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Upstream Oil & Gas Analytics Market Trends

Report ID: GMI5788
Published Date: May 2023
Report Format: PDF

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Upstream Oil & Gas Analytics Market Trends

The O&G industry is progressively gaining momentum in the field of unconventional wells on account of the increasing commercial development of shale. As per the U.S. Energy Information Administration (EIA) estimates, crude oil production from tight oil and shale was around 2.64 billion barrels in 2021. The U.S. tight oil is considered the most significant contributor to the non-OPEC supply by far. However, it is predicted to reach its peak after 2025 owing to companies focusing on increasing their productivity and lowering per barrel costs. Furthermore, the ongoing improvements in the technology along with upsurge in investments toward development of pipeline monitoring and maintenance tools will bolster the upstream oil & gas analytics market penetration.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of upstream oil & gas analytics surpassed USD 3.6 billion during 2023 and will register 24.1% CAGR during 2024-2032, with increasing acceptance of digitalization trend and the focus on optimizing production.

Upstream oil & gas analytics industry size from on-premises deployment model will record 22% growth rate from 2023 to 2032, with a higher focus on data privacy and a surge in cyber-attack risks.

Exploration and drilling applications held over 29% of the industry share in 2022, due to requirements for monitoring, planning and maintenance across the various stages.

North America upstream oil & gas analytics industry is expected to witness significant growth by 2032 due to increased penetration of shale reserves, development of Lower-48 blocks, and the demand for cost-effective analytical products to monitor mature & abandoned oilfields.

Tableau Software, TIBCO Software, Inc., Teradata, Cisco Systems, Inc., Accenture, Cognizant, Oracle, Microsoft Corporation, SAP SE, Deloitte, Hewlett Packard Enterprise Company, Capgemini, SAS Institute, Inc., Hitachi Ltd., and IBM are the leading industry participants.