Oil & Gas Analytics Market Size to Surge at the 19.5% CAGR from 2016 to 2024

Upstream oil and gas analytics are in high demand around the world. At the same time, this market’s current growth rate can be heavily attributed to the falling oil and gas prices. The overproduction of crude has convinced most oil and gas players to adopt improved solutions in analytics.

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Midstream and downstream oil and gas analytics are showing a more diverse growth rate due to varying demands across regions. The former is progressing at the second-fastest rate, while the latter is in high demand across regions that need better corporate functions and refining processes. For instance, Europe has shown a higher growth rate for downstream oil and gas analytics than for midstream, as opposed to several other regions.

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The North America oil and gas analytics market was already leading in 2015, when it held a revenue share of US$3.1 bn, which was 45% of the market. A majority of this share was held by the U.S. due to its currently high progress rate in oil and gas exploration and production. North America is also one of the regions where the oil price slump has hit the hardest and has been a major enabler of analytics implementation. This region is showing a major demand in upstream analytics, due to a rapid increase in exploration and production of unconventional oil and shale gas.

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The Europe oil and gas analytics scenario is expected to take a hit from the tightening regulations regarding renewable energy reforms. The current energy targets applicable to the E.U. are expected to restrain the growth of oil and gas analytics in this region. For now, most of the region’s demand arises from its highly complex network of oil and gas pipelines. As for the Asia Pacific oil and gas analytics, a rapidly strengthening IT industry is gaining dependence from the region’s oil and gas sector. This link is boosting the interest of global players on the Asia Pacific region, allowing a much higher success rate for key player market penetration. Similar trends apply to the massive oil and gas industry in the MEA region, where Saudi Arabia, the UAE, and South Africa are the top locations in this region.

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