Press release
Delving into the Oil and Gas Analytics Market: Harnessing Data Insights for Operational Efficiency and Industry Growth
Oil And Gas Analytics Market
The Business Research Company offers in-depth market insights through Oil And Gas Analytics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The oil and gas analytics market size has grown rapidly in recent years. It will grow from $17.04 billion in 2023 to $20.32 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to growth in global energy demand, increase in exploration and production activities, adoption of advanced data analytics tools, demand for operational efficiency in oilfields, rise of big data analytics in the energy sector.
The oil and gas analytics market size is expected to see rapid growth in the next few years. It will grow to $38.7 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to focus on asset optimization and predictive maintenance, implementation of iot devices in oil and gas operations, adoption of cloud-based analytics platforms, increased emphasis on cybersecurity in analytics, emphasis on environmental and regulatory compliance, rise of remote monitoring and control systems. Major trends in the forecast period include integration of artificial intelligence in analytics, technological advances in sensor technologies, expansion of digital twin technology in oilfields, integration of machine learning for predictive analytics, edge computing for real-time analytics, integration of blockchain for secure data management.
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Market Segmentation:
The oil and gas analytics market covered in this report is segmented -
1) By Offering: Hardware, Software, Service
2) By Deployment Type: On-Premises, Hosted
3) By User Type: Large Enterprises, Small And Medium Businesses
4) By Application: Upstream, Midstream, Downstream
Major Driver - Rising Global Demand For Oil And Gas Fuels Accelerated Growth In The Oil And Gas Analytics Market
The increasing demand for oil and gas is expected to propel the growth of the oil and gas analytics market in the coming future. Oil and gas refer to the two primary natural resources that are extracted and used as sources to generate electricity, heat homes and businesses, and power vehicles. Oil and gas analytics play an important role in the oil and gas industries, as they are extensively used in the sector to gain valuable insights, minimize costs of production, improve well integrity, provide preventive and predictive maintenance, optimize operations, and make data-driven decisions. For instance, in December 2022, according to the reports shared by the Energy Information Administration (EIA), a US-based government agency, US oil production increased from 11.2 million barrels per day (b/d) in 2020 to 11.6 million barrels per day (b/d) by 2021, and natural gas production increased from 112.6 billion cubic feet per day in 2020 to 118.7 billion cubic feet per day by 2021. Therefore, the increasing demand for oil and gas is driving the growth of the oil and gas analytics market.
Competitive Landscape:
Major companies operating in the oil and gas analytics market report are Exxon Mobil Corporation, Shell PLC, Microsoft Corporation, Hitachi Ltd., Siemens AG, International Business Machines Corporation (IBM), Deloitte Touche Tohmatsu Limited., Cisco Systems Inc., Oracle Corporation, Honeywell, KPMG, SAP SE, Hewlett Packard Enterprise Development LP, Schlumberger, TCS, Capgemini SE, Baker Hughes, Cognizant, Infosys, GE Oil & Gas, Weatherford, SAS Institute Inc., Halliburton, Teradata Corporation, Tableau Software LLC, Alteryx, OSIsoft LLC, P2 Energy Solutions, Northwest Analytics Inc.
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Top Trend - Technological Advancements Drive Market Growth
Technological advancements are a key trend gaining popularity in the oil and gas analytics market. Major companies operating in the oil and gas analytics market are focused on developing revolutionary and advanced technologies to strengthen their market share. For instance, in June 2023, TGT Diagnostics, UAE-based oil and gas analytics and diagnostics company, launched ChorusX, a unique and innovative diagnostic tool created to find and characterize movement in gas and oil wells. It uses acoustic array technology that allows energy businesses to quickly and precisely identify and map fluid flow across the well-reservoir system, assisting them in keeping wells clean, secure, and productive. ChorusX is a small array of eight nano-synchronized sensors that capture superior-resolution flow noises across a dynamic spectrum of levels and frequencies. Additionally, it improves efficiency and safety through early problem identification.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Oil And Gas Analytics Market Characteristics
3. Oil And Gas Analytics Market Trends And Strategies
4. Oil And Gas Analytics Market - Macro Economic Scenario
5. Oil And Gas Analytics Market Size And Growth
…..
27. Oil And Gas Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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