Global Oil and Gas Cloud Application Market is set to register Double Digit CAGR during the forecast period 2019 to 2025. Orbis team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Dallas, TX -- (SBWIRE) -- 02/06/2019 -- The Global Oil and Gas Cloud Application Market is growing rapidly due to several factors such as increasing need for cost optimization and growing adoption rate of cloud in oil & gas industry. However, increasing concerns over the security of the data are restraining the growth of the market.
Oil and Gas Cloud Application industry is becoming demanding and more complex, the cloud computing technologies help in improving efficiency, lower costs and enable new opportunities that lead to the growth of the market. There are several benefits of cloud computing in oil & gas industry such as improved speed & dexterity, transforming the economics of IT, delivering IT without boundaries and building endure customer relationship.
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Some Recent Developments of Oil and Gas Cloud Application Market:
In Aug 2017, Microsoft and Halliburton entered into a strategic alliance to drive digital transformations across the oil and gas industry sector.
In Sept 2017, Schlumberger announced DrillPlan, a digital well construction planning solution that would leverage the benefits of Microsoft Azure and Azure Stack hybrid cloud solution in the oil and gas industry.
To improve the efficiency of operations in oil & gas industry, data analytics plays a major role in reducing the costs and predicting the Oil and Gas Cloud Application Industry analysis helping in making better decisions. Many companies started investing in adopting data analytics applications after oil prices declined which helps in getting some insights on industry data.
Global Oil and Gas Cloud Application Market
The upstream sector is expected to grow during the forecast period as it creating new platforms using big data analytics to get more industry insights on the unstructured and structured data. In addition, more storage capacity, unlimited computing with cost effectiveness is leading this sector to deploy new cloud services.
Seven Lake Technologies
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The global Oil and Gas Cloud Application market is segmented by major sector into Upstream, Midstream, and Downstream. Based on Solution, the market is segmented into Data Analytics, Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Human Capital Management (HCM), and Others. By End-User, the market is segmented into Small & Medium Enterprises and Large Enterprises. Further, based on Deployment, the market is segmented into Public, Hybrid, and Private.
By Major Sector
Enterprise Resource Planning (ERP)
Customer Relationship Management (CRM)
Human Capital Management (HCM)
Geographically, the market is segmented into North America, Asia-Pacific, Europe, South America, and RoW. North America is dominating the Oil and Gas Cloud Application market due to increasing development of innovative technologies and being the largest producer of oil, thus creating new opportunities. In addition, increasing adoption of cloud applications due to lower cost and better efficiency for oil & gas industry operations is driving the growth of the market.
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