Oil And Gas Analytics Market To Be Dominated By Rise In Unconventional Production Across The Globe Through 2028
Rise in demand for analytics are driving the implementation of
the oil and gas analytics market across the globe.
According to
TechSci Research report, “Oil and Gas Analytics Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028” The global oil and gas
analytics market is growing owing to the rise in demand for analytics, rapid growth
in digitalization and increasing adoption of advanced technologies by
enterprises to meet the need for growing business. Vendors globally are making
significant product innovations by integrating technologies such as Artificial Intelligence
(AI), big data and Industrial Internet of Things (IIoT) to cater to customer
needs and market requirements. Moreover, the increasing number of cloud-based
solutions along with the rising enterprise focus on reducing operation
expenditure (OPEX) with oil and gas analytics are further driving the growth of
the global Oil and Gas Analytics market.
The process of identifying,
evaluating, and presenting significant trends in data is known as analytics.
The application of analytics in the oilfields allows for the identification of
patterns among hundreds of variables that are constantly changing by utilizing
many of the same statistical techniques used in other sectors. Companies are
progressively adopting big data in the oil industry to reduce the pricing
burden by leveraging the real-time data visualization, high accuracy in
drilling methods and oil exploration and better decision making. Numerous
innovations carried out in Artificial Intelligence (AI), and Machine Learning (ML)
technologies are expected to enhance the features of oil and gas analytics. Analytics
in oilfields is a more practical and cost-effective one-time investment that
automate network management and cut out expensive and hardware costs.
Furthermore, businesses are adopting oil and gas analytics to reduce
overhead and support new applications and services, which are driving the
growth of oil and gas analytics market globally.
With the outbreak of the
COVID-19 pandemic, and the subsequent slowdown in the economy sparked digital
innovation and the use of cloud services by businesses, particularly
software-defined wide area networks oil and gas analytics. Due to strict
lockdown rules implemented by various governments, which caused operating
halts, the pandemic has affected most industries worldwide. The demands for oil
and gas analytics tied with security has since been steadily increasing. Various
organizations had adopted remote working environment due to the lockdown
imposition, embracing uncertainty as the new normal. The shift is driving
organizations to think deeply about their network infrastructure. Many
enterprises have become heavily dependent on real-time analytical capability by
addressing growing requests to reduce the equipment density at branch sites,
which simplifies network design and drastically lowers WAN administration costs.
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Figures spread through XX Pages and an in-depth TOC on the "Global Oil and Gas Analytics Market."
On the basis of service, the
market is segmented into professional, cloud, integration. Based on deployment
mode, the market is divided into on-premises and cloud. On the basis of
application, the market is split into upstream, midstream, and downstream. The
upstream segment is further categorized into exploration and drilling, field
surveillance and monitoring, production planning and forecasting, equipment maintenance
management, asset performance, workforce management. The midstream segment is
further categorized into pipeline SCADA, fleet, and storage optimization. The
downstream segment is further categorized into commodity trading, demand
forecasting, pricing, refining.
The up-stream segment
dominated the oil and gas analytics market in 2022 and is expected to maintain
its dominance during the forecast period. The enterprises are rapidly
increasing the exploration of crude oil sources at the inshore and offshore
locations. More and more geographical surveys are caried out with the
enablement of geospatial & exploration solutions for new oil reserves in
remote locations. Moreover, the governments and service vendors are focusing
toward utilizing the time of unexploration period for enhancing their
analytical capabilities to increase the oil production with minimal time. Companies
are adopting upstream analytical solutions such as infrastructure analytics
during the drilling and extracting process. Furthermore, the governments of
several countries are collaborating with the enterprises and offering various
subsidies and incentives during the exploration, production activities and
while obtaining land rights.
Based on deployment mode, the
cloud-based deployment model is predicted to hold the significant growth during
the forecast period. The cloud platform has been utilized by many businesses to
evaluate their operational performance. With cloud services, handling massive
data has gotten simpler. Moreover, data is gathered and received through
multiple channels and places throughout the value chain, necessitating the
adoption of cloud-based deployment. These elements have increased the share of
cloud-based deployment approaches. Therefore, it is anticipated that several
advantages of the cloud-based analytics implementation will fuel the segment's
expansion.
The service segment is
expected to register fastest growth during the forecast period. Cloud based oil
and gas analytics by services is expected to acquire high traction in the oil
and gas analytics market mainly owing to the shift to multi-cloud environments
and strong need for secured network infrastructure by market players in the global
oil and gas analytics market. Moreover, the rising demand for solutions to
strengthen the analytical capability within the companies are enabling the cloud-based
oil and gas analytics services. As service providers have the credibility to
offer cloud-based solutions to reduce the need for manual configuration,
improve the bandwidth at a low cost, and secure the transfer files over the
cloud.
Key market players in the global
oil and gas analytics market include:
- TIBCO Software, Inc.
- Teradata Corporation
- Hitachi, Ltd.
- Oracle Corporation
- Northwest Analytics, Inc.
- SAP SE
- SAS Institute, Inc.
- Microsoft Corporation
- Capgemini
- Hewlett Packard Enterprise
Company
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“The North America region
shows substantial growth prospects for the global oil and gas analytics market which
can be attributed to the growing investment in the energy and power sector
including increased operational efficiency in the oil and gas industry. The oil
and gas analytics are gaining traction and is expanding to various countries in
North America, including the United States, Canada, and Mexico. Owing to the
early adoption of technologies such as cloud computing, 5G infrastructure and artificial
intelligence coupled with the presence of massive number of companies in the region,
the United States leads the market and is expected to continue its dominance in
North America oil and gas analytics market during the forecast period as well,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Oil and Gas Analytics Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028, Segmented By Service (Professional,
Cloud, Integration), By Deployment Mode (On-premises, Cloud), By Application
(Upstream (Exploration and Drilling, Field Surveillance and Monitoring,
Production Planning and Forecasting, Equipment Maintenance Management, Asset
Performance, Workforce Management), Midstream (Pipeline SCADA, Fleet, Storage
Optimization), Downstream (Commodity Trading, Demand Forecasting, Pricing,
Refining)), By Region, Competition Forecast & Opportunities, 2028F”, has evaluated the future growth potential of oil and gas analytics and provides statistics and information on
market structure, size, share, and future growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global oil
and gas analytics market.
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