Oil & Gas Analytics Market to Register CAGR of 15% from 2020 - 2030, TMR Report

Wilmington, Delaware, United States - July 29, 2022 /MarketersMEDIA/ —

Transparency Market Research Inc. – The oil & gas analytics market is projected to cross a valuation of US$ 49 Bn by 2030. Need to adopt newer technologies for optimization of operations in the oil & gas industry fuels the growth of oil & gas analytics market. Consistent challenge of resource optimization and demand-supply gap has led to adoption of oil & gas analytics services on a wide scale since last several years.

Despite availability of vast data sources, end users in the oil & gas industry lack right tools and expertise to track various data points of oil & gas analytics. This is compelling oil & gas companies to upgrade to IT platforms for seamless tracking of data points of oil & gas analytics.

Significance of production analytics in the energy industry to optimize operational efficiency helps oil & gas companies to gain competitive advantage over other market players. Oil & gas analytics is of significance for stakeholders to predict failures amidst multiple operations that may hamper production activities.

Asia Pacific is expected to emerge as a key region in the oil & analytics market in the upcoming years. Increase in investment in oil & gas exploration in recent years leading to significant number of discoveries boosts the oil & gas analytics market of the region.

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Oil & Gas Analytics Market – Key Findings of the Report

• Demand for AI-based oil & gas analytics solutions to accelerate the pace of production and ensure site development gathers steam. However, challenges associated with capitalizing on the vast amount of data has led to the development of AI-based solutions to automate end-to-end processes.

• Despite tangible advantages of cost and time savings, slow pace of adoption of analytics leading to alter of marketing, sale, and service strategies are ongoing trends in the oil & gas analytics market

• Increasing mainstreaming of digital technologies such as predictive maintenance, robotics, and connected work technologies in the oil & gas industry is fuelling the adoption of cloud-based analytics tools to achieve cost savings. This is driving companies in the oil & gas analytics market to increase their R&D activities for innovations in cloud-based platforms to serve demand of end users. Superior feature of cloud-based tools enables oil & gas operators to analyze all types of data on the fly, thereby helping to accelerate decision making and witness transparency in operations.

• Professional service segment held a key share of oil & gas analytics market in 2019 due to its virtue to provide choice of personalized advisory services for solutions by using planning, case definition, and build activities.

• Upstream application segment held a significant share of oil & gas analytics market in 2019.

• Led by the U.S., North America is a key region in the oil & gas analytics market. Increase in oil and gas exploration and production activities along with the shale gas boom in the U.S., stimulates the oil & gas analytics market of the region.

 Oil & Gas Analytics Market – Growth Drivers

• Adoption of newer technologies and processes for challenges of resource optimization and demand-supply gap fuels the growth of oil & gas analytics market

• Distinguishing ability of oil & gas analytics to enable production of unconventional fuels underscores growth in oil & gas analytics market

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Oil & Gas Analytics Market – Key Players

 Some of the key players operating in the oil & gas analytics market are;

• IBM Analytics
• Oracle Corporation
• Microsoft Corporation
• Northwest Analytics Inc.
• Accenture
• SAP SE
• Hewlett Packard Enterprise Development LP
• TABLEAU SOFTWARE LLC

The oil & gas analytics market is segmented as follows;

Oil & Gas Analytics Market, by Service

• Professional
• Cloud
• Integration

Oil & Gas Analytics Market, by Deployment

• On-premise

Oil & Gas Analytics Market, by Application

• Midstream
• Upstream
• Downstream

Oil & Gas Analytics Market, by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports

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