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Cloud Computing in Oil and Gas Market Size

  • Report ID: GMI12712
  • Published Date: Dec 2024
  • Report Format: PDF

Cloud Computing in Oil & Gas Market Size

The global cloud computing in oil & gas market size was valued at USD 2.7 billion in 2024 and is estimated to register a CAGR of 7.3% between 2025 and 2034, driven by the necessity for enhanced operational agility, streamlined workflows, and improved data accessibility. As companies seek to modernize their operations, the ability to harness cloud technologies allows for greater flexibility, enabling rapid adaptation to market changes and more efficient management of resources.

 

Companies are actively pursuing strategic acquisitions and partnerships to enhance their cloud capabilities and expand their market presence. For instance, in August 2024, PakEnergy LLC announced its acquisition of Plow Technologies, a prominent player in digital automation and cloud/SCADA software, including the OnPing platform. This acquisition significantly enhances PakEnergy's software suite, allowing for end-to-end systems that streamline information flow across oil fields and stakeholders.
 

Additionally, the integration of high-performance computing with IoT and AI technologies is further enhancing the ability of oil and gas companies to monitor assets, predict maintenance needs, and optimize resource management, all while reducing costs and improving safety measures. This trend highlights a broader shift in the industry towards leveraging cloud technologies not only for storage but also for advanced analytics, enabling organizations to gain insights that were previously difficult to achieve. The overall high performance computing market is projected to grow and generate revenue of around USD 70 billion by 2032, with an annual growth rate of over 6%.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of cloud computing in oil & gas reached USD 2.7 billion in 2024 and is set to grow at a 7.3% CAGR from 2025 to 2034, driven by the need for enhanced operational agility and improved data accessibility.

The private cloud segment is expected to expand at a CAGR of over 5.5% through 2034, led by its enhanced security and compliance features, making it ideal for managing sensitive data in the oil and gas sector.

The North America market accounted for 30% of the revenue share in 2024, supported by significant investments in cloud infrastructure and advancements in digital transformation initiatives.

The key players in the industry include ABB, AVEVA, Baker Hughes, Halliburton, Honeywell, IBM, Rockwell Automation, SAP, Schlumberger, and Siemens Energy.

Cloud Computing in Oil & Gas Market Scope

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Premium Report Details

  • Base Year: 2024
  • Companies covered: 20
  • Tables & Figures: 190
  • Countries covered: 21
  • Pages: 165
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