U.S. oil and gas analytics market size was valued at over USD 1 billion in 2015 owing to expansion of exploration and production of unconventional resources.Midstream oil and gas analytics market size accounted for 21% of global revenue share in 2015 and is projected to expand further by 2024 owing to escalating demand for midstream infrastructure. It helps to monitor equipment and pipeline and allow precise approach to maintenance.Rapid expansion of oil refineries and increasing number of exploration activities will spur Oil and Gas Analytics Market. O&G analytics helps analyze huge volumes of data for improved productivity and accurate decision-making. High demand for oil and natural gas, increasing investments, and low crude oil costs will also fuel global oil and gas analytics industry. Analytics tools aim to increase business efficiency by providing accurate real time data at reduced prices. Moreover, rapid digitization across every sector, oil and gas being one of the prominent ones, will further influence the market outlook. For instance, TIBCO Software Pvt. Ltd., one of the key providers of analytics software, has adopted digital technology for cost optimization and business growth.
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With cloud computing at the forefront of current technologies, cloud based oil and gas analytics market is anticipated to grow at a CAGR estimation of more than 20% over 2016-2024, driven by reduced infrastructure cost and high software reliability. Professional and integration services are the other two service mode segmentations of oil and gas analytics industry. According to Global Market Insights, Inc., “Oil and Gas Analytics Market is slated to cross USD 21 billion by 2024, increasing at a CAGR of more than 20% over 2016-2024.”
Key players operating in this industry include Cisco Systems, Inc., Tableau Software, Hewlett Packard Enterprise Development LP, Deloitte, Accenture, Cognizant, Microsoft, Drillinginfo Inc., Oracle, TIBCO Software Inc., Capgemini, Teradata, SAS Institute Inc., Hitachi Ltd., and IBM.
In terms of the deployment trends, oil & gas analytics market is segmented into hosted and on-premise. Due to the benefits of cost-effectiveness and improved business efficiency, hosted oil and gas analytics industry will exhibit a strong annual growth rate of more than 20% over 2016-2024. Driven by these advantages, U.S. market for hosted deployment will increase at an annual growth rate of more than 19% over 2016-2024. With a registered value of more than USD 1,787.02 million in the year 2015, on-premise oil & gas analytics industry will record remarkable gains over the coming years. Considering the regional trends, Angola market size for on-premise deployment was more than USD 17.50 million in 2015, and is likely to increase at a CAGR of 25.8% over 2016-2024.
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In terms of applications, this industry can be segmented into upstream, midstream, and downstream applications.
Surging requirement for midstream infrastructure to help monitor equipment will propel oil and gas analytics market in midstream applications, which held 21% of the overall revenue share in 2015. With the rise in the number of unconventional drilling projects and the introduction of digitized software for analytics, upstream applications will grow at a CAGR of 20% over 2016-2024, having registered a revenue of more than USD 2 billion in 2015.
Strict government norms pertaining to the oil and gas industry, high demand for crude oil and natural gas, adoption of innovative technology, and increased R&D investments will build a lucrative roadmap for global oil and gas analytics market in the years to come.
Browse key industry insights spread across 124 pages with 216 market data tables & 11 figures & charts from the report, “Oil And Gas Analytics Market ” in detail along with the table of contents:
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Global Oil And Gas Analytics Market By Application
- Upstream
- Exploration and Drilling Analytics
- Field Surveillance and Monitoring Analytics
- Production Planning and Forecasting Analytics
- Equipment Maintenance Management Analytics
- Asset Performance Analytics
- Workforce Management Analytics
- Midstream
- Pipeline SCADA Analytics
- Fleet Analytics
- Storage Optimization Analytics
- Downstream
- Commodity Trading Analytics
- Demand Forecasting Analytics
- Pricing Analytics
- Refining Analytics
The above information is provided on a regional and country basis for the following:
- North America
- U.S.
- Europe
- Norway
- UK
- France
- Italy
- Asia Pacific
- China
- India
- Japan & South Korea
- Indonesia
- Middle East and Africa
- Saudi Arabia
- Qatar
- Nigeria
- Angola
- South & Central America
- Brazil
- Venezuela
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