The Upstream segment dominates the United States oil and gas analytics market during the forecast period
Increasing unconventional oil
& gas production & growing demand for crude oil in the country are the
factors driving the United States Oil and Gas Analytics Market growth in the
forecast period
According to TechSci Research
report, “United States Oil and Gas Analytics Market - By
Region, Competition Forecast & Opportunities, 2028,” the United
States Oil and Gas Analytics Market is anticipated to grow at a steady rate in
the forecast period, 2024-2028. Market growth is dependent on several
variables, including increased upstream oil and gas investments, rising demand
for oil and gas, and a growing emphasis on unconventional oil and gas
exploration and production (E&P) activities.
The US 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 of growing businesses. Vendors 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 contributing to the
growth of the US Oil and Gas Analytics market.
The area in the United States
with the most oil rigs is the Permian basin. In the basin, there were 344
operating rigs as of the end of August 2022. With 63 rigs at the time, Eagle Ford
had the second-highest number of oil rigs in the world. Texas is the primary
location of both basins. Owing to which the market is
expected to grow in the forecast period.
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The United States Oil and Gas
Analytics Market is divided into service, deployment mode, application, region
and competitive landscape. Based on service, the market is segmented into
professional, cloud, integration. Based on application, the market is segmented
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, storage optimization. The downstream segment is
further categorized into commodity trading, demand forecasting, pricing,
refining. Based on region, the market is divided into West, Midwest, Northeast,
South.
The up-stream segment dominated
the United States 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 towards
utilizing the time of exploration 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 government of several
countries are collaborating with the enterprises and offering various subsidies
and incentives during the exploration, production activities and while
obtaining land rights.
In 2022, the upstream industry
led the oil and gas analytics market, and it is anticipated that it would
continue to do so during the forecast period. The businesses are quickly
expanding their onshore and offshore crude oil source exploration. With the development
of geospatial & exploration solutions for new oil reserves in remote areas,
more and more geographic surveys are being conducted. Additionally, governments
and service providers are concentrating on utilizing the time of the less
exploration phase to improve their analytical skills in order to boost the oil
output within the least amount of time. During the drilling and extraction
process, businesses are implementing upstream analytical tools like
infrastructure analytics.
Based on deployment mode, the
market is segmented into on-premises and cloud. Several companies have utilized
the cloud platform to assess the effectiveness of their operational processes.
Massive data processing is now easier thanks to cloud services. Additionally,
data is collected and received at various points and through various channels
along the value chain, making the use of cloud-based deployment necessary.
These factors have raised the proportion of cloud-based deployment strategies.
Therefore, it is projected that a number of benefits of the installation of
cloud-based analytics will drive the segment's growth.
Major companies operating in the
United States Oil and Gas Analytics Market are:
- SAP SE
- Tableau Software
- Microsoft Corporation
- Hitachi America Ltd
- Oracle Corporation
- Cognizant Technology Solutions U.S
- Capgemini, Accenture PLC
- Cisco System, Inc
- Tibco software
- IBM (International Business Machines
Corporation)
- SAS Institute
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“The main factors driving the
growth of the market include the rising demand for oil & gas, growing
competition and financial capital in the industry. Additionally, the growing
oil & gas exploration and the increase in prices of oil & gas globally
are anticipated to drive the market growth. The utilization of analytic-powered
programs in the industry can further assist the market players in gathering
insights pertaining to investment decisions,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“United States Oil and Gas
Analytics MarketBy 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 and Opportunities, 2028,” has
evaluated the future growth potential of United States Oil and Gas Analytics
Market and provides statistics & information on market size, structure, and
future market 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 United States Oil and
Gas Analytics Market.
Contact
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