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Spending on advanced analytics in the oil industry will reach $3 billion by 2030

 Last Update: 2023-01-02
 Source: Internet
 Author: User

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According to the results of a survey of 138 tech startups that serve the oil and gas industry tracked by Bloomberg New Energy Finance, the digitalization of the oil industry will continue
even as oil prices fall.
Currently, technology for managing remote operations is particularly popular
.

The oil industry has been investing quickly and partnering with
digital technology startups like C3.
ai and Foghorn.
BNEF's Digital Industry Startup Tool tracks 138 companies
serving the oil and gas industry.

Oilfield service providers such as Schlumberger, Halliburton and Baker Hughes have begun working with startups to serve
upstream customers.
In contrast to typical consulting, start-ups often build customized solutions
at a discounted price.
These cheaper services could be advantageous
at a time when oil prices are plunging.

Oil majors such as Chevron, BP and Shell have been working with AI startups for several years to improve efficiency and reduce costs
.
More than 33% of the oil and gas startups tracked by BNEF offer analytics software and machine learning
.

BNEF predicts that the oil industry will spend more than $3 billion on advanced analytics by 2030, up from $1 billion
today.

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