Albany, NY -- (SBWIRE) -- 07/13/2017 -- The oil and gas industry includes processes of hydrocarbon exploration, extraction, refining, and transportation. The finished product is transported by tankers and pipelines and is subsequently marketed. The industry's largest volume products are fuel oil and gasoline. Products such as petroleum are often used as the raw material to manufacture fertilizers, solvents, pharmaceuticals, plastics, and pesticides. The overall industry is divided into three major components, upstream, midstream, and downstream operations.

The Global IT Spending in Oil and Gas Industry to generate revenues of USD 48.54 billion during the period 2016-2020. The oil and gas industry has exerted significant efforts to boost operational efciency and reduce costs. To that end, information technologies have emerged as a core component of almost all industry operations, from extraction to logistics and sales.

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The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA

Technavio's report, Global IT Spending in Oil and Gas Industry 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
- Dell
- IBM
- Infosys
- SAP

Other prominent vendors
- ABB
- Alcatel-Lucent
- Capgemini
- CGI Group
- Cisco Systems
- CSC
- GE Oil and Gas
- Hitachi
- Huawei Technologies
- Indra Sistemas
- HCL Technologies
- Oracle
- Siemens
- TCS
- Tech Mahindra
- Wipro

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