Oil and Gas Analytics Market Size to Surpass Around USD 52.46 BN by 2032

Los Angeles, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The oil and gas analytics market size will reach at USD 8.47 billion in 2023. Growing exploration for new crude oil places to drive the growth of the oil & gas analytics market.

Market Overview

Oil & gas analytics create data-driven decisions informed by confident real-time insights and forecasts. The adoption of analytics in the oil & gas industry has increased in recent years owing to its significant role in forecasting and planning. The oil & gas analytics market carries considerable expertise such as forecasting for reducing production costs, improving offshore operations prediction, preventive and predictive maintenance and optimization by implementing real-time insights. The analytics services for oil & gas industries add value to companies' production, trading strategies, supply chain of petrochemical companies, and logistics or transportation services. Oil & gas analytics offer multiple benefits to oil & gas companies.

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Complete data analysis offers the company comprehensive market coverage and an accurate price forecast. Large enterprises in the global oil & gas market are seen employing the oil & gas analytics service rapidly owing to the availability of capital for investment. Many companies are focused on deploying cloud-based analytical services for businesses to optimize performance remotely and flexibly. Technological advancement in the analytics industry has improved perception quality by utilizing intelligent components such as sensors, smart devices and software. The volatile market conditions during the Covid-19 pandemic affected the market's growth. However, the global oil & gas analytics market is predicted to grow exponentially during the forecast period.

Report highlights:

• Increasing digitization in the oil companies is seen as a driving factor for the growth of the oil& gas analytics market.
• North America dominates the global oil & gas analytics market, and the Middle East and Asia Pacific are considered fastest growing regions.
• The software segment dominates the market owing to the rapid deployment of machine learning and artificial intelligence.
• Large enterprises are likely to invest in the oil & gas analytics market as compared to small & medium enterprises.

Regional snapshot:

North America dominates the global oil & gas analytics market. The rapid adoption of machine learning and artificial intelligence in analytics procedures has boosted the market growth in North America. The cloud analytical segment has gained importance in North America's oil & gas analytics industry. The growing requirement from oil & gas companies for flexible and remote data management and access to unlimited storage has fueled the growth of the region's oil & gas analytics market. The development of the oil& gas analytics market in North America is attributed to large reserves of crude oil and shale gas. Significant oil & gas analytics companies in North America have contributed to the market's growth. North American-based critical oil & gas analytics players are IBM Analytics, Oracle Corporation, Microsoft Corporation, Hewlett-Packard Enterprise Development LP and Tableau Software LLC.

The European oil & gas analytics market is flourishing due to increased investments by crucial energy and power (E&P) players. Along with this, several European governments are investing in research and development activities to form effective risk management solutions for oil & gas companies in the region. Increasing field activities in the oil & gas industry are prone to boost the market's growth in Europe. The presence of key players such as SAP SE, Northwest Analytics, Capgemini and Deloitte has increased the development of the European oil& gas analytics market. However, the Russia-Ukraine war has affected Europe's oil & gas analytics market immensely.

Asia Pacific is expected to show noticeable growth in the oil & gas analytics market during 2023-2032. The development of the market in the Asia Pacific is driven by the increased focus of oil & gas companies on improving their asset management. The region is continuously exploring new oil sites, boosting the demand for analytics in the oil& gas industry. Organizations in Asia Pacific are prone to adopt AI in the predictive analytics procedure. The overall growth of the oil& gas analytics market in Asia Pacific is attributed to the rapid development/advancement in the oil & gas analytics procedures that help companies to expand their business. Companies that are involved in the oil & gas analytics market of Asia Pacific are Accenture, Microsoft Corporation, L&T Infotech, TCS and Hitachi.

