Artificial Intelligence
AI in Oil and Gas Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
New York, June 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “AI in Oil and Gas Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06020214/?utm_source=GNW
81% during the forecast period (2022-2027).
Key Highlights
As the cost of IoT sensors declines, more major oil and gas organizations are bound to start integrating these sensors into their upstream, midstream, and downstream operations along with AI-enabled predictive analytics.
Oil and gas remain as one of the most highly valued commodities in the energy sector. In recent years, there has been an increased focus on improving efficiency, and reducing downtime has been a priority for the oil and gas companies as their profits have slashed since 2014 due to fluctuating oil prices. However, as concerns over the environmental impact of energy production and consumption persist, oil and gas companies are actively seeking innovative approaches to achieve their business goals while reducing environmental impact.
Additionally, according to the International Energy Agency (IEA), in the OECD countries, the oil price was reduced by 40.6% from March to April 2020, nurturing concerns for oil and gas firms. Hence, companies in the oil and gas sector experiment with contemporary technologies to increase efficiency and revenue. By leveraging artificial intelligence in oil and gas operations, corporations can design algorithms to guide drills on the landmass and ocean floors.
In addition, the Oil and Gas Authority (OGA) is making use of AI in parallel ways, owing to the United Kingdom’s first oil and gas National Data Repository (NDR), launched in March 2019, using AI to interpret data, which, according to the OGA anticipations, is likely to assist in discovering new oil and gas forecast and permitting more production from existing infrastructures.
Due to the COVID-19 pandemic and lockdowns, the oil and gas industry observed a slump in demand. For instance, oil prices have decreased by 50% since January 2020, with the United States markets are observing a record low. The International Energy Agency reported that oil demand decreased by 29 million barrels per day during the month of April 2020 and is expected to decrease by 23.1 million barrels per day by Q2 2020.
Key Market Trends
Upstream Operations to Witness a Significant Growth
Organizations across the world are trying to make the exploration and production processes more efficient and optimized. The operations in this field are the major factors that are driving the usage of AI in oil and gas companies. The AI tools can help oil and gas companies in digitizing records and can automate the analysis of the gathered geological data and charts, which can lead to the potential identification of issues, such as pipeline corrosion or increased equipment usage.
Oil and gas companies can potentially gain crucial insights to improve their business outcomes in their upstream processes with the integration of AI software. This process would involve the feeding of curated data records and information from data sources to the software that could include structured documents, PDFs, handwritten notes, audio, or video files.
Companies like BP and Royal Dutch Shell, which have both pledged to achieve net-zero carbon emissions by 2050, are under increasing pressure to minimize their carbon footprint in compliance with the Paris Agreement. Shell is employing AI technology to do predictive maintenance of individual pieces of equipment or entire systems to reduce their carbon footprint. This allows the corporations to foresee and handle probable equipment faults before they occur.?
In November 2021, Baker Hughes, an energy technology business, and AIQ, the Abu Dhabi National Oil Company’s (ADNOC) artificial intelligence (AI) joint venture with Group 42 (G42), announced a strategic collaboration agreement to create advanced analytics solutions for the worldwide oil and gas industry.?
AI has multiple applications in the oil and gas industry, such as production optimization with computer vision to analyze seismic and subsurface data faster, downtime minimizing for predictive maintenance for oil and gas equipment, reservoir understanding, and modeling for predicting oil corrosion risks to reduce maintenance costs. Moreover, the market studied has been witnessing many investments by big players in technology.
North America is Expected to Hold a Significant Market Share
Owing to the increasing adoption of AI technologies across the oilfield operators and service providers and the robust presence of prominent AI software and system suppliers, especially in the United States and Canada, the North American segment is anticipated to account for the largest share of the AI in the oil and gas market, over the forecast period.
Factors, such as the strong economy, the high adoption rate of AI technologies across the oilfield operators and service providers, robust presence of prominent AI software and system suppliers, and combined investment by government and private organizations for the development and growth of R&D activities are poised to drive the demand for AI in oil and gas sector, in the region.
ExxonMobil, one of the leading oil producers in the country, announced its plans to increase the production activity in the Permian Basin of West Texas by producing more than 1 million barrels per day (BPD) of oil-equivalent by as early as 2024. This is equivalent to an increase of nearly 80 percent compared to the present production capacity.
In addition, owners and operators in the United States recognize how IT-based automation can productively address the unique challenges of the upstream oil and gas sector. For instance, Baker Hughes uses the InForce surface control system, which combines the hydraulic power to activate downhole tools and the control logic to govern an intelligent well system. PLC controls system functions for more complex completion configurations. It is primarily used where remote operations must be done through existing SCADA.
Among all the enabling technologies, Artificial Intelligence is poised to play a significant role in the oil and gas industry in the region. AI has also been used to increase the safety of gas stations for preventive maintenance. But there have been growing incidences of fires at the gas stations in North America.
