According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc,the Oil And Gas Analytics Market to exceed US$21 Billion by 2024. Low crude oil prices coupled with high cost investment in exploration and production of conventional and unconventional resources will drive the industry growth. U.S. based Cobalt has explored natural gas in the Zalophus 1 well at Block 20 offshore Angola. Such exploration activities will need advanced service platform including hardware and software support.
Increasing downstream demand owing to rapid refinery expansion to fulfill petroleum demand will drive global oil and gas analytics market size. These services will help to reduce the downtime and maintenance cost for refining industries.
Increasing exploration and production to suffice growing demand for energy will enhance the oil and gas analytics in future. Increasing investments in digital technology by petroleum industry has increased the workforce productivity and reduced cost, which will further encourage the oil and gas analytics market size.
Upstream oil and gas analytics market share is expected to witness highest growth, with increasing offshore drilling further complimenting revenue generation. It helps to obtain real time data at minimum cost which may favor the industry growth in coming years. TIBCO Software Inc., executed digital technology to optimize E&P cost. Increasing rivalry involving refinery & volatile feedstock has forced downstream players to utilize oil and gas analytics services, which will improve processing and refining efficiency.
U.S. oil and gas analytics market size for hosted deployment segment, was valued over USD 800 million in 2015, and will grow at a CAGR of over 19% from 2016 to 2024. Bakken Shale exploration and production activity have deployed hosting for oil and gas industry.
Professional services in France and gas analytics market size are likely to reach over USD 300 million by 2024. Rising adoption of big data platform in France for improving operationally efficient production will drive the oil and gas analytics market share.
Field surveillance and monitoring for India is projected to reach over USD 100 million by 2024. Analytics helps upstream sector to obtain real time data at low cost which also manage operations in better way with new capabilities and by reducing risk factors.
Cloud services were valued at over USD 1.2 billion in 2015 and is expected to witness gains of over 20% during the forecast period. Angola on-premise deployment demand was USD 17.50 million in 2015, growing at a CAGR of 25.8%.
Norway exploration and drilling analytics demand was over USD 50 million in 2015, is expected to expand at a CAGR of over 15% by 2024.
Key players catering this industry are Accenture, Cisco Systems, Inc., Cognizant, Deloitte, Drillinginfo Inc., Microsoft, SAS Institute Inc., Oracle, SAP SE, Tableau Software, Teradata, IBM, TIBCO Software Inc., Hitachi, Ltd., Capgemini, and Hewlett Packard Enterprise Development LP.