Oil And Gas Cloud Applications Market predicted to grow $9.4 billion by 2024

According to a new market research report "Oil and Gas Cloud Applications Market by Component (Solutions (EAM, Enterprise Applications, EHS, and Security) and Services), Deployment Type (Private and Public Cloud), Operation (Upstream, Midstream, and Downstream), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the oil and gas cloud applications market size expected to grow from USD 4.9 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. Major factors fueling the market growth include the growing adoption of private cloud for encryption of data and lower operational costs, and increasing demand for mobility-enabled cloud applications to gain real-time visibility of oil and gas operations.

Browse 123 market data Tables and 34 Figures spread through 157 Pages and in-depth TOC on "Oil and Gas Cloud Applications Market”

Browse Full Report @ https://www.marketsandmarkets.com/Market-Reports/cloud-applications-oil-gas-market-246803500.html

The upstream operation segment to hold the largest market size during the forecast period

The oil and gas cloud applications market is segmented by operation into upstream, midstream, and downstream. The upstream sector is working hard to leverage big data to gain significant insights from the surge of structured and unstructured data. Hence, the upstream sector is moving toward cloud adoption at a rapid pace for achieving cost efficiency and increasing time-to-market.

By service, the training, support, and maintenance segment to grow at a higher highest CAGR during the forecast period

The oil and gas cloud applications market by service is segmented into consulting and implementation services, and training, support, and maintenance services. The training, support, and maintenance services segment is expected to grow at a rapid pace during the forecast period, as it helps oil and gas companies choose the most suitable cloud-based solutions, depending on the requirements of their businesses and end users. Consulting services assist clients in maximizing their Return on Investment (RoI) by investing in suitable AI technologies.

Europe to hold the largest market size during the forecast period

Europe is dominating the oil and gas cloud applications market, as it is the fourth-largest producer of oil and gas and is already on its way to digital transformation. The oil and gas cloud applications industry in Europe is expected to witness high growth, owing to the presence of major vendors. These vendors either have a direct presence through corporate offices and Research and Development (R&D) centers or an indirect presence through sales and distribution channel partners.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=246803500

Major vendors in the global oil and gas cloud applications market include Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), AspenTech (US), Dassault Systèmes (France), Workday (US), ABB (Switzerland), IFS (Sweden), Infor (US), RiskEdge Solutions (India), Seven Lakes Solutions (US), Bentley Systems (US), Aucerna (Canada), TIBCO (US), PetroDE (US), Sage Software Solutions (India), HPE (US), and Quorum Software (US).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/cloud-applications-oil-gas.asp

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.