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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.
Report Attribute | Details |
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Base Year: | 2024 |
Cloud Computing in Oil & Gas Market Size in 2024: | USD 2.7 Billion |
Forecast Period: | 2025 – 2034 |
Forecast Period 2025 – 2034 CAGR: | 7.3% |
2025 – 2034 Value Projection: | USD 5.4 Billion |
Historical Data for: | 2021 – 2024 |
No. of Pages: | 165 |
Tables, Charts & Figures: | 190 |
Segments covered: | Service, Deployment Mode, Operation, Application, End Use |
Growth Drivers: |
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Pitfalls & Challenges: |
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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%.