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U.S. Oil & Gas Analytics Market Analysis

  • Report ID: GMI4418
  • Published Date: May 2023
  • Report Format: PDF

U.S. Oil & Gas Analytics Market Analysis

The hosted segment held a striking market value of over USD 800 billion in 2022. The utilization of big data has led to better management of assets, operations, manufacturing, and worker safety. In recent years, the industry has experienced a notable shift toward the adoption of hosted services for collecting real-time data at a reduced cost, thereby enhancing production efficiency.

 

Key players in U.S oil & gas analytics market are investing heavily in research and development to increase digitalization in their operations, which is expected to lead to production methods and optimal exploration. The industry is often confronted with supply-demand imbalances due to the absence of proper analytical tools to aid demand forecasting.

 

The oil & gas analytics industry is anticipated to witness a favorable growth as companies strive to achieve reduced maintenance and operational expenses. The sector has witnessed a rise in the utilization of analytical services owing to strict government regulations and mandates that emphasize safety during upstream, midstream, and downstream operations. Additionally, escalating private and public investments in digitalization and analytical tools to enhancing workforce efficiency and reducing costs will further sway the industry scenario.

 

U.S. Oil & Gas Analytics Market Share, By Service, 2022

The cloud analytics services captured a dominant market share of more than 30% in 2022. The utilization of these services in the oil and gas industry assists companies in gathering and interpreting insights that support to make investment decisions and reducing costs. The industry's complex ecosystem, unstructured operations, and inefficient use of resources have influenced toward the oil & gas analytics market development. The cloud deployment model allows the industry to leverage analytical services without setting up digital infrastructure, resulting in cost-efficient operations.

 

The U.S. held a 24% of the global oil & gas analytics industry share in 2022. Ongoing investments in digitalization tools in line with deployment of highly efficient technology systems by several companies will  bolster the product penetration in the market. Increasing espousal of analytical solutions to boost cost-effectiveness and labor productivity coupled with rising capital expenditure in the O&G industry will positively influence the market growth.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of U.S. oil & gas analytics exceeded USD 1.8 billion in 2023 and is projected to expand at 24.9% CAGR from 2024 to 2032 due to rapid integration of advanced technologies such as AI and ML in oil and gas analytics platforms and subsequent improvement in operational efficiency.

Hosted oil & gas analytics industry in U.S. crossed USD 800 billion in revenue in 2022 and is estimated to accumulate a decent market share by 2032 led by an extensive utilization of big data resulting in improved worker safety and better management of manufacturing, operations, and assets.

The cloud segment accumulated 30% of the industry share in 2022, owing to the increased emphasis on analytical services across the industrial space to gather and interpret insights to make informed investment decisions.

Key players in the U.S. oil & gas analytics industry are SAP SE, Microsoft, Oracle, Cognizant, Accenture, Cisco Systems, Inc., TABLEAU SOFTWARE, LLC, Cloud Software Group, Inc., Teradata, IBM, Hitachi, Ltd., SAS Institute Inc., Capgemini, Hewlett Packard Enterprise Development LP, Deloitte, and Enverus.

U.S. Oil & Gas Analytics Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 81
  • Countries covered: 1
  • Pages: 120
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