• The global oil & gas analytics market will show prominent growth and reach to value of over US$ 49 Bn by 2030end.
  • Increased investment in North America for the development of shale gas reserves is anticipated to help in the regional expansion of this market during the upcoming period.

Transparency Market Research, New York: Oil & gas analytics market is gaining traction owing to its ability to assist companies in oil and gas industry for the extraction of unconventional fuels. It helps companies for the predictive analysis and Big Data insights. For this purpose, huge amount of data and machine learning algorithms are utilized. This data helps oil & gas analytics managers and operators to increase yield, minimize risks, and accelerate innovation.

Advanced analytics-powered programs assist major oil & gas operators in gathering insights related to investment decisions during the present coronavirus period. Refinery optimization using oil & gas analytics is found to augment return-on-investment. Major enterprises operating in the oil & gas industry are forming strategies by utilizing oil & gas analytics platforms and achieving cost savings.

 

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Key Findings of Oil & Gas Analytics Market Report

  • The oil & gas analytics market is foreseen to grow and reach the valuation of more than US$ 49 Bn by 2030 end.
  • The market will show growth at a CAGR of 15% during the forecast period of 2020 to 2030.
  • The oil & gas industry is distressed with oversupply and sinking prices owing to the price war between Russia and Saudi Arabia. As a result, companies are facing delay in planned M&A agreements.
  • On regional front, North America was dominant region in 2019.
  • Europe is projected to offer lucrative avenues in tenure of 2020–2030.
  • The oil & gas analytics market holds moderately fragmented landscape.

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Oil & Gas Analytics Market: Key Driving Factors and Promising Avenues

  • Major countries from all across the world are growing efforts toward the new discoveries in oil & gas industries, owing to rising prices of oil & gas and other fuels. This factor is driving the growth of the global oil & gas analytics market.
  • Increased activities related to unconventional fuels production will stimulate growth opportunities in the global oil & gas analytics market in the forecast period of 2020 to 2030.
  • Major enterprises in the oil & gas industry are adopting advanced technologies to optimize their operations. These moves are also helping them in improving revenues even when the oil prices are low and the costs of E&P activities are high. This factor is generating sales avenues in the global oil & gas analytics market.
  • The market is expected to gain prominent demand avenues from small- and medium-sized companies from oil & gas industry.

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Oil & Gas Analytics Market: Competitive Assessment

Major companies working in the global oil & gas analytics market are using diverse strategies to maintain their position in this market. For instance, major enterprises are growing efforts to speed up the acceptance of digital technologies in oil and gas industry.

Several vendors in the global oil & gas analytics market are showing interest in the oil exploration activities for their customers. Companies engaged in this market are assisting their clients by giving intelligent and real-time gas hydrates management.

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Industry leaders are observed to be growing their mergers and acquisition activities. This aside, several players are focused on technological innovations. To achieve this motive, they are growing research and development activities. By executing all these moves, these companies are maintaining their prominent position in the global oil & gas analytics market.

Some of the important vendors working in the global oil & gas analytics market are Accenture, IBM Analytics, SAP SE, Oracle Corporation, Hewlett Packard Enterprise Development LP, Microsoft Corporation, TABLEAU SOFTWARE, LLC, and Northwest Analytics, Inc.

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The Oil & Gas Analytics Market can be segmented as follows:

 

Service

  • Professional
  • Cloud
  • Integration

Deployment

  • On-premise
  • Hosted

Application

  • Upstream
  • Midstream
  • Downstream

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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