Oil and Gas Analytics Market size is forecast to reach over 25 billion by 2024.
Analytic software is the tool which is used to analyse big data and provide actionable judgement for improving efficiency of business process of upstream, midstream and downstream sector. This software also helps companies to make an accurate and swift decision at right time, enhance productivity and finding the main cause of production loss, reduce finance risk, reduce asset maintenance cost and examine supply chain performance by analysing real time data. These analytics services offer potential to enhance productivity by 6% to 8%. Analytic services include sensing and monitoring instruments, hardware and software program etc.
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Global oil and gas analytics market size has been classified on the basis of software (upstream, midstream and downstream), services (professional services, cloud services, integration Services) and deployment (on-premises, hosted). Upstream software includes exploration and drilling analytics, field surveillance and monitoring analytics, production planning and forecasting analytics, equipment maintenance management analytics, asset performance analytics, workforce management analytics. Midstream software includes Pipeline SCADA analytics, fleet analytics, storage optimization analytics. Downstream software includes commodity trading analytics, demand forecasting analytics, pricing analytics, refining analytics. The analytic services find its wide application in upstream and contribute 50% of the total oil and gas analytic market, midstream market is accounted for around 30% and downstream accounted for 20% of oil and gas analytic market in 2015.
Data analytics in midstream helps to supervise the pipelines and equipment to make more accurate decision and specific approach to maintenance. The analytics services in most oil and gas companies helps to automate its back end process which makes system function cost effective. Improvement of analytics can improve the companies process of drilling well, reducing cycle time and diminishing the number of wells in process at a time.
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Low crude oil prices, increasing production and drilling cost, associated risk with exploration and production, large volume of data in the oil and gas industry, rising production from unconventional resources and oil and gas demand will boost the demand for adoption of oil and gas analytic services during the forecast period. Stringent rules and regulations by government, varying price of oil and gas market, exhausted oil and gas reserve, aging manpower and weather condition are some of the challenges for the oil and gas analytics market.
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