Oil & Gas Analytics Market worth over $33 Bn By 2030

Oil & Gas Analytics Market size is expected to exceed USD 33 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The industry growth is credited to the increasing investment by O&G companies in digitalization coupled with several technological advancements by service providers. Oil & gas analytics helps in the observation of oil field data & its analysis to stimulate in-depth information and make predictions for productive business operations. Moreover, the growing operational expenditure in the upstream, downstream, and midstream sectors combined with the rising adoption of analytical solutions by oil & gas companies will propel the market expansion.
 

The increasing demand for petroleum products and rising construction of oil & gas refineries are set to positively influence the industry outlook. Analytical solutions help E&P companies to generate a significant amount of financial & operational data, which further assists in reducing cost and increasing productivity. The O&G sector is rapidly inclining its focus on Information and Communications Technology (ICT) for improved analytical tools and business intelligence, which will contribute to productive and more efficient operations.
 

Strict government safety regulations along with increasing extraction of unconventional fuel will bolster the demand for on-premise analytical services

The on-premise segment is projected to grow at a CAGR of more than 21.5% by 2030 on account of an increase in exploration & production process optimization along with the rapid enhancement of data analysis applications. Growing research & development investments to create improved solutions for effective project planning & execution coupled with the rising demand for cost-effectiveness will encourage the acceptance of analytics in the oil & gas sector. Furthermore, increasing demand for advanced and effective real-time analytical solutions to provide low uptime and smooth operations will foster the market scenario.
 

Browse key industry insights spread across 430 pages with 940 market data tables & 28 figures & charts from the report, “Oil & Gas Analytics Market Size, By Deployment (On-premise, Hosted), By Service (Professional, Cloud, Integration), By Application (Upstream {Exploration and Drilling, Field Surveillance and Monitoring, Production Planning and Forecasting, Equipment Maintenance Management, Asset Performance, Workforce Management}, Midstream {Pipeline SCADA, Fleet, Storage Optimization}, Downstream {Commodity Trading, Demand Forecasting, Pricing, Refining}), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/oil-and-gas-analytics-market
 

Rising adoption of analytical solutions for production and reservoir data handling to enable efficient production rates will sway the upstream sector demand

Data analytics has a huge potential in the upstream oil & gas sector including optimizing the drilling process, managing seismic data, improving reservoir modeling & simulation, and efficient reservoir production operations. For instance, in 2020, Malliance, a French start-up company, launched its production optimization solution, oilfield.ai. The cloud-based solution handles reservoir modeling and simulation operations, thus enabling real-time efficient decisions. The product also has the ability in field development and reservoir management along with a combination of geophysics, geoscience & AI-based analytics.
 

Growing penetration of shale reserves along with rapidly changing oil prices will boost the requirement for digital solutions across the North America region

North America oil & gas analytics market is anticipated to reach USD 10 billion by 2030. The region has a massive share of abandoned and mature wells across both offshore & onshore locations. This has led O&G companies to opt for several cost-efficient digital services to track oil fields. Rising investments in the advancement of existing infrastructure coupled with the introduction of various effective industry solutions will accelerate the market growth. Artificial intelligence technologies are increasingly being used to overcome uncertainties in enhanced oil recovery, thus further set to increase the demand for analytical tools.
 

Major players operating in the market include Microsoft Corporation, SAP, Oracle, Deloitte, Tableau Software, Cognizant, Teradata Corporation, IBM, TIBCO Software Inc., Hitachi Ltd., Capgemini, SAS Institute Inc., and Hewlett Packard Enterprise Development LP, among others.