Artificial Intelligence
Oil & Gas Embraces AI: Market to Soar 14.1%, Reaching $13Billion by 2034
Future Market Insights, Inc. (FMI) predicts a vibrant future for the AI in oil and gas market, fueled by a relentless drive for efficiency, safety, and data-driven insights. Dive deeper into the intricate dynamics of this burgeoning market and uncover compelling stakeholder opportunities in our comprehensive FMI report.
NEWARK, Del., Feb. 1, 2024 /PRNewswire/ — The AI in Oil And Gas Market is estimated to be valued at US$ 3.5 billion in 2024 and is expected to reach US$13 billion by 2034. From 2019 to 2023, the market registered a CAGR of 17.0%; however, during the forecast period, the demand for AI in oil and gas is projected to be invigorating, with a CAGR of 14.1%.
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The oil and gas industry has been increasingly adopting artificial intelligence (AI) technology in recent years, and this trend is expected to continue in the coming years. Several factors are driving the growth of AI in oil and gas market.
The need to optimize production and reduce costs. The oil and gas industry is highly competitive, and companies are always looking for ways to increase efficiency and reduce costs. AI technology, such as machine learning and data analytics, can help companies optimize production and reduce costs by identifying inefficiencies and implementing solutions to address them.
Increasing the need to improve safety and reduce environmental impact. The oil and gas industry is inherently risky, and accidents can have severe consequences for both workers and the environment. AI technology can help companies improve safety by identifying potential hazards and implementing measures to mitigate them. Additionally, AI can help companies reduce their environmental impact by identifying opportunities to reduce waste and emissions.
The increasing availability of data is also driving the growth of AI in the oil and gas market. With the proliferation of sensors and other data-gathering technologies, companies have access to more data than ever before. AI technology can help companies make sense of this data and extract insights that can inform decision-making and drive operational improvements.
“The sophistication of AI technology and its potential to deliver increased assets itself is driving its adoption in the oil and gas industry. As AI becomes more affordable and reliable for several industries, they can address increasingly complex problems and deliver more accurate predictions and recommendations even in the oil and gas sector, “says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the AI in Oil and Gas Market
The AI in oil and gas market is estimated to register a CAGR of 14.1% with a valuation of US$ 13 billion by 2034.The solution segment is anticipated to dominate the global market by registering a 13.8% CAGR from 2024 to 2034.With a 13.6% CAGR, the upstream segment is estimated to drive the global market in 2024.The United States market for AI in oil and gas is expected to grow 14.5% through 2034.Competitive Landscape
Numerous companies are investing significantly in AI technologies to optimize their operations, reduce expenses, and enhance safety. Companies are heavily investing in AI-powered solutions that can analyze data from sensors and other sources to improve efficiency and minimize downtime. In addition, many startups and smaller organizations are developing cutting-edge AI solutions specifically for the oil and gas industry. In general, the market is fiercely competitive for established players.
In 2022, C3 AI released the C3 Generative AI Product Suite, which includes C3 Generative AI for Enterprise Search as its debut product. The package consists of pre-built AI apps that may be utilized in various industries, including oil and gas.
Key Players in Artificial Intellegence in Oil and Gas Market:
FuGenX Technologies Pvt. LtdMicrosoft CorporationIBM Corp.Google LLCIntel CorporationPurchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Key Market Segments
By Component:
SolutionServicesBy Operation:
UpstreamMidstreamDownstreamBy Region:
North AmericaLatin AmericaEast AsiaSouth AsiaEuropeOceaniaThe Middle East and AfricaRequest to Access the Detail Research Methodology from here!
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Artificial Intelligence
Aidoc and Integral Diagnostics (IDX) Expand AI Partnership in Australia and New Zealand
Aidoc’s AI technology enhances radiology services at IDX, significantly improving patient care and service and well-placed to support the upcoming National Lung Cancer Screening Program.
MELBOURNE, Australia, Oct. 15, 2024 /PRNewswire/ — Aidoc, a global pioneer in clinical AI solutions, today announced the expansion of its partnership with Integral Diagnostics (IDX), the leading provider of AI-driven medical imaging services, across Australia and New Zealand. This enhanced collaboration, which started four years ago, leverages Aidoc’s award-winning aiOS™ platform to alert radiologists and care teams to suspected and unsuspected critical findings in medical images, prioritising abnormal findings and improving the quality and timeliness of patient care across the region.
Aidoc’s AI technology has firmly positioned IDX as the market leader in AI-driven medical imaging in Australia and New Zealand, with its aiOS™ platform automatically flagging critical pathologies, including brain aneurysms, pulmonary embolisms, stroke, and brain bleeds.
Since 2019, Aidoc has processed over 600,000 cases across IDX’s entire network, including its partner facilities and hospitals. By augmenting radiologists’ workflows, it enables prioritization of life-threatening cases when these are detected by the AI, leading to improved care and efficiency, and ultimately facilitating faster, life-saving treatments for patients.
