Major slump in oil prices, and the emergence of big data and advanced analytics fostering and enhancing operational efficiencies are the key drivers of this market.
Seatlle, United States -- (SBWIRE) -- 12/13/2017 -- According to a new market research report "Oil and Gas Cloud Applications Market by Type of Application (CRM, ECM and Collaboration, ERP, GRC, Data Analytics, HCM, PPM, SCM), Major Sector (Upstream, Midstream, Downstream), Deployment Model, Business Function - Global Forecast to 2022", Published by MarketsandMarkets™, the oil and gas cloud applications market is expected to grow from USD 3.33 Billion in 2017 to USD 5.68 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.3%. Major drivers of this market are major slump in oil prices and the emergence of big data and advanced analytics for fostering and enhancing operational efficiencies.Growing trends of mobile computing and rapidly increasing adoption of hybrid cloud are the key opportunities that would fuel the market growth.
Browse 70 Market Data Tables and 33 Figures spread through 142 Pages and in-depth TOC on "Oil and Gas Cloud Applications Market by Type of Application (CRM, ECM and Collaboration, ERP, GRC, Data Analytics, HCM, PPM, SCM), Major Sector (Upstream, Midstream, Downstream), Deployment Model, Business Function - Global Forecast to 2022"
The data analytics application type is expected to grow at the highest CAGR during the forecast period
This data-rich oil and gas industry depends on data analytics to enhance operational efficiencies, reduce costs, and offer predictive analysis that would help officials in making better managerial decisions. After the steep decline in oil prices, companies are investing a significant share of their revenues in adopting data analytics applications that help them gain insights from the deluge of structured and unstructured data that this industry generates.
The upstream sector is expected to grow at the highest CAGR during the forecast period
The upstream sector is working hard to leverage big data to gain significant insights from the surge of structured and unstructured data. The sector is rapidly deploying new platforms, mainframe computers, super computers, workstations, and distributed stations to execute high-performance computing, virtualization, and advanced visualizations, to harness maximum insights from the data. Moreover, unlimited computing and storage capacities, superior cost-effective utilization of the public cloud system, and ease of deployment are some of the compelling reasons to deploy cloud services for this cost-sensitive yet data-critical oil and gas industry.
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North America is expected to dominate the oil and gas cloud applications market during the forecast period
The oil and gas cloud applications market is segmented by major geographic regions: North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America has always been a frontrunner in adopting innovative technologies and disruptive practices. The primary reason for adopting cost-effective and scalable cloud solutions is to ensure that the cost of operations for oil and gas processes remains minimal. The other reason is to significantly drive the operational efficiency. Moreover, the region is expected to become the world's largest producer of oil, and thus it is expected that the technologically rich region would invest in new paradigms involving mobility, cloud, and other digital innovations.
The growing partnerships, agreements, and strategic alliances also testify that North America will be at the forefront in the adoption of digital technologies. For instance, Microsoft and Halliburton have forged a strategic alliance to foster digital transformations across the oil and gas sector. Similar developments have also been undertaken by Schlumberger, a global provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Schlumberger unveiled 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.
Major vendors in the oil and gas cloud applications market include IBM (US), Oracle (US), SAP (Germany), Microsoft (US), SAS Institute (US), HPE (US), TIBCO (US), Tableau (US), Cisco (US), Seven Lake Technologies (US), PetroCloud (US), and WellEz (US).
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