Press release
Global Oil and Gas Analytics Market Size to Grow at a CAGR of 14.80% in the Forecast Period of 2023-2028
Oil and Gas Analytics Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 14.80%
Oil and gas firms are working to switch from conventional to mobility-based approaches in order to perform better and increase operational efficiency, which is driving up the demand for oil and gas analytics. The oil and gas analytics market is also expanding due to emerging technologies like seismic data. Oil drilling analytics can analyse seismic data to provide risk insights, boosting success rates while minimising time and resource waste. They can also aid in determining the amount of oil in the reservoir when combined with past data.
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The demand for data management in the oil and gas industry has increased due to the use of unconventional drilling techniques and production processes. Rising operational activity and increasing data quantities are driving up demand for oil and gas analytics thereby propelling the overall market growth.
Cloud-based deployment models are accounting for a rapidly expanding share of the oil and gas analytics market due to the increased demand for data collection at remote work locations and subsequent transmission to secure repositories. Cloud-based oil and gas analytics is frequently simpler to set up, especially in remote areas because of the lack of specialised gear needed. Additionally, cloud-based deployments make it simpler to integrate software updates and sophisticated customisations.
Oil and Gas Analytics Industry Definition and Major Segments
The applications of big data analytical techniques to activities in the oil and gas industry is known as oil and gas analytics, commonly referred to as oilfield analytics. The use of oil and gas analytics help to enhance offshore operation forecasting, minimise maintenance costs, increase asset management, and reduce downtimes.
Based on component, the market can be bifurcated into:
• Software
• Service
On the basis of deployment model, the market can be segmented into:
• Cloud-based
• On-premises
Based on organisation size, the market is divided into:
• Small and Medium Businesses
• Large Enterprises
On the basis ofregion, themarket is segmentedinto:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Oil and Gas Analytics Market Trends
With firms resolving to achieve lower maintenance and operational expenses, the oil and gas analytics market is anticipated to have significant growth during the forecast period. The use of analytical services in the sector has expanded as a result of strict mandates by various governments and regulations that are intended to promote safety during operations in the upstream, middle, and downstream sectors.
The market has noticed a considerable change in favour of the implementation of hosted services for real-time data collection at a reduced cost for improving production efficiency. Leading companies are heavily spending in research and development to enhance the level of digitisation in their operations, which will lead to the development of the best exploration and production techniques.
Large enterprises hold a significant portion of the oil and gas analytics market due to the fact that they produce a vast volume of data that can be analysed. These enterprises are often more inclined to invest in cutting-edge analytics tools in order to enhance overall operations. Large enterprises also frequently have more developed infrastructure, a larger workforce, and other resources that can be connected and integrated with oil and gas analytics programmes.
Key Market Players
The major players in the global oil and gas analytics market report are:
• SAS Institute Inc.
• Oracle Corporation
• IBM Corporation
• SAP SE
• TIBCO Software Inc.
• Northwest Analytics Inc.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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