Energy companies are collecting more information than ever before and investing in artificial intelligence (AI) in order to leverage it. As a result, global spending on AI software, hardware, and services is expected to reach $118 billion in 2022 and surpass $300 billion in 2026. The compound annual growth rate (CAGR) of 26.5% is four times higher than 6.3% CAGR for worldwide IT spending during the same period.