Looking ahead, significant advancements are on the horizon. Starting July 2025, the Australian Government will fund the National Lung Cancer Screening Programme (NLCSP), a crucial step in early detection of lung cancer. IDX is currently trialling a new algorithm within Aidoc’s aiOS™ platform designed to notify radiologists of lung nodules and measure them accurately, enabling earlier and appropriate intervention for lung cancer.
“Aidoc’s AI has significantly improved patient care and service. We’re keen to test and use their Chest CT AI algorithms to automate our reviews in the National Lung Cancer Screening Programme to enable us to detect disease earlier, more accurately and more efficiently”, said Dr. Ian Kadish, CEO and Managing Director at Integral Diagnostics.
Already widely adopted across the United States and Europe, Aidoc’s AI aiOS™ platform analyses over 3 million patients monthly and is backed by more than 150 published papers and abstracts. These demonstrate its proven ability to reduce costs, improve patient outcomes and increase efficiency, making it a leader in AI-powered radiology.
This partnership between Aidoc and IDX represents not just a technological leap forward but a shift in how radiology will evolve in the years to come. With AI seamlessly integrated into workflows, healthcare providers can focus on delivering the highest level of patient care. Aidoc and IDX are shaping the future of medical imaging, with early detection, improved patient outcomes and improved healthcare efficiency.
“Our partnership with Integral Diagnostics underscores our commitment to driving better health outcomes,” said Rotem Geslevich, Senior Director of Business Development at Aidoc. “As the Lung Cancer Screening initiative approaches, we are excited to play a pivotal role in saving lives.”
Both Aidoc and Integral Diagnostics will be featured at the RANZCR conference in Perth from 17-19 October 2024. Attendees can learn more about the evolving role of AI in radiology and its positive impact on patient care across Australia and New Zealand.
About Aidoc
Aidoc is a pioneering force in clinical AI. Aidoc focuses on aiding and empowering healthcare teams to optimize patient treatment, which results in improved economic value and clinical outcomes. Built on Aidoc’s proprietary aiOS™, Aidoc analyses and aggregates medical data to enable care teams to operationalize the unexpected and work seamlessly with a continued focus on the patient. Used in more than 1,000 medical centers worldwide, Aidoc has the most TGA clearances in clinical AI and its AI-based solutions cover 75 percent of patient populations, enabling physicians to make informed decisions based on real-time data.
Visit www.Aidoc.com to see how we are connecting all points of care with always-on AI.
About IDX
Integral Diagnostics (IDX) is a leading provider of medical imaging services across Australia and New Zealand. IDX employs some of Australasia’s leading radiologists and diagnostic imaging specialists in a unique medical leadership model that ensures quality patient care, service and access. Good medicine is good business. For more information, please visit www.integraldiagnostics.com.au/.
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Artificial Intelligence
Arcadis supports PICQS QS Summit 2024 in Manila as Gold Sponsor
MANILA, Philippines, Oct. 15, 2024 /PRNewswire/ — Arcadis, the leading global design and consultancy firm for natural and built assets, is proud to announce its participation at the upcoming QS Summit 2024 as Gold Sponsor. It is the biggest gathering of Filipino quantity surveyors in the country, organized by the Philippine Institute of Certified Quantity Surveyors (PICQS), Inc.
The summit, themed “The Evolving Role of Quantity Surveyors in Shaping a Smart and Greener Future”, will take place on 19 October at AIM Conference Center, Makati City, Philippines.
This year the event will explore how quantity surveyors and their allied professions practice their roles in terms of sustainable cost and project management, utilization of digital solutions and enhanced sustainability, with less risk to the environment. The event provides a valuable platform for industry leaders to discuss critical trends and advancements shaping the future of the profession.
With over thirty years’ experience in quantity surveying and cost and commercial management in the Philippines, Arcadis has established itself as one of the leading consultants in the country. As forerunners in the industry, Arcadis has been instrumental in helping shape the Philippine construction landscape, contributing to the development of iconic, game-changing and sustainable projects since the 1990s. Arcadis’ sponsorship of the QS Summit 2024 underscores its commitment to supporting the professional growth of Filipino quantity surveyors, enabling them to meet the demands of a rapidly evolving industry and contribute to a sustainable future.
In addition to sponsorship, Arcadis will be speaking at the Summit alongside other industry practitioners. Country Director Darneil Perez will join a panel discussion titled “Digital Transformation (AI and Digital Technology Adoption) – Where are We Now and Where are We Heading?”. Together with consultants, developers and contractors, Darneil will offer valuable perspectives on the challenges and opportunities facing the Philippine construction industry in terms of technological advancements, global trends and national development goals.
