Press release
Oil & Gas Analytics Market to receive overwhelming hike in Revenues by 2020-2030
Oil & Gas Analytics Market
The global oil & gas analytics market was valued at US$ 13 Bn in 2019 and is anticipated to expand at a CAGR of ~15% during the forecast period. Based on service, the professional segment held a prominent share of the global oil & gas analytics market in 2019, as professional service provides the choice of personalized advisory services for solutions by using case definition, planning, and build activities through analytics expertise and methodology and tools. In terms of deployment, the hosted segment accounted for a major share of the global oil & gas analytics market in 2019. Based on application, the upstream segment constituted significant share of the global oil & gas analytics market in 2019. The demand for upstream services is high among oil & gas companies.
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New Discoveries in Oil & Gas and Other Fuels, and Shale Gas Boom to Boost Oil & Gas Analytics Market
New discoveries in oil & gas and other fuels are taking place across the globe due to the rise in prices of fuel. This is one of the major drivers of the global oil & gas analytics market. Most of the companies are deploying oil & gas analytics to boost their production and increase operational efficiency.
Investment in oil & gas exploration across the globe rose by 20% in 2018. About 140 discoveries were made in the year. The total estimate for discovered resources stood at around 9 billion barrels of oil equivalent in 2018. It was 10 billion barrels of oil equivalent
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North America Leads Oil & Gas Analytics Market
North America was the key region of the global oil & gas analytics market in 2019. The U.S. dominated the oil & gas analytics market in North America in 2019. Increase in oil and gas exploration and production activities in North America is expected to boost the demand for oil & gas analytics in the region. It is also anticipated to be a highly attractive region of the global oil & gas analytics market in the near future.
Investment in exploration and production of shale gas has been rising in the U.S. in order to meet the increasing demand for crude oil across the country. Oil & gas analytics is used to analyze drilling data to identify new subsurface oil fields. Hence, the U.S. is anticipated to lead the oil & gas analytics market in North America in the near future.
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In terms of market share, Europe follows North America in the global oil & gas analytics market. This can be primarily ascribed to the rise in investment in the upstream sector in countries such as Russia, Norway, the U.K., and CIS countries in the region. These countries are major producers of oil & gas in Europe and utilize oil & gas analytics to obtain real-time well operation data. Hence, the oil & gas analytics market in in Europe is likely to expand during the forecast period.
The oil & gas analytics market in Asia Pacific and Middle East & Africa is projected to expand at a high CAGR in the near future. Rise in investment in oil & gas industry, along with governments' initiative to promote automation in the oil & gas industry, is estimated to drive the oil & gas analytics market in these regions in the near future.
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Major Developments in Oil & Gas Analytics Market
In April 2020, Hitachi, Ltd. announced that it had signed an agreement with Fusionex International Plc (Fusionex), a Big Data and AI technology market leader in Asia, to acquire the successor company of digital business under the "Fusionex" brand, as a wholly owned subsidiary. Hitachi aims to be a global leader of social innovation business in the 2021 mid-term management plan. It plans to invest aggressively in the IT sector with focus on North America and Asia.
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Competition Landscape of Oil & Gas Analytics Market
The oil & gas analytics market is dominated by multinational players operating across the globe. Prominent players operating in the global oil & gas analytics are IBM Analytics,Oracle Corporation, SAP SE, Microsoft Corporation, Hewlett Packard Enterprise Development LP, Northwest Analytics, Inc. ,and TABLEAU SOFTWARE, LLC
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