Oil & Gas Analytics Market Analysis

Oil & Gas Analytics Market Analysis

Big data enables better asset management, manufacturing, operations, and worker safety. The industry has witnessed a significant shift toward the deployment of hosted services for collecting real-time data at a lower cost and enhancing production efficiency. Leading players are investing considerably in R&D to increase digitalization in their business, which is set to provide optimal exploration and production methods.
 

The oil & gas analytics market continually experiences supply-demand imbalances due to the lack of proper analytical tools, which can support demand forecasting. Hosted services allow various functions at lower costs with a minimum requirement of resources. Most players have started using analytical services to close the demand-supply gap and optimize the resource.
 

Cloud services in the oil & gas analytics market are expected to witness around 24% growth rate through 2030. The use of analytical services in the O&G industry helps companies in collecting and interpreting insights regarding investment decisions and cost reduction. The existence of disparate eco-systems, unstructured operations, and massive wastage of resources have influenced the industry to incline toward the adoption of analytical services.
 

Cloud services offer a point solution and mitigation approach to key pain areas in the industry, which include managing the data & analytics, connected operations, remote operations, and environmental impact. The cloud deployment model enables the industry to use analytical services without setting up a digital infrastructure, thus aiding in low-cost operations. Moreover, it allows for better reliability, lower downtime, and higher flexibility to scale-up operations. Oil & gas companies go through various mandates to mitigate greenhouse gas emissions. Virtualization considerably boosts server efficiency, which results in low consumption of electricity and energy.
 

The Europe oil & gas analytics market is anticipated to exceed USD 5 billion by 2030, owing to various technological enhancements and ongoing investments by several companies in digitalization. Rising capital expenditure in the O&G industry along with the increasing adoption of analytical solutions to promote labor productivity and cost-effectiveness will stimulate the market expansion. Various companies across France are deploying cloud services for the expansion of data storage capacity, improved security, and flexible data-sharing capacity.