target audience: TECH BUYER Publication date: Apr 2022 - Document type: IDC Perspective - Doc Document number: # AP48630922
IDC Perspective: Evolving Role of Artificial Intelligence in Operations: Oil and Gas Perspective from the Worldwide Future of Operations Survey
This IDC Perspective explores the oil and gas industry's attitudes toward investment in artificial intelligence (AI) technology, its maturity, and its role in driving operational excellence and resilience. In the oil and gas industry, external pressures, such as price volatility and the rise of renewable energy sources, have driven the need to find and deploy innovative solutions that will improve operational efficiency and resilience. Organizations recognize that AI applications, combined with cloud/edge computing solutions, robust wireless connectivity, and industrial Internet of Things sensors, have a pivotal role to play in delivering better insights from the large volumes of harnessed data, which will ultimately drive efficiency gains at the production site.
"AI solutions are growing in popularity and being adopted by oil and gas companies in Asia and globally as they look to drive improvements in operational performance, build more resilient organizations, and manage costs. AI is an important tool that can be applied in several use cases, such as asset management, which can improve the performance of equipment and reduce downtime and costs. Organizations need to build digital capabilities and skills from within and engage with partners that can help deliver AI projects effectively," says Rakesh Patni, associate research director, IDC Asia/Pacific Energy Insights.