of application, the market is further grouped into onshore and offshore. By type, the market is classified into sucker rod pump, gas lift, progressive cavity pump, hydraulic pumps, electrical submersible pumps, and others. Amongst these types of pumps, the electrical submersible pump is the most massively adopted pump across the globe. This is due to the fact that these pumps are perfectly abled to operate in harsh environmental conditions. Furthermore, they can handle a high volume of flow rate. They hold more than 40% of the global artificial list system market.

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Key Features of Artificial Lift System Market Research Report:

  • This report provides detail analysis of the market and have a comprehensive understanding of the market and its commercial landscape.
  • Learn about the various market strategies that are being adopted by leading companies.
  • It provides a five-year forecast assessed based on how the market is predicted to grow.
  • It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
  • To understand the future scope and outlooks for the market.
  • Market Forecast by regions, type and application, with sales and revenue, from 2019 to 2026.
  • Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
  • Market Size (sales, revenue) forecast by regions and countries from 2019 to 2023 of industry.
  • The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2019 and 2023. In 2019, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
  • Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
  • Market Report also mentions market share accrued by each product in the market, along with the production growth.

Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.

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Table of Content

    • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Key Developments: Mergers, Acquisition, Partnership, etc.
    • Latest Technological Advancement
    • Insights on Regulatory Scenario
    • Porters Five Forces Analysis
  • Global Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings
    • Market Analysis, Insights and Forecast – By Type
      • Electric Submersible Pump
      • Sucker Rod Pump
      • Progressive Cavity Pump
      • Gas Lift
      • Others
    • Market Analysis, Insights and Forecast – By Application
      • Onshore
      • Offshore
  • North America Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings
    • Market Analysis, Insights and Forecast – By Type
      • Electric Submersible Pump
      • Sucker Rod Pump
      • Progressive Cavity Pump
      • Gas Lift
      • Others
    • Market Analysis, Insights and Forecast – By Application
      • Onshore
      • Offshore
    • Market Analysis, Insights and Forecast – By Country
      • U.S.
      • Canada
  • Europe Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings
    • Market Analysis, Insights and Forecast – By Type
      • Electric Submersible Pump
      • Sucker Rod Pump
      • Progressive Cavity Pump
      • Gas Lift
      • Others
    • Market Analysis, Insights and Forecast – By Application
      • Onshore
      • Offshore
    • Market Analysis, Insights and Forecast – By Country
      • UK
      • Germany
      • France
      • Italy
      • Norway
      • Russia
      • Rest of Europe

TOC Continued…!

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Have a Look at Related Research Insights:

Oilfield Services Market Size, Share & COVID-19 Impact Analysis, By Type (Equipment Rental, Field Operation, and Analytical Services), By Service (Geophysical, Drilling, Completion & Workover, Production, and Processing & Separation), By Application (Onshore and Offshore {Shallow Water, Deepwater, Ultra-Deepwater}), and Regional Forecast, 2020-2027

Wireline Services Market Size, Share & COVID-19 Impact Analysis, By Well Type (Open Hole and Cased Hole), By Service (Electric Line and Slick Line), By Location (Onshore and Offshore), By Application (Well Completion, Well Intervention, and Well Logging), and Regional Forecast, 2020-2027

Well Intervention Market Size, Share & Industry Analysis, By Type (Light Intervention, Medium Intervention, and Heavy Intervention), By Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, Reperforation, Others), By Application (Onshore and Offshore), and Regional Forecasts, 2020-2027

Digital Oilfield Market Size, Share & COVID-19 Impact Analysis, By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, and Others), By Solution (Services, Software, and Hardware), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027

Hydraulic Fracturing Market Size, Share & COVID-19 Impact Analysis, By Well Type (Horizontal and Vertical), By Technology (Plug & Perf and Sliding Sleeve), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. We aim to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Read Press Release: https://www.fortunebusinessinsights.com/press-release/artificial-lift-system-market-9171 

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Artificial Intelligence

vcita Completes Full Rollout of BizAI, the First AI-driven SMB Business Advisor

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After months of research and beta testing, BizAI is now available to all vcita customers, bringing the promise of AI within reach for the SMB ecosystem
SEATTLE, May 2, 2024 /PRNewswire/ — vcita, the technology platform designed to serve the needs of SMBs and the organizations that serve them, announced today that it has completed the full rollout of its AI-powered SMB business advisor, BizAI. During beta testing over the last several months, vcita saw the significant success and impact of BizAI, and is now making it available to all SMB users, including SMBs using partner solutions, built on its inTandem platform.

