Upstream Oil & Gas Analytics Market Analysis

Upstream Oil & Gas Analytics Market Analysis

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The on-premise segment is anticipated to depict 22% growth during 2023-2032. Increasing focus on data privacy and growing cases of cyber-attacks will boost the on-premises deployment across the industry. The platform can be used to gather, display, and organize business data using its own IT infrastructure. These tools are preferable over the cloud owing to the rising concerns about information security & confidentiality in the cloud, while it offers full control to the enterprise. Moreover, technological advancements have led to the wide availability of features, augmenting the demand for on-premises software.
 

Cloud analytics segment in upstream oil & gas analytics market landscape enables companies to scale their analytical capabilities as the business grows and removes the burden of managing the on-premises platforms. The cloud applications provide quick data recovery in cases of emergencies including power outages or natural disasters. In addition, the ability to handle immense drilling & production data along with fast delivery has favored its adoption across oil & gas operations.
 

The exploration and drilling application captured 29% market share in 2022 and is expected to grow at a lucrative pace by 2032. The increasing requirement of analytical tools at multiple stages of E&P planning, monitoring, and maintenance will encourage the business landscape. The exploration of unconventional resources including shale and tight reserves coupled with technological advancements toward the development of wells at its secondary and tertiary phases will augment the demand for analytical tools across the upstream sector. Access to spatial data to determine viable sites for exploration, remote monitoring of drilling & production sites, and the need to maintain the environment & personnel safety will spur their adoption.
 

The North American upstream oil & gas analytics market has witnessed a significant turnaround in 2022 on account of the rapidly changing oil prices, increasing penetration of shale reserves and development of Lower-48 blocks. The region also has large share of mature and abandoned wells across both onshore and offshore locations. This in turn has led the operators to opt for various cost-effective analytical services to monitor the oil fields. Furthermore, high recovery factor, technological improvements, and significant environmental and economic benefits it offers has also led the industry to grow across the region. The market size of oil & gas analytics in U.S. is likely to hit USD 13.1 billion by 2032.