Oil And Gas Cloud Applications Global Market Set For Rapid Growth, To Reap Bulk Revenues, Application And Forecast to 2033 | Capgemini S.A., Citrix Systems Inc., TIBCO Software Inc., Cisco Systems Inc., Oracle Corporation

The oil and gas cloud applications market size has grown rapidly in recent years. It will grow from $6.84 billion in 2023 to $7.76 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to operational efficiency, regulatory compliance, disaster recovery & security, legacy system modernization, remote asset management.

The oil and gas cloud applications market size is expected to see rapid growth in the next few years. It will grow to $12.9 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to demand for real-time insights, energy transition initiatives, geopolitical factors, emerging market growth, focus on sustainability. Major trends in the forecast period include hybrid cloud solutions, predictive maintenance solutions, edge computing integration, data sovereignty compliance, subscription-based models.

Market Overview -
Oil and gas cloud applications are software solutions provided by cloud-based service providers especially for the oil and gas sector. These companies can use cloud applications to quickly and cheaply evaluate enormous amounts of data in real-time and lessen any future unanticipated failures.

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Rising Adoption Of Private Cloud Encryption Boosts Growth In Oil And Gas Cloud Application Market
The growing adoption of private cloud for encryption of data is expected to propel the oil and gas cloud application market going forward. Cloud encryption is the act of converting data from its original plain text format to an unreadable format, such as ciphertext before it is sent to and stored in the cloud. One of the most effective elements of the company's cybersecurity approach is encryption. Without the encryption keys, cloud encryption renders the data useless and incomprehensible. This holds even if the data is misplaced, taken, or disclosed to an unauthorized user. Thus, the adoption of private cloud for encryption of data is creating demand for cloud applications in oil and gas sector. For instance, according to the report published by Help Net Security, a Croatia-based independent site, focusing on information security, in June 2021, in the Middle East, the adoption of encryption for private cloud infrastructure has increased by 8%. As more data is moved to the cloud, there is an increasing need for cloud security. Therefore, the growing adoption of private clouds for the encryption of data is driving the growth of the oil and gas cloud application market.

Competitive Landscape -
Major companies operating in the oil and gas cloud applications market report are Capgemini S.A., Citrix Systems Inc., TIBCO Software Inc., Cisco Systems Inc., Oracle Corporation, Tableau Software, Salesforce Inc., Dassault Systèmes SE, Asea Brown Boveri Ltd., Infor, Bentley Systems, PetroDE, The Hewlett Packard Enterprise, International Business Machines Corporation, Seven Lakes Technologies, HCL Technologies Limited, WellEz Information Management LLC, PetroCloud LLC, Microsoft Corp., SAP SE, Alibaba Group Holding Limited, Alphabet Inc., Amazon.com Inc., Cloud Software, Conseillers en Gestion et Informatique Inc., Cognizant, DXC Technology, Infosys Limited, Larsen & Toubro Infotech Limited

Technological Advancements Drive Innovation In The Oil And Gas Cloud Application Market
Technological advancements have emerged as the key trend gaining popularity in the oil and gas cloud application market. Major companies operating in the oil and gas cloud application market are developing innovative technologies to strengthen their position in the market. For instance, in October 2021, Nutanix Inc., a US-based computer software company, launched Nutanix Enteprise Cloud, a unified IT operating environment that melds private, public, and edge clouds, providing a single point of control for managing infrastructure and applications. It delivers a consistent, high-performance experience for cloud operators and consumers of cloud-delivered services. The Nutanix Enterprise Cloud OS can manage the demands of even the most demanding applications, from the data center to the drilling rig, including the suite of tools and technologies used by the oil and gas industry, by combining a web-scale 100% software approach with one-click ease.

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Key Segments -
The oil and gas cloud applications market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Operation: Upstream, Midstream, Downstream
3) By Deployment Model: Hybrid, Private, Public

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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