The global oil & gas analytics market is expected to reach USD 50 billion by the end of 2032, expanding at a CAGR of 22.6% from 2022 to 2032. The market was valued at USD 5.3 billion in 2021 and is estimated at USD 6.5 billion in 2022. The shift towards exploring mature oil fields and unconventional wells is expected to drive industry growth.
Big data analytics in the sector is enhancing asset management, manufacturing processes, operational efficiency, and worker safety. The industry is seeing a strong trend towards cloud-based services, which enable real-time data collection at lower costs and improve production efficiency. The cloud segment leads the market with a 55% share, driven by the need to lower operational expenses and optimize resources.
Key Takeaways:
- By deployment type, the hosted segment of the Oil & Gas Analytics segment expanded at a 22% CAGR
- Based on Application, the upstream segment of Oil & Gas Analytics is estimated to record a 23% CAGR
- North America region is likely to account for the majority share of nearly 39% during the forecast period
- Europe region is estimated to gain significant traction in the market for Oil & Gas Analytics, Germany is likely to hold the majority share.
Competitive Landscape
Key players in the global Oil & Gas Analytics market include Oracle, Microsoft Corporation, Tableau Software, IBM, Teradata, SAS Institute, Inc., SAP SE, TIBCO Software, Inc., Deloitte, Capgemini, Cognizant, Hitachi Ltd., Accenture, Cisco Systems, Inc., Hewlett Packard Enterprise Development LP., among others.
Recent key developments among players are:
- In Dec 2021, Deloitte agreed to acquire substantially all of the assets of BIAS, a cloud consulting firm that is a leader in the Oracle Cloud Infrastructure (OCI) market with experienced cloud professionals based in the United States and India. Founded in 2000, BIAS capabilities focus on advising, implementing, and operating services for cloud infrastructure, database, middleware, applications, analytics, and security.
- In March 2021, Tableau, the world’s leading analytics platform, introduced Business Science, a new class of AI-powered analytics that lowers the barrier to data science techniques, enabling business users and analysts to make smarter decisions faster.
- In March 2021, Hitachi, Ltd. announced to acquire GlobalLogic Inc., a leading U.S.-headquartered digital engineering services company. The acquisition is based on the definitive agreement among Hitachi Global Digital Holdings Corporation, a U.S. subsidiary, an SPC established by HGDH for the acquisition, and GlobalLogic Worldwide Holdings, Inc., the parent company of GlobalLogic.
Key Segments Covered in the Oil & Gas Analytics Industry Analysis:
Oil & Gas Analytics Market by Deployment Type:
- On-premise Oil & Gas Analytics
- Hosted Oil & Gas Analytics
Oil & Gas Analytics Market by Service:
- Professional Oil & Gas Analytics
- Cloud Oil & Gas Analytics
- Integrated Oil & Gas Analytics
Oil & Gas Analytics Market 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
Oil & Gas Analytics Market by Region:
- North America Oil & Gas Analytics Market
- Latin America Oil & Gas Analytics Market
- Europe Oil & Gas Analytics Market
- Asia Pacific Oil & Gas Analytics Market
- The Middle East & Africa Oil & Gas Analytics Market
Report Preview: https://www.futuremarketinsights.com/reports/oil-and-gas-analytics-market
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