Low crude prices and high drilling costs will drive the global oil and gas analytics market during the forecast period
Analytic software is the tool which is used to analyse big data and provide actionable judgement for improving efficiency of business process of upstream, midstream and downstream sector. This software also helps companies to make an accurate and swift decision at right time, enhance productivity and finding the main cause of production loss, reduce finance risk, reduce asset maintenance cost and examine supply chain performance by analysing real time data. These analytics services offer potential to enhance productivity by 6% to 8%. Analytic services include sensing and monitoring instruments, hardware and software program etc.
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Global oil and gas analytics market size has been classified on the basis of software (upstream, midstream and downstream), services (professional services, cloud services, integration Services) and deployment (on-premises, hosted). Upstream software includes exploration and drilling analytics, field surveillance and monitoring analytics, production planning and forecasting analytics, equipment maintenance management analytics, asset performance analytics, workforce management analytics. Midstream software includes Pipeline SCADA analytics, fleet analytics, storage optimization analytics. Downstream software includes commodity trading analytics, demand forecasting analytics, pricing analytics, refining analytics. The analytic services find its wide application in upstream and contribute 50% of the total oil and gas analytic market, midstream market is accounted for around 30% and downstream accounted for 20% of oil and gas analytic market in 2015.
Data analytics in midstream helps to supervise the pipelines and equipment to make more accurate decision and specific approach to maintenance. The analytics services in most oil and gas companies helps to automate its back end process which makes system function cost effective. Improvement of analytics can improve the companies process of drilling well, reducing cycle time and diminishing the number of wells in process at a time.
Low crude oil prices, increasing production and drilling cost, associated risk with exploration and production, large volume of data in the oil and gas industry, rising production from unconventional resources and oil and gas demand will boost the demand for adoption of oil and gas analytic services during the forecast period. Stringent rules and regulations by government, varying price of oil and gas market, exhausted oil and gas reserve, aging manpower and weather condition are some of the challenges for the oil and gas analytics market.
The oil and gas analytics market has been further segmented on the basis of deployment (On- Premise and Hosted), services (Professional, Cloud and Integration) and software. The deployment segment includes. Geography segment includes Asia Pacific North America, Middle East & Africa (MEA), Europe and South & Central America.
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North America, led by US was dominant regional market in 2015 owing to increase in oil and gas exploration and production activities. It has been analysed and forecast that Mexico will witness significant growth in future owing to increase in oil and gas production during the forecast period.
Europe, led by UK, Norway, France and Germany is expected to witness slow growth rate due to stringent government policies to promote renewable energy. Europe market is dominated by Upstream and downstream application. Development of IT infrastructure and increasing refineries will boost the demand for oil and gas analytics in Asia Pacific. Middle East and Africa, led by Saudi Arabia, Iran, Qatar, south Africa is expected to see a fastest growth rate during the forecast period.
Global oil & gas analytics market share comprises of SAP SE, IBM Analytics, Accenture Plc, Oracle Corporation, SAS Institute Inc., Drilling info. Inc. Teradata Corporation, Oracle, Microsoft Corporation, Hewlett-Packard, Hitachi Data Systems Corporation, Cognizant Technology Solution Corporation, Tableau Software Inc. KPMG International Cooperative, TIBCO software, Capgemini S.A., CISCO System, Deloitte Development LLC and Cognizant Technology Solution Corporation.
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