The global Oil and Gas Cloud Applications Market size is expected to grow from USD 4.9 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. The growing adoption of private cloud for encryption of data and lower operational costs are major drivers of the oil and gas cloud applications market.
The upstream operation segment to hold the largest market size during the forecast period
The oil and gas cloud applications market is segmented by operation into upstream, midstream, and downstream. The upstream sector is working hard to leverage big data to gain significant insights from the surge of structured and unstructured data. Hence, the upstream sector is moving toward cloud adoption at a rapid pace for achieving cost efficiency and increasing time-to-market.
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By service, the training, support, and maintenance segment to grow at a higher highest CAGR during the forecast period
The oil and gas cloud applications market by service is segmented into consulting and implementation services, and training, support, and maintenance services. The training, support, and maintenance services segment is expected to grow at a rapid pace during the forecast period, as it helps oil and gas companies choose the most suitable cloud-based solutions, depending on the requirements of their businesses and end users. Consulting services assist clients in maximizing their Return on Investment (RoI) by investing in suitable AI technologies.
Major oil and gas cloud applications vendors include IBM (US), Oracle (US), Microsoft (US), SAP (Germany), Salesforce (US), AspenTech (US), Dassault Systèmes (France), Workday (US), ABB (Switzerland), IFS (Sweden), Infor (US), RiskEdge Solutions (India), Seven Lakes Technologies (US), Bentley Systems (US), Aucerna (Canada), TIBCO (US), PetroDE (US), Sage Software Solutions (India), HPE (US), and Quorum software (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global oil and gas cloud applications market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2019, which has helped them to innovate their product offerings and broaden their customer base.
IBM (US) offers a broad spectrum of cloud and software solutions for the oil and gas cloud applications market. The company’s state-of-the-art IBM Cloud is powered with advanced data analytics and Artificial Intelligence (AI) capabilities to help oil and gas businesses manage their upstream, midstream, and downstream operations, effectively. The company majorly focuses on providing comprehensive cloud applications, such as asset management, operational analytics, and enterprise applications, such as project portfolio management, risk and compliance, and human capital management. IBM is one of the few Information Technology (IT) companies that offer such a diverse and comprehensive set of solutions for the oil and gas industry, which sets it apart from its competitors. Using these technological solutions enables oil and gas organizations to reduce their asset downtime and service outages, gain real-time insights, and make more business-related decisions decisions.
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Oracle (US) was founded in 1977 and is headquartered in California, US. The company’s major business segments include cloud and license, hardware, and services. Oracle develops database platforms, middleware software, application software, cloud infrastructure systems, computer servers, storage, and networking products. To cater to the demands of its clientele from the oil and gas industry, Oracle offers complete, secure, and integrated cloud solutions for strategic planning, materials management, finance, asset management, Human Resources (HR), marketing, customer engagement, and other core functions. Oracle Cloud solutions enable oil and gas organizations to modernize and integrate business processes and technology in a simple, straightforward way to bring the company’s legacy operations into modern age functioning. With a better understanding of the evolving market trends in cloud, analytics, and software, the company has been developing customized client-centric solutions to further cater to demands of customers from the oil and gas industry.
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