Introducing new technologies and identifying the root cause which stands as a barrier in obtaining good profits, are the two important factors for any company to grow. As companies involved in exploration, supply chain and delivery of hydrocarbons want solutions to avoid the operational and maintenance cost. “Oil and gas analytics“ provide solutions based on the history and recent trends which helps in reducing errors and increasing efficiency. Analytics also helps in integrating the workforce and data which can be accessed to predict further actions to be taken.
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On the basis of their services, the oil and gas analytics market can be segmented into professional, integration and cloud services. On the basis of the deployment platform, global oil and gas analytics can be segmented into on-premise and hosted. Hosted analytics has grown in recent years as compared to on-premise. On the basis of its application, oil and gas analytics market can be segmented into upstream, downstream and downstream. Oil and gas analytics have been most used in upstream applications which involve exploration activities.
The major market driver for the global oil and gas analytics market is the ever increasing demand for energy all over the world. Lowering of the crude oil price in recent years has also helped the oil and gas analytics market to grow. Companies aiming to reduce the operation and maintenance cost take the help of analytics which also acts as a market driver for the oil and gas analytics market.
The factor which stands as a restraint for the global oil and gas analytics market is the volatility in the price of crude oil which is unpredictable. Also, the stringent regulations and compliances over the oil and gas industry act as market restraints for the global oil and gas analytics market.
Key Players Covered
- KPMG US
- Tata Consultancy Services
- Wipro Limited
- Tech Mahindra
- Rolta India Limited
- LTI Trucking Services, Inc
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Major Segments Mentioned:
1. By Services
2. By Deployment Platform
- On Premise
3. By Application
- North America (The USA and Canada)
- Europe (UK, Germany, France, Russia, Italy and Rest of Europe)
- Asia Pacific (China, Japan, Korea India, and Southeast Asia)
- Latin America (Brazil, Argentina, Mexico and Rest of Latin America America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
On the contrary, the high cost associated with upgraded technology is a factor that may restrain the global Oil and Gas Analytics market.
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to the rising adoption of a sedentary lifestyle in nations such as India and China.
The report also offers insights on the key players operating in the global Oil and Gas Analytics market.
Key Market Driver – Increasing demand for oil and gas energy
Key Market Restraint – Volatility in price of crude oil
Key Industry Developments
- In April, 2019, Universal mCloud announced about its acquisitions of Fulcrum Automation Technologies and Autopro Automation which will help oil and gas providers all over the world use AI and analytics to tap into large volumes of data in the cloud at a fraction of current IT costs.
- In April 2019, Mi4 corporation became the first oil and gas software company to have a Power BI application featured in Microsoft’s Power BI App Source marketplace. This will allow oil and gas companies to capture and analyse field data efficiently.
- In April 2019, KnowledgeNet a software from Tunisia based operation objects, which is used to extract, clean, transform, and analyse operational and manufacturing data was acquired by Emerson.
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Major Table of Content for Oil and Gas Analytics Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Oil and Gas Analytics Market Analysis, Insights and Forecast, 2026
- North America Oil and Gas Analytics Market Analysis, Insights and Forecast, 2026
- Europe Oil and Gas Analytics Market Analysis, Insights and Forecast, 2026
- Asia Pacific Oil and Gas Analytics Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Oil and Gas Analytics Market Analysis, Insights and Forecast, 2026
- Latin America Oil and Gas Analytics Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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