Oil And Gas Analytics Market was over USD 4 billion in 2015 with forecast of 20% growth from 2016 to 2024.
Sellbyville, DE -- (SBWIRE) -- 02/05/2019 -- Oil and Gas Analytics Market is expected to exceed USD 21 billion by 2024. Low crude oil prices coupled with high cost investment in exploration and production of conventional and unconventional resources will drive the industry growth. U.S. based Cobalt has explored natural gas in the Zalophus 1 well at Block 20 offshore Angola. Such exploration activities will need advanced service platform including hardware and software support.
Increasing downstream demand owing to rapid refinery expansion to fulfill petroleum demand will drive global oil and gas analytics market . These services will help to reduce the downtime and maintenance cost for refining industries.
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Oil and gas analytics help the industries in real-time decision-making process, improves productivity, and minimizes operation costs. It also assists the industries in finding the root cause of the production loss through data analysis. Furthermore, the availability of huge volumes of data in oil & gas industry is expected to boost the oil and gas analytics industry size over the coming seven years. In addition to this, oil & gas analytics market share will also witness a considerable surge, owing to the high drilling as well as lower crude oil costs globally.
Hosted oil & gas analytics market is projected to gain significant popularity over 2016-2024:
Taking into consideration the deployment trends, oil and gas analytics are installed via on premise and hosted deployments. On premise oil & gas analytics deployment industry size is expected to witness a substantial growth over the next few years. Hosted deployment will grow at a rate of 20% over the coming seven years, driven by increased productivity and cost efficiency. Bakken Shale exploration & production unit has deployed hosting for oil & gas sector.
Based on the services the global oil and gas analytics market is segmented into cloud services, professional services, and integrated services. Integrated services segment is expected to contribute significantly towards the overall industry revenue over 2016-2024.
Geographically, Norway exploration and drilling analytics market which was valued at USD 50 million in 2015, is expected to contribute significantly towards Europe oil and gas analytics market share over the coming years. Rising acceptance of digital technology to minimize operating and production costs is expected to influence the regional growth.
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Key insights from the report include:
- U.S. oil and gas analytics market size for hosted deployment segment, was valued over USD 800 million in 2015, and will grow at a CAGR of over 19% from 2016 to 2024. Bakken Shale exploration and production activity have deployed hosting for oil and gas industry.
- Professional services in France and gas analytics market size are likely to reach over USD 300 million by 2024. Rising adoption of big data platform in France for improving operationally efficient production will drive the oil and gas analytics market share.
- Field surveillance and monitoring for India is projected to reach over USD 100 million by 2024. Analytics helps upstream sector to obtain real time data at low cost which also manage operations in better way with new capabilities and by reducing risk factors.
Key players catering Oil And Gas Analytics Market are
- Drillinginfo Inc.
- Tableau Software
- Hitachi, Ltd.
- Cisco Systems, Inc.
- Deloitte, Microsoft
- SAP SE
- SAS Institute Inc.
- Hewlett Packard Enterprise Development LP.