GMI

Oil And Gas Analytics Market to grow at over 20% CAGR from 2016 to 2024

Press Release   •   Feb 07, 2017 06:53 EST

The report, “Global Oil And Gas Analytics Market Size By Deployment (On Premise, Hosted), By Service (Professional, Cloud, Integration), By Application (Upstream [Exploration and Drilling, Field Surveillance and Monitoring, Asset Performance, Workforce Management], Midstream [Pipeline SCADA, Fleet, Storage Optimization], Downstream [Commodity Trading, Demand Forecasting, Pricing, Refining]), Competitive Market Share & Forecast, 2016 – 2024”Oil and Gas Analytics marketsize estimated at USD 4 billion in 2015, is expected to be driven by its wide applications in exploration & drilling, storage optimization, asset performance, refining, and fleet.

Moreover, rise in the number of oil and gas exploration activities across the globe will boost the global market trends over the coming years. Furthermore, the growing popularity of digital technology among the oil & gas firms has enhanced the workforce & cost efficiency and this in turn has fueled the oil& gas analytics industry size. Oil and gas analytics market growth is expected to be catalyzed by the firms which are expanding their refining capacities to fulfill the heavy demand for petroleum. For instance, ExxonMobil has decided to expand the refining capacity of its refinery at Texas in U.S. to 40,000 barrels by 2018. As per Global Market Insights, Inc., research study “Oil and Gas Analytics Industry share is expected to hit USD 21 billion by 2024.

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Oil and gas analytics help the industries in real-time decision making process, improves productivity, and minimizes operation costs. It also assists the industries in finding the root cause of the production loss through data analysis. Furthermore, the availability of huge volumes of data in oil & gas industry is expected to boost the oil and gas analytics industry size over the coming seven years. In addition to this, oil & gas analytics market share will also witness a considerable surge, owing to the high drilling as well as lower crude oil costs globally.

Hosted oil & gas analytics market is projected to gain significant popularity over 2016-2024

Taking into consideration the deployment trends, oil and gas analytics are installed via on premise and hosted deployments. On premise oil & gas analytics deployment industry size is expected to witness a substantial growth over the next few years. Hosted deployment will grow at a rate of 20% over the coming seven years, driven by increased productivity and cost efficiency. Bakken Shale exploration & production unit has deployed hosting for oil & gas sector.

Based on the services the global oil and gas analytics market is segmented into cloud services, professional services, and integrated services. Integrated services segment is expected to contribute significantly towards the overall industry revenue over 2016-2024.

Geographically, Norway exploration and drilling analytics market which was valued at USD 50 million in 2015, is expected to contribute significantly towards Europe oil and gas analytics market share over the coming years. Rising acceptance of digital technology to minimize operating and production costs is expected to influence the regional growth.

Industry players will try to increase their revenue through strategic alliances, R& D investments, and product innovations. Major market participants include Accenture, Cognizant, Drilling info Incorporation, Cisco Systems, Oracle, Tableau Software, IBM, Teradata, Hitachi Limited, Inc., Deloitte, Microsoft, SAP SE, Capgemini, TIBCO Software Incorporation, SAS Institute Incorporation, and Hewlett Packard Enterprise Development LP.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.