BizAI is different from other generative AI tools as it combines the wide perspectives of the market’s best practices with the deep familiarity with each individual businesses’ successes and failures, bespoke data that it is able to obtain exclusively through vcita. This enables BizAI to identify growth opportunities and diagnose areas for improvement, translating insights into actionable recommendations for immediate implementation. SMBs can use BizAI to build business growth plans, optimize their pricing and product offerings according to their competitors, generate converting marketing assets, analyze staff performance, and more.
“BizAI is a pioneering AI-driven business advisor created specifically for the SMB sector,” said Itzik Levy, CEO and founder at vcita. “BizAI brings the strategic prowess of top-tier consulting into the hands of small business owners, empowering SMBs to navigate their unique challenges with tailored, actionable insights derived from a blend of external data, their own operational metrics, and industry benchmarks. The enthusiastic feedback from our beta testers has been incredibly affirming, and this is only the beginning of what BizAI can deliver.”
A common challenge in the adoption of AI is that SMBs don’t always know where AI might help them so BizAI is integrated into the everyday tasks of the business owner, offering them tailored insights and suggestions with contextual relevance. BizAI is completely embedded within the business management solution offered by vcita, with many touch points that are presented to SMBs throughout their workday. For example, SMBs will be prompted to use BizAI when creating and pricing a new service, while writing their cancellation policy, or when answering an inquiry from a promising prospect.
“Our roadmap is packed with plans to further expand BizAI and make it available across all components of our platform. As a platform company, we will soon offer our partners the opportunity to leverage BizAI in two additional ways: the first is their ability to launch AI-enriched applications of their own, and the second is to draw AI-driven insights that help them better understand their SMB clients, detect risks such as churn and identify new business opportunities in real-time,” continued Levy.
A recent survey of BizAI beta users highlights the value they’re gaining from the tool with 43% returning to BizAI within a week of their first usage. 63% used BizAI to seek critical business advice, such as how to position and price their services and products, highlighting the trust users have in BizAI. 32% of users copied the chat’s answers to the clipboard, indicating they were happy with the output and chose to use it. To see a full report with this data please click here.
vcita has spent the past 13 years providing SMBs with advanced technology solutions and is committed to digital inclusion in the SMB community. vcita’s technology solutions include popular digital tools like online billing, CRM, online scheduling, marketing, and online presence, and the company is now bringing the promise of AI within reach for small businesses. Armed with BizAI’s personalized insights and recommendations, vcita is revolutionizing the way SMBs manage their operations and seize growth opportunities within a competitive market. With inTandem, vcita’s partner platform, organizations that serve the SMB market can join vcita’s partner ecosystem and expand their own SMB proposition to include these digital tools and AI driven insights, increase engagement among their SMB customers, and unlock new revenue potential.
About vcita
vcita is an SMB tech company dedicated to helping small and medium businesses thrive in today’s digital world by providing them with the tools to manage and grow their business. With vcita’s solution, small businesses can manage all aspects of their day-to-day operations and client engagement including scheduling, billing, payment collection, client management, email and SMS marketing. inTandem by vcita is a platform designed to serve the needs of SMB service providers, offering a customizable, white-label, platform that allows organizations that serve SMBs to bring their clients all the essential vcita tools under their own brand. With inTandem, partners can deliver great service and value to their SMB customers and unlock new revenue streams, reduce churn, and increase customer loyalty. With hundreds of thousands of small business users worldwide and partnerships including marketing agencies, banks, financial service providers, telcos, MSPs, and fintechs, vcita delivers an innovative digital solution uniquely designed to serve the needs of SMBs and the companies that support them.
For more information, visit www.vcita.com or follow us on LinkedIn.
Media Contact
Sarah SchlossHeadline Media [email protected] 914.506.5105
 
 

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Artificial Intelligence

Stamus Networks Recognized in 2024 Gartner® Market Guide for Network Detection and Response

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Company recognized as a Representative Vendor for the second consecutive time
INDIANAPOLIS and PARIS, May 2, 2024 /PRNewswire/ — Stamus Networks, a global provider of high-performance network-based threat detection and response (NDR) systems, today announced it has been recognized as a Representative Vendor in the 2024 Gartner “Market Guide for Network Detection and Response.” This is the second consecutive time Stamus Networks has been named in the report.