PICQS, Inc. is an all-Filipino organization comprised of members of the Royal Institution of Chartered Surveyors (RICS); members of the Australian Institute of Quantity Surveyors (AIQS); student and trainee members of RICS; chartered members of internationally recognized QS professional bodies; QS-trained engineers working toward their QS Study; Assessment of Professional Competence (APC) and Assessment of Technical Competence (ATC) toward chartered membership.
About Arcadis
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Artificial Intelligence
Glancing into Tomorrow at GITEX: e& UAE’S Vision for a Smarter, AI-powered Future
DUBAI, UAE, Oct. 14, 2024 /PRNewswire/ — As e& UAE prepares to make an impact at GITEX Global, the company’s momentum is undeniable. Fresh off the heels of being crowned ‘World’s Fastest 5G Network’ by Ookla, e& UAE is poised to showcase the cutting-edge innovations stemming from its state-of-the-art telco core.
e& UAE serves 5G to 12 million active users every day bringing to the forefront of global connectivity. “High-speed networks are crucial for connecting the dots between AI components, including transferring data and accessing cloud-based resources,” says Masood. “In essence, AI is a product of a sophisticated infrastructure that combines hardware, software, and networking to enable the development and deployment of intelligent systems,” Masood says.
For e& UAE, this means continually embracing AI as a key component of its innovation strategy. The company has a successful history of implementing AI solutions to drive productivity and enhance customer experiences, and, as Masood puts it, “AI is where we see the real potential for transformation.”
It’s with this vision in mind that e& UAE plans to make its mark at GITEX, showcasing its latest AI innovations and demonstrating its leadership in the digital landscape.
More than a telco: e& UAE’s digital leap
“AI is embedded across our operations, enabling smarter, faster decision-making and driving new efficiencies in business and customer service,” he says. e& UAE was a pioneer in adopting AI internally, but its true impact lies in delivering exceptional digital experiences to customers. A prime example is EASE, the world’s first autonomous telecom retail experience, launched at GITEX last year. Since then, e& UAE has rapidly expanded the reach and capabilities of this innovative concept, demonstrating its commitment to leveraging AI for customer-centric solutions.
The company is actively building its reputation as a digital leader, offering cutting-edge connectivity solutions powered by 5G and AI and IoT integrations. This strategic shift is at the heart of e& UAE’s participation at GITEX, where the company will showcase its innovative digital offerings and vision for the future.
GITEX spotlight
“We’re thrilled to be part of GITEX, an exciting showcase of the future where the world’s greatest minds come together to envision and shape the technology of a better tomorrow,” Masood says.
In addition to the latest smart home solutions and drone technology, its showcase will include advanced applications in AI, augmented reality, and 5G technology, reflecting its commitment to digital transformation. One of the standout features will be the Hologram Customer Service Avatar, which aims to provide an interactive customer experience. This avatar will utilise ultra-HD, intelligent capabilities to facilitate real-time interactions, allowing users to engage with services in a more immersive manner. The integration of 5G New Calling technology will further enhance user experience by offering visualised voice calling, real-time translation, and multimedia content during calls.
Continuing the tradition of announcing 5G milestones at previous GITEX events, e& UAE announced network speed upgrades including the fastest aggregated 5G-Advanced speed of 62Gbps. Demonstrating its commitment to 5G leadership, e& UAE will also highlight its achievement as the largest 5G-Advanced commercial network in the MENA region, with over 1,000 operational sites. This milestone marks the dawn of the 10G era, delivering unparalleled speeds and ultra-low latency that will redefine digital experiences. At GITEX, it will not only showcase its impressive technological advancements but also unveil strategic partnerships that align with its vision for a digital future. Building upon the success of its 5G private network deployment in the oil and gas sector with ADNOC, the company is now expanding its reach in more industries.
“The success of AI, IoT, and 5G depends on building an ecosystem of innovation. That means working closely with tech giants, startups, and government entities to ensure we’re building the right solutions for the future,” says Masood.
Making networks AI-ready
At the heart of e& UAE’s mission to pioneer the digital frontier in the UAE lies a firm commitment to high-speed connectivity. For example, 50G-PON, the next generation of high-speed connectivity, promises to revolutionise internet connectivity, delivering unprecedented capacity and considerably speeding things up for consumers and businesses.
“Our strategy is rooted in a profound belief that we can achieve more for the people and communities we serve—drive more growth, create more opportunities, and have a greater impact—infused with a passion for excellence. As we evolve beyond traditional telecom, we are enhancing our services and tailoring our offerings to meet the diverse needs of our customers.
The UAE’s global leadership in broadband and mobile speeds, as recognised by Ookla, is significantly attributed to the contributions of e& UAE. “We are part of the UAE fabric, and we stand with the country, helping to build a stronger, more connected society,” Masood concludes.
Contact details: Nancy Sudheer, Senior Manager at e&, [email protected]
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