Within heavy-weight industries, the exploration, production, and extraction stages can be extremely expensive. This is leading to a shift in mindset from leaders to improve productivity and profitability by streamlining operations and reducing unnecessary costs as required. Today, we continuously observe how technologies like AI have helped industries, such as the oil and gas sector, pinpoint drilling opportunities, inspect pipes for problems with self-navigating robots, and predict equipment wear and tear without breaking the bank.
Global spending in the artificial intelligence (AI) market is expected to increase from US$17.6 billion in 2022 to approximately US$32 billion in 2025 as technologists aim to innovate existing layers of AI.
In the Asia Pacific (Apac) region, advancements in the oil and gas industry are a clear example of how the deployment of next-generational technology is becoming more prevalent, prompting leaders to understand how it impacts business models and operations. For many years, the oil and gas industry failed to embrace innovation and digitalisation, leading to many missed opportunities. However, this is changing as stakeholders’ interests in accumulating significant amounts of data are becoming ways to turn cost centres into profit centres.
