Press release
Oil & Gas Analytics Market to Reach US$35.78 bn by 2024 as Companies Strive to Optimize Operations.
Transparency Market Research has released a new market report titled Oil & Gas Analytics Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 - 2024.The report defines and segments the oil & gas analytics market, providing analysis and forecasts of the global revenue. According to the report, the global oil & gas analytics market stood at US$6,924.4 Mn in 2015 and is likely to reach US$35,786.2 Mn by 2024, expanding at a CAGR of 19.3% between 2016 and 2024.Analytics services utilized in the oil & gas industry are termed as oil & gas analytics services. Oil & gas analytics services include software programs, hardware, sensing and monitoring equipment, and others. Oil & gas analytics services are vital in the present day scenario. Currently, oil & gas players are looking out for new technologies and processes to cut down production costs and optimize operations to increase profit margins. Oil & gas analytics services provide best solutions to tackle these challenges that are currently faced by the oil & gas industry.
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Oil & gas analytics services aid in minimizing the risks and improving safety across all the processes in the oil & gas industry. Oil & gas production output can also be enhanced with the assistance of oil & gas analytics services. Oil & gas analytics can also be used for assessing risky operations, and preventive measures can be undertaken to avoid accidents. Oil & gas analytics provides insights into logistics and supply chain and optimizes processes with integration of data across the entire supply chain. Oil & gas analytics also aids in monitoring of market sentiment, including potential opportunities, brand health, and competitor information. Declining oil & gas prices have encouraged adoption of oil & gas analytics services in the oil & gas industry. Increasing production from unconventional oil & gas resources has also boosted the adoption of oil & gas analytics services.
The global oil & gas analytics market has been broadly segmented on the basis of application into upstream, midstream, and downstream.
Upstream application was the largest application segment of the global oil & gas analytics market, accounting for more than 50% of the global share in 2015. Upstream application segment includes oil & gas analytics services such as asset maintenance, exploration and production optimization, risk and Health, Safety & Environment (H&SE) management, drilling optimization, and finance commissioning assessment. Adoption of oil & gas analytics services in upstream application has increased owing to rising drilling and production costs and associated risks.
Midstream application accounted for around 20% of the global oil & gas analytics market share in 2015. Midstream application segment includes oil & gas analytics services such as transportation optimization (vessels and ships), supply chain management, pipeline risk assessment, and storage optimization.
Downstream application accounted for around 30% of the global oil & gas analytics market share in 2015. Downstream application segment includes oil & gas analytics services such as refining and separation processes optimization, liquefaction and regasification assessment, demand and supply optimization, trade optimization, price optimization, risk management, personnel safety assessment, market analysis, and marketing and sales assessment. The downstream application segment is expected to grow at a fast rate during the forecast period owing to increasing utilization of oil & gas analytics for refining processes and corporate functions.
The global market for oil & gas analytics has been segmented on the basis of geography into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South & Central America. North America accounted for more than 40% of the global market share in 2015. However, the Middle East and Africa (MEA) oil & gas analytics market is expected to grow at the fastest rate during the forecast period. Asia Pacific is anticipated to be the second-fastest growing market for oil & gas analytics services.
Some of the leading companies in the global oil & gas analytics market include SAP SE, Oracle Corporation, IBM Analytics, Drillinginfo Inc., Accenture Plc, Microsoft Corporation, SAS Institute Inc., Deloitte Development LLC, KPMG International Cooperative, Teradata Corporation, Capgemini S.A., Hitachi Data Systems Corporation, Cognizant Technology Solution Corporation, TIBCO Software Inc., and Tableau Software Inc. The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, and recent developments. The global oil & gas analytics market has been segmented as follows:
Global Oil & Gas Analytics Market: Application Analysis
Upstream
Midstream
Downstream
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