A third of the world's oil is produced in the Middle East. Gulf cities such as Dubai, Saudi Arabia, Qatar and Kuwait are leading suppliers of fuel. Thus, the marketplace for oil in the Middle East is wide. Due to large oil reserves and significant vital players from the oil & gas industry, the requirement for drilling analytics to reduce risks has been boosted. Many companies are seeking to employ analytics to strengthen safety. The deployment of machine learning and artificial intelligence has improved the return on assets for the Middle Eastern market. The oil & gas analytics market in the Middle East is expected to grow exponentially during the forecast period. Companies such as Facts Global Energy (fgenergy) Pte Ltd., Clariba, Rolta and Spredata provide big data analytics, insights, consultation and advisory services for oil & gas companies in the Middle East.

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Scope of the Report

Market dynamics:

Driver:

The rise in unconventional gas & oil production

The production of unconventional gas & oil, such as gas hydrates, shell gas and gas tights, is increasing. The rapidly growing production of unconventional gas & oil is attributed to the increased awareness of clean energy. Oil & gas analytics helps with the optimal methods required to extract unconventional gas & oil. Many companies are also demanding advanced software that offers effective optimal methods. Thus, the rise in unconventional gas & oil production is seen as a driving factor for the growth of the oil & gas analytics market.

Restraint:

Lack of skilled data professionals in the analytics process

The need for more skilled professionals in the analysis process hampers the growth of the oil& gas analytics market. Oil & gas analytics is fledged with modern technology and requires a data professional to manage it. Skilled and experienced data professionals such as petroleum engineers, data scientists, data engineers and analysts are required for a successful procedure. Data professionals are well-versed in rapidly evolving analytics and data-handling tools. The growth of the global oil & gas analytics market is restrained due to needing more skilled data professionals. Companies offering technical course programs and increasing expenditures for recruitment are major factors considered to combat the restraint.

Opportunity:

Growing demand for predictive and preventive analysis

The demand for predictive and preventive analysis based on big data is increasing in the global oil & gas analytics market. A large amount of data collected from real-time insights is highly unstructured. In such cases, the predictive analysis for the oil& gas industry facilitates decision-making and helps in reducing the risk. Along with this, the preventive analysis examines the precautionary maintenance strategies. Predictive and preventive analysis control maintenance costs by offering real-time visibility, which helps oil & gas companies to optimize business performance with accuracy. Considering the benefits provided by both these analysis methods, the demand has increased. Thus, the growing demand for predictive and preventive analysis creates lucrative opportunities for analytics service providers to grow in the market.

Challenge:

Implementation of big data

The analysis process of big data in the oil& gas industry is complex. The implementation of big data includes data recording, storage and analysis. Lack of business support in the analysis process creates a roadblock for the oil & gas analytics market to grow. Storing huge amounts of data properly is one of the greatest challenges in the present oil & gas analytics industry. Big data is collected in different forms, and handling the data sets that keep growing with time may pose a challenge. Improper implementation of big data can result in delayed analytics services which may harm the growth of the service provider company. Modern technologies such as deduplication (to remove unwanted data from the set) are being used by many analytics service providers to combat this challenge.

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Recent developments in the oil & gas analytics market:

• In December 2022, a team of researchers at the Indian Insitute of Madras (IIT) combined different statistical methods and detected a hydrocarbon-saturated zone in the sandstone-based reservoir.
• In November 2022, the leading service provider for the energy industry, Accenture, was positioned as a leader in 'IDC MarketScape for Europe, the Middle East and Africa (EMEA) service providers for business models for oil companies 2022 vendor assessment. '
• In September 2022, Japan-based enterprise, Sensyn Robotics, announced a strategic collaboration with SAP to launch 'Sensyn Core.' Sensyn Core is an integrated platform designed to automate and optimize large-scale plant maintenance operations at oil & gas plants on a global level.
  
  

Market Segmentation

By Offering

• Hardware
• Software
• Service
  
  

By Deployment Platform

• On-premises
• Cloud

By Application

• Upstream
• Midstream
• Downstream
  
  

By User

• Small & medium Enterprises
• Large Enterprises

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa
  
  

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