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Oil & Gas Analytics Market Size, By Deployment (On-premise, Hosted), By Service (Professional, Cloud, Integration), By Application (Upstream {Exploration and Drilling, Field Surveillance and Monitoring, Production Planning and Forecasting, Equipment Maintenance Management, Asset Performance, Workforce Management}, Midstream {Pipeline SCADA, Fleet, Storage Optimization}, Downstream {Commodity Trading, Demand Forecasting, Pricing, Refining}), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 - 2030

  • Report ID: GMI685
  • Published Date: Jun 2022
  • Report Format: PDF

Industry Trends

Oil & Gas Analytics Market size surpassed USD 5 billion in 2021 and is projected to grow at a CAGR of over 23% between 2022 and 2030. A paradigm shift toward the exploration of mature oil fields along with the growing exploration of unconventional wells will boost the industry growth.
 

Oil & Gas Analytics Market Overview

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The oil & gas analytics market is expected to witness substantial growth during the forecast period, with companies resolving to achieve lower maintenance and operational costs. Stringent government regulations & mandates to ensure safety during operations in the upstream, midstream, and downstream sectors have increased the deployment of analytical services in the industry.
 

In recent years, the global economy witnessed a negative impact due to the widespread outbreak of COVID- 19. Most industries across the globe have been impacted by the pandemic owing to stringent lockdown policies by several governments, resulting in operation halts. The pandemic forced retailers to halt business for a certain period, which can be attributed to the low-capacity operations at refineries and a decline in sales. However, the oil & gas analytics market is now being operated at full capacity globally, which has provided an opportunity for O&G companies to invest in digitalization.
 

A paradigm shift toward the deployment of analytical services to increase operational efficiency and workforce productivity at lower costs

Oil & Gas Analytics Market Size

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Big data enables better asset management, manufacturing, operations, and worker safety. The industry has witnessed a significant shift toward the deployment of hosted services for collecting real-time data at a lower cost and enhancing production efficiency. Leading players are investing considerably in R&D to increase digitalization in their business, which is set to provide optimal exploration and production methods.
 

The oil & gas analytics market continually experiences supply-demand imbalances due to the lack of proper analytical tools, which can support demand forecasting. Hosted services allow various functions at lower costs with a minimum requirement of resources. Most players have started using analytical services to close the demand-supply gap and optimize the resource.
 

Growing oil & gas exploration activities along with increasing competition in the industry

Cloud services in the oil & gas analytics market are expected to witness around 24% growth rate through 2030. The use of analytical services in the O&G industry helps companies in collecting and interpreting insights regarding investment decisions and cost reduction. The existence of disparate eco-systems, unstructured operations, and massive wastage of resources have influenced the industry to incline toward the adoption of analytical services.
 

Cloud services offer a point solution and mitigation approach to key pain areas in the industry, which include managing the data & analytics, connected operations, remote operations, and environmental impact. The cloud deployment model enables the industry to use analytical services without setting up a digital infrastructure, thus aiding in low-cost operations. Moreover, it allows for better reliability, lower downtime, and higher flexibility to scale-up operations. Oil & gas companies go through various mandates to mitigate greenhouse gas emissions. Virtualization considerably boosts server efficiency, which results in low consumption of electricity and energy.
 

Increasing emphasis on process digitalization in the O&G industry to unlock maximum resource utilization in European region

Europe Oil & Gas Analytics Market

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The Europe oil & gas analytics market is anticipated to exceed USD 5 billion by 2030, owing to various technological enhancements and ongoing investments by several companies in digitalization. Rising capital expenditure in the O&G industry along with the increasing adoption of analytical solutions to promote labor productivity and cost-effectiveness will stimulate the market expansion. Various companies across France are deploying cloud services for the expansion of data storage capacity, improved security, and flexible data-sharing capacity.
 

Increasing focus on the deployment of analytics software across the industry along with various technological innovations

Major players operating in the oil & gas analytics market include Oracle, Microsoft Corporation, Tableau Software, IBM, Teradata, SAS Institute, Inc., SAP SE, TIBCO Software, Inc., Deloitte, Capgemini, Cognizant, Hitachi Ltd., Accenture, Cisco Systems, Inc., and Hewlett Packard Enterprise Development LP.
 

The oil & gas analytics market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2018 to 2030 for the following segments:

Market, By Deployment

  • On-premise
  • Hosted

Market, By Application

  • Upstream
    • Exploration and Drilling
    • Field Surveillance and Monitoring
    • Production Planning and Forecasting
    • Equipment Maintenance Management
    • Asset Performance
    • Workforce Management
  • Midstream
    • Pipeline SCADA
    • Fleet
    • Storage Optimization
  • Downstream
    • Commodity Trading
    • Demand Forecasting
    • Pricing
    • Refining

Market, By Service

  • Professional
  • Cloud
  • Integration

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • Poland
    • Netherlands
    • Russia
    • UK
    • France
    • Norway
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
    • Indonesia
    • Thailand
    • Malaysia
  • Middle East & Africa
    • Turkey
    • Kuwait
    • Oman
    • Saudi Arabia
    • UAE
    • Qatar
    • Nigeria
    • Angola
    • Egypt
    • Algeria
  • Latin America
    • Brazil
    • Argentina
    • Chile

 

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of oil & gas analytics exceeded USD 5 billion in 2021 and is anticipated to expand at a CAGR of 23% through 2030 driven by the rising exploration of unconventional wells.

The Europe market value is slated to cross USD 5 billion by 2030 owing to ongoing investments by numerous companies in the area of digitalization.

The market share from cloud services is expected to record a CAGR of 24% through 2030 considering a range of advantages including lower downtime, better reliability, and higher flexibility for scaling up operations.

Prominent companies in the market comprise TIBCO Software, Inc., IBM, Microsoft Corporation, Hewlett Packard Enterprise Development LP, SAS Institute, Inc., Capgemini, Deloitte, Tableau Software, and others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 15
  • Tables & Figures: 968
  • Countries covered: 33
  • Pages: 430

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