New York, NY, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Oil and Gas Analytics Market By Application (Upstream Operations, Midstream Operations, and Downstream Operations), By Deployment Platform (On-Premises and Hosted), and By Service (Professional, Integration, and Cloud): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global oil and gas analytics market was USD 14.55 billion in 2018 and is expected to reach around USD 122.60 billion by 2025, at a CAGR approximately 35.59% between 2019 and 2025.
Analytical solutions for the oil and gas sector will help the related industries in having an aggregate view of their operations, aid in keeping up with the fiery/changing global market, fulfill dynamic customer needs, and adhere to strict government regulations. These solutions help organizations to better understand the overall lifecycle and work efficiently and effectively with the given resources. The oil and gas analytics help in analyzing the supply chain performance and identify the source of production loss. The rising global demand for oil and gas as a fuel is expected to boost the oil and gas analytics market. Furthermore, the increasing consumption of oil and gas in automobiles, public transports, aviation industry, power industry, and two-wheelers for commuting, both to and fro from work and leisure, will also propel the oil and gas analytics market. However, the oil extraction machines face harsh environments in deep waters and deserts and rising maintenance cost of oil refineries may hinder the oil and gas analytics market growth in the upcoming years.
Browse through 54 Tables & 24 Figures spread over 137 Pages and in-depth TOC on “Global Oil and Gas Analytics Market: Software, Industry Size, Share, Trends, Segments, Growth, Analysis and Forecast, 2018–2025”.
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The global oil and gas analytics market is fragmented on the basis of application, deployment platform, and service. The application segment of the market includes downstream, midstream, and upstream operations. Midstream and downstream operations are crucial, due to the complex nature of the supply chain and difficult processing of inflammable materials and products. Video analysis provides complete surveillance of oil pipelines across various supply chains. Additionally, the growing competition among refineries and volatile feedstock are forcing organizations to opt for analytical software, which will further boost these segments. By service, the oil and gas analytics market comprises cloud, integration, and professional services. Based on deployment, the market consists of hosted and on-premises. The hosted platform is expected to grow notably over the anticipated time period.
North America is expected to grow substantially in the oil and gas analytics market in the years ahead, owing to its use for various commercial and household applications. The regional expansion of oil refineries and the growing exploration of new oil ridges are also supporting this regional market’s growth. Moreover, increased government spending is another growth factor. Additionally, the analytical software helps the oil industry in resolving and achieving low maintenance and operational costs.
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Europe will hold a substantial share of the global oil and gas analytics market, especially for downstream operations. The rising demand for better corporate functions and refining process is expected to propel this regional market. Moreover, the UK, France, and Germany are likely to register major growth rates, owing to the early adoption of digital technology in optimizing oil and gas operations in the region.
The Asia Pacific region is likely to grow at a substantial rate over the anticipated timeframe in the oil and gas analytics market. This regional growth can be attributed to the rising number of government initiatives to enhance and optimize the extraction process of oil and gas. Moreover, the market is anticipated to grow due to the improving living standards of the regional population. Additionally, the leading companies providing upstream oil and gas services across the region are focusing more on research and development activities for developing sampling techniques along with increasing their investments in product innovation processes.
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In Latin America, Argentina and Brazil will depict notable growth in the oil and gas analytics market. This can be attributed to the rising use of big data for oil and gas services to make proactive decisions in real-time. The Middle East and Africa is projected to witness moderate market growth in the upcoming years, owing to the rapid commercialization and urbanization across the region along with rising downstream operations due to rapid refinery expansion to fulfill petroleum demand.
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Some noticeable players of the oil and gas analytics market are Accenture, Cisco Systems, Hewlett-Packard, Microsoft, EMC Corporation, IBM, SAP, Oracle, and Teradata.
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This report segments the global oil and gas analytics market into:
Global Oil and Gas Analytics Market: By Application
Global Oil and Gas Analytics Market: By Deployment Platform
Global Oil and Gas Analytics Market: By Service
Global Oil and Gas Analytics Market: By Region
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