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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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.

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