AI is set for continued growth in the energy industry
June 22, 2021
Forty-six percent (46%) of energy enterprise leaders claim to have AI implemented at scale; over 80% have some level of implementation.
Over 75% expect their enterprise to increase AI spending over the coming 12-18 months; 45% see a significant increase.
The same is apparent for quantum computing in the energy industry – where over 90% of energy enterprises have engaged; quantum computing will be a key enabler of the most complex solutions in the industry from geophysical modeling through to new material discovery. Analytics technologies, unsurprisingly, are also set for a big increase in spending.
AI, and the technologies which complement and underpin it, can provide improved insight for decision-making, optimize processes including sustainability performance, fuel complex scenario modeling, accelerate R&D (for example, the discovery of new fuels and materials), and much more. But technologies achieve the most when strategically used in combination, with a focus on business outcomes and problem-solving – a consistent theme across all HFS research.
The Bottom Line: The potential of AI is clear, but it must be adopted in combination with the vast suite of emerging technologies to solve the massive, complex problems facing the energy industry – as it navigates a transition away from solely focusing on fossil fuels. The right combination of technology depends on the problem at hand – and on what business outcomes you’re hoping to achieve. Start from the problem statement and end-goal: there are a host of technologies, services, and combined solutions out there.
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