Ocean View, DE -- (SBWIRE) -- 05/06/2020 -- Growing investments in upstream industry coupled with widespread adoption of remote sensors and predictive analytics by O&G operators to maximize production is likely to drive U.S. oil and gas analytics market outlook.Advancements in remote instrumentation, Internet of Things (IoT) and process automation have paved the way for transformation in the oil & gas industry. With the help of smart analytical platforms operations can be safely monitored in real-time, which results in optimized field maintenance. 

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Key players operating in the U.S. oil & gas analytics industry include Accenture, Microsoft corporation, Cognizant, IBM, Hitachi Ltd, Oracle, Teradata, Cognizant and others. Business collaboration remains the top strategy adopted by market players to gain an edge over the market. Alongside, industry players are investing heavily on R&D activities and technology innovations to bring advanced analytical solutions.

Moreover, increasing investment toward infrastructure development including storage terminals, pipelines, and refineries may also favor industry growth. In 2018, U.S. Oil and Gas analytics market accounted for around USD 825 million and is forecast to register impressive growth rate of 14.5% over 2019-2025.U.S. oil & gas analytics market is set to expand on account of growing awareness toward importance of data along with widespread adoption of data gathering devices. O&G industry players are focused upon managing their respective operation and maintenance costs by leveraging data analytics software.

With vast reserves of proven reserves, the energy sector in the US appears to be experiencing boom in production. According to the U.S. Department of Energy, the proven gas reserves expanded by 85% in 2019. Additionally, the O&G agencies in the U.S. are not only focusing upon the proven oil and gas reserves but also inclined towards exploration of unconventional reserves, which is likely to induce demand for O&G analytics. Speedy deployment of IIoT and IoT across drilling and production assets for production optimization will further complement the industry landscape.

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Inflated spending on O&G infrastructure development in the US is likely to induce demand for analytics across various divisions. For the record, South-west and North-east regions of the US, contributed over 36% and 19% respectively of the total infrastructure investments in the country. As per American Petroleum Institute estimates, in 2017, the refining and gathering & processing sectors accounted for over USD 5.2 billion and 4.9 billion, respectively.

Immediate requirement for the expansion of crude oil network to enable the transportation of increased supplies from West Texas to refineries along with requirement of new gas pipelines to transport the incremental capacity will result in propelling investments across the industry. Moreover, robust construction of oil tank farms along with growing inclination towards utilization of LNG (liquefied natural gas) may support industry growth.

In the current scenario, the oil & gas industry is witnessing a shift from on-premise applications to hosted (subscription basis provided by third party) applications owing to various benefits associated with it, including reduced cost, automatic system updates, and easy data sharing & integration. The on-premise deployments are experiencing a setback as they require high maintenance cost and chances of hardware deterioration and permanent data loss are much more in on-premise deployments as compared to hosted applications. Enhanced network security and easy collaborations offered by on-premise application will result in widespread adoption.