Competitive Landscape
The AI in the Oil and Gas Market is moderately competitive and consists of a few major players competing in the market in terms of market share. The companies are continuously capitalizing on acquisitions to broaden, complement, and enhance their product and service offerings, add new customers and certified personnel, and help expand sales channels.
August 2021 – Aramco, one of the world’s leading integrated energy and chemicals companies, has deployed edge-powered computer vision solutions built on the FogHorn Lightning Edge AI platform at multiple sites to improve safety, provide proactive monitoring for equipment failure, and enable automation of drilling equipment and processes. The FogHorn Lightning Edge AI Platform was chosen by Aramco to create an effective framework for future automation, digitalization, and standardization initiatives across several sites. FogHorn’s technology is excellent for systems integrators, OEMs, and end customers in a variety of industries, including oil and gas, manufacturing, renewable energy, electricity and water, and many more.
November 2021 – Infosys, along with Shell, collaborated and launched their first product offered to its energy customers. The solution leverages artificial intelligence that enables companies to optimize warehouse inventory levels based on historical consumption. By improving demand planning, this innovative solution reduces the time and labor required to complete maintenance operations and brings down the cost of operation.
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Artificial Intelligence
Clinical Trials Matching Software Market Projected to Reach $832.56 million by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 18, 2024 /PRNewswire/ — The report titled “Clinical Trials Matching Software Market by Functionality (Analytics & Reporting, Compliance Tracking, Data Management), Deployment (Cloud & Web Based, On-Premise), End-Use – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $342.20 million in 2023 to reach $832.56 million by 2030, at a CAGR of 13.54% over the forecast period.
“The Global Surge in Adoption of Matching Software for Enhanced Participant Enrollment”
Clinical trials matching software stands at the forefront of revolutionizing clinical research by automating the process of identifying and enrolling eligible participants. These platforms offer a streamlined approach to match patient health profiles with trial requirements, accelerating enrollment and supporting the shift toward personalized healthcare using these advanced AI and ML technologies. Although integrating these systems poses challenges due to variations in healthcare IT infrastructure and the imperative for rigorous data security, the potential for market growth is substantial. In the Americas, a robust clinical trials ecosystem thrives; in the European Union, it has unified regulatory standards and extended to emerging regions such as the Middle East, Africa, and the APAC countries; the demand for such innovative solutions is on a steep rise. This demand is fueled by governmental support, the evolving regulatory landscape, and strategic partnerships to embed these solutions within electronic health records, underscoring a global movement toward optimizing clinical trial processes to better cater to specific patient demographics.
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“The Rise of Virtual Trials and Advanced Matching Software”
The healthcare landscape is witnessing a transformative shift toward virtual clinical trials, fueled by technological advancements and the necessity for continuity during the COVID-19 pandemic. This transition supports research amid social distancing measures and introduces significant cost savings by reducing the need for physical infrastructure and in-person interactions. The efficiencies brought by electronic health records (EHR), wearable technologies, and automation streamline the entire process, from patient recruitment to data analysis. Several approaches, endorsed by regulatory bodies such as the FDA, represent a leap forward in making clinical trials more accessible and streamlined, ensuring that more patients can participate in potentially life-saving research without the geographical and logistic constraints of traditional trials.
“Enhancing Clinical Trials through Advanced Analytics, Rigorous Compliance, and Precision-Patient Matching”
Integrating advanced analytics, meticulous compliance monitoring, and precision-patient matching marks a significant advancement toward maximizing efficiency and fostering trial diversity. The software delivers insightful data on trial progress, participant demographics, and enrollment figures, empowering stakeholders to make well-informed decisions and optimize resource distribution to meet trial goals effectively by implementing cutting-edge analytics. The built-in compliance feature ensures trials are conducted in strict adherence to regulatory standards, minimizing risks associated with non-compliance. Furthermore, a robust data management system guarantees the integrity and availability of clinical trial data, which is critical for the seamless operation and real-time analysis of trials. The software includes state-of-the-art patient matching technology, which employs sophisticated algorithms and artificial intelligence to expedite recruitment by accurately identifying candidates who match specific trial requirements. This innovative approach accelerates the recruitment timeline and enhances the diversification of trial participants, paving the way for more inclusive and representative clinical research outcomes.