“For now, stand-alone NDR vendors provide a breadth of network analytics and efficacy not available with multifunction security platforms (SIEM, XDR),” wrote Gartner Analysts Jeremy D’Hoinne, Thomas Lintemuth, Nahim Fazal and Charanpal Bhogal.
The report continues, “NDR providers continue to improve their detection capabilities and improve incident response workflows, highlighting the identified root causes of an incident. With this success and confidence, enterprises are experimenting with new NDR features and expanding their coverage to include areas of the network not initially exposed to NDR, especially to see all lateral movement between different types of infrastructure.”
The Stamus Security Platform (SSP) is an open NDR that delivers actionable network visibility and high-fidelity threat detection to enterprise security teams around the world. SSP prioritizes advanced detection – using machine learning and statistical anomaly detection, advanced heuristics, and more traditional signature and IoC based detection – with explainable attack timelines. Its transparency, openness and extensibility empower security teams to quickly respond to serious threats and unauthorized activity.
“As a pure-play NDR solution vendor, we are uniquely focused on delivering the best threat detection possible with the lowest rate of false positives in the industry, enabling organizations to automate their response to serious and imminent threats,” said Stamus Networks CEO Ken Gramley. “We take great pride in being recognized by Gartner, once again, and believe our inclusion in this report is validation of our approach to helping defenders around the world secure their organizations.”
Learn more and download the Gartner “Market Guide for Network Detection and Response.”
To learn more about SSP, go to: https://www.stamus-networks.com/stamus-security-platform.
Gartner Disclaimer:Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About Stamus Networks:Stamus Networks believes in a world where defenders are heroes, and a future where those they protect remain safe. As organizations face threats from well-funded adversaries, we relentlessly pursue solutions that make the defender’s job easier and more impactful. The global leader in Suricata-based network security solutions, Stamus Networks helps enterprise security teams know more, respond sooner and mitigate their risk with insights gathered from cloud and on-premise network activity. Our Stamus Security Platform combines the best of intrusion detection (IDS), network security monitoring (NSM), and network detection and response (NDR) systems into a single solution that exposes serious and imminent threats to critical assets and empowers rapid response. For more information visit: stamus-networks.com.
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Artificial Intelligence

StrongDM Secures $34 Million Series C Funding to Expand into Europe and Asia, and Establish Zero Trust PAM for Enterprise Security

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New funding to fuel global expansion and a pioneering approach to preemptive, action-based cybersecurity
PALO ALTO, Calif., May 2, 2024 /PRNewswire/ — StrongDM, the Zero Trust privileged access company, today announced the closure of a $34 million Series C funding round led by Anchor Capital, with participation from new investors Capital One Ventures, Cisco Investments, Frontline Ventures, and Singtel Innov8, as well as existing investors including GV, Sequoia Capital, and True Ventures. This investment underscores StrongDM’s commitment to reshaping enterprise security with its revolutionary Zero Trust privileged access management (PAM) solution. The Series C funding round brings StrongDM’s total funding to $96 million.

Revolutionizing PAM
StrongDM introduces a next-generation PAM solution that shifts from traditional role- or attribute-based security models to one that emphasizes continuous, fine-grained, and context-aware policy enforcement. This approach scrutinizes each user action and context in real-time, enabling immediate blocking or additional verification for activities that pose security risks. By focusing on preemptive measures rather than reactive responses, StrongDM aims to halt breaches as they are attempted, setting a new standard in cybersecurity.
Global Expansion and Innovation
With the new funds, StrongDM will expand its operations into the Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions, addressing the growing demand for modern security solutions. The company is also establishing an engineering center of excellence in Poland, bringing its innovations closer to global customers.
A Word from Leadership
Tim Prendergast, chief executive officer of StrongDM, emphasizes the transformative nature of its Zero Trust PAM solution: “Our Zero Trust approach extends beyond initial access, offering continuous protection throughout the entire session. This isn’t just about reducing identification times; it’s about preventing breaches before they even happen. We’re setting new standards that legacy access management providers have failed to achieve over the past decade.”
Enhancing Enterprise Operations
StrongDM’s solution integrates security directly into operational workflows, enhancing agility and productivity without sacrificing protection. Amol Kabe, chief product officer of StrongDM, said: “StrongDM provides a way for users to create and apply policies that govern authorization in real time, which simplifies the process of proving regulatory compliance. By integrating comprehensive audit trails, we ensure that every action is recorded with precision. This provides unprecedented oversight and enforcement of security policies, creating an environment that is simple, agile, and secure.”
Kabe adds, “StrongDM can also trigger policy-based MFA or administrator-defined workflows natively or in Slack or ServiceNow to implement multi-party authorization for risky actions.”
Upcoming Features
In the coming months, StrongDM will roll out advanced policy-based control features that further enhance security for critical infrastructure. These include micro-authorizations and contextual enforcement capabilities designed to meet the specific needs of CISOs and security teams.
About StrongDM
StrongDM is at the forefront of cybersecurity, specializing in Zero Trust Privileged Access Management (PAM). Our innovative solutions focus on continuous, policy-based controls that leverage actions and context to enhance enterprise security. StrongDM’s technology scrutinizes each interaction in real time, preventing breaches before they occur and ensuring secure, frustration-free access across all platforms.
Supported by leading investors, including GV, Sequoia Capital, True Ventures, and Anchor Capital, StrongDM operates across North America, Europe, and Asia-Pacific, dedicated to setting new standards in cybersecurity and providing top-tier protection for today’s digital enterprises.
For more information, visit the StrongDM website.
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