Oil and Gas Analytics Market size is forecast to reach over 25 billion by 2024. 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.
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.
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Global oil & gas analytics market share comprises of SAP SE, IBM Analytics, Accenture Plc, Oracle Corporation, SAS Institute Inc., Drilling info. Inc.Teradata Corporation, 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.
This latest Oil and Gas Analytics Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across a number of regional markets. The report also analyzes the Oil and Gas Analytics industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Oil and Gas Analytics Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024.” in detail along with the table of contents.
Key Insights in this Report
- Oil and Gas Analytics Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Oil and Gas Analytics Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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