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“Medidata by Dassault Systèmes SE at the Forefront of Clinical Trials Matching Software Market with a Strong 11.30% Market Share”
The key players in the Clinical Trials Matching Software Market include International Business Machines Corporation, Science 37, Inc. by eMed, LLC, Medidata by Dassault Systèmes SE, AutoCruitment LLC, Deep 6 AI Inc., and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Clinical Trials Matching Software Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Clinical Trials Matching Software Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Clinical Trials Matching Software Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
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“Dive into the Clinical Trials Matching Software Market Landscape: Explore 190 Pages of Insights, 286 Tables, and 22 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsClinical Trials Matching Software Market, by FunctionalityClinical Trials Matching Software Market, by DeploymentClinical Trials Matching Software Market, by End-UseAmericas Clinical Trials Matching Software MarketAsia-Pacific Clinical Trials Matching Software MarketEurope, Middle East & Africa Clinical Trials Matching Software MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/clinical-trials-matching-software
Related Reports:
Clinical Trial Support Services Market – Global Forecast 2024-2030Virtual Clinical Trials Market – Global Forecast 2024-2030Clinical Trials Management System Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
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BOSTON, April 18, 2024 /PRNewswire/ — The RepTrak™ Company, the world’s leading reputation data and insights company, released its annual Global RepTrak 100 report. Utilizing its advanced reputation monitoring software, RepTrak gathered data from more than 243,000 survey responses across 14 major economies to rank the world’s 100 most reputable companies. They share that ranking alongside a full analysis of global corporate reputation trends and corresponding public sentiment in the 2024 report.
After two years of consecutive Reputation Score declines, this year’s Score is back up with an increase from 73.2 in 2023 to 73.8 in 2024. It’s a small increase after 2023’s full one-point drop. However, it’s an encouraging sign that companies have begun to recover from reputation falls driven by many challenges: macroeconomic issues, workplace difficulties, product problems, and corporate responsibility skepticism.
“This year’s report underscores a pivotal shift in the corporate landscape, spotlighting the remarkable adaptability and dedication of the Top 100 companies in responding to the dynamic needs of stakeholders,” states RepTrak CEO Mark Sonders. “The companies featured in our report are not just riding the wave of change; they are the ones steering it, proving that the best approach to business is one that embraces evolution and champions progress.”
RepTrak’s report explores how people thought, felt, and acted toward companies over the past year. Findings include notable increases in Conduct and Citizenship efforts, stakeholders’ rising willingness to invest, culturally resonant brand communications, and ESG Scores that soared despite skepticism around the acronym.
To read the full 2024 Global RepTrak 100 report, please visit: www.reptrak.com/globalreptrak
About RepTrak
The RepTrak™ Company is the world’s leading reputation data and insights company. We help companies by organizing and grading a variety of reputational elements, offering a real-world report card on their corporate reputation. Subscribers to the RepTrak program use our predictive insights to protect business value, improve return on investment, and increase their positive impact on society. RepTrak’s pairing of advanced metrics and dedicated reputation advisors offers clients an actionable analysis of their reputation data, aligning business objectives with stakeholder sentiment across different markets and sectors.
Established in 2004, The RepTrak Company owns the world’s largest reputation benchmarking database, gathering over 1 million company ratings per year used by CEOs, boards, and executives in more than 60 countries worldwide. For more information, please visit: www.reptrak.com
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Artificial Intelligence
Group-IB takes part in a global operation to cripple Canadian Phishing-as-a-Service provider LabHost
SINGAPORE, April 18, 2024 /PRNewswire/ — Group-IB, a leading cybersecurity company aimed at investigating, preventing, and fight digital crime announced today that it participated in a coordinated global takedown operation against prominent Canadian Phishing-as-a-Service (PhaaS) provider LabHost, which has led to the arrest of 37 suspects across the United Kingdom and around the world by law enforcement agencies. As part of the operation, Group-IB also conducted an extensive analysis of LabHost’s criminal history and infrastructure, including insights into LabHost’s administrative platform and the services it provides to its purported user base which exceeds 2,000 subscribers worldwide, who illegally obtained around 480,000 card numbers, 64,000 pin numbers, and over 1 million passwords from victims used for websites and other online services, according to law enforcement agencies.
“By leveraging our Threat Intelligence and Digital Risk Protection, we are able to identify and monitor phishing attacks and websites like those deployed by LabHost and its subscribers around the world, enabling us to actively alert and protect our customers, and in turn, their customers as well,” said Dmitry Volkov, Chief Executive Officer of Group-IB. “Today’s takedown operation demonstrates the agility and responsiveness of our decentralized Digital Crime Resistance Centers, and how quickly we can provide immediate and local assistance wherever our customers may be.”
First uncovered in late 2021, LabHost emerged as a fully automated Phishing-as-a-Service (PhaaS) platform, streamlining the creation of phishing websites meticulously mirroring the interface and functionality of prominent banking, postal, and financial entities, aimed at intercepting, seizing, and profiting from users’ personal, credit card, and online banking credentials. Users are prompted to select from various “membership plans,” tailored to target businesses and individuals in either the United States and Canada, or globally, akin to mobile subscription models. These plans encompass “standard,” “premium,” and “world membership” tiers, priced between US$179 and US$300 monthly, with options for monthly, quarterly, or annual billing cycles.
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