Facts and Factors have published a new research report titled "Oil And Gas Analytics Market By Deployment Platform (On-premises, Hosted), By Application (Upstream Operations, Midstream Operations, and Downstream Operations) and By Service (Professional Services, Integration Services, and Maintenance & Supports): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020-2026".
According to the research study, the global Oil And Gas Analytics Market was estimated at USD 15 billion in 2019 and is expected to reach USD 60 billion by 2026. The global Oil and Gas Analytics Market is expected to grow at a compound annual growth rate (CAGR) of 20% from 2019 to 2026.
Oil and Gas analytical solutions provide a comprehensive view of operations to the industry, with the changing global market. On the surface of strict government regulations, it fulfills dynamic customer needs. This solution provides a better understanding of the overall lifecycle and helps organizations to work efficiently and effectively with the given resources. The oil and gas analytics supports to analyze the performance of the supply chain and helps to identify the source of production loss. The growing demand for oil and gas as energy is anticipated to enhance the oil and gas analytics market. Moreover, the growing use of oil and gas in public transports, the aviation industry, automobiles, power industry, will also boost the oil and gas analytics market.
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? Includes Updated List of table & figures
? Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
? Facts and Factors research methodology
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-- Market Size & Forecast by Revenue | 2020â?'2026
-- Market Dynamics - Leading trends, growth drivers, restraints, and investment opportunities
-- Market Segmentation - A detailed analysis by product, types, end-user, applications, segments, and geography
-- Competitive Landscape - Top key vendors and other prominent vendors
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The use of analytic tools is effective for obtaining real-time data with reduced cost and to improve production efficiency in the oil and gas market. The expansion of oil and gas factories, increasing demand for petroleum products is projected to enhance the growth of the oil and gas analytics market. Strict government rules for safety during oil and gas operations will boost the market's growth. The growing expenditure in digital technology by oil and gas companies for increasing productivity and reducing costs are also likely to boost the market growth in the coming years. Increasing oil & gas exploration and production activities may drive the oil and gas market.
The decreasing crude oil reserves and the dynamic supply of oil may responsible for the price volatility of crude oil. Despite the numerous benefits offered by data analytics software, it also found some challenges for the businesses. One of the challenges is that the businesses have to meet legal and regulatory regulations while performing analysis of data. Moreover, ownership and data privacy are other aspects affecting the implementation of oil & gas analytics software. Numerous oil companies are inclining to achieve low maintenance costs due to which the oil and gas analytics market may experience positive growth in the prospective years. The growing demand for energy worldwide is increasing demand for oil & gas production and exploration activities, and which is expected to generate immense opportunity for the oil & gas analytics market in the coming years.
Top Market Players
Some dominant key players operating in the market are Accenture, Cisco Systems, Inc, Hewlett Packard Enterprise Development LP, Microsoft Corporation, EMC Corporation (Dell, Inc.), IBM Corporation, SAP SE, Oracle Corporation, Teradata Corporation, and others.
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Based on the deployment platforms, the oil and gas analytics market is divided into on-premises, hosted. Among these, on-premises penetrated the market in 2019; it was esteemed at around USD 12 billion. The on-premises deployment platform is expected to witness the highest growth over the forecast period owing to ease of accessibility.
By application analysis, the market is classified into upstream operations, midstream operations, and downstream operations. The upstream operations application segment dominated the market in 2019 with a revenue share of around 55% and is expected to register the highest growth over the forecast period.
By service, the market is categorized into professional services, integration services, maintenance & supports. Among these, the professional services segment is expected to witness the highest growth over the forecast period. In 2019, this segment was accounted for USD 10 billion. The maintenance &support services segment was also accounted for the second growing category in 2019.
Browse the full "Oil And Gas Analytics Market By Deployment Platform (On-premises, Hosted), By Application (Upstream Operations, Midstream Operations, and Downstream Operations) and By Service (Professional Services, Integration Services, and Maintenance & Supports): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020-2026" report at https://www.fnfresearch.com/oil-and-gas-analytics-market-by-deployment-platform-571
Oil and gas analytics consists of many strategies of the statistical methods used in other industries to point patterns amid hundreds of variables in constant flow. It uses machine learning algorithms and field data to enable big data insights, which help the managers and operators, to increase their production, surge new innovation, and decrease risk.
The use of advanced business intelligence and analytics tools in the oil and gas industry will lead to efficient and effective operations. Major companies are using the analytic tool to obtain real-time data and to improve production costs. These parameters may drive the market in future years. Increasing demand for petroleum products and growth in the oil and gas refineries is projected to boost the oil and gas analytics market. Government rules and regulations for safety while performing oil and gas operations, increasing investment in new technology, and growing workforce productivity may drive the market over the forecast period. The operational expansions and increasing production of the oil and gas industry have headed to new explorations into remote areas across the globe. The maintenance costs of the oil companies are increasing in order to assist environmental challenges. For maintenance and repairs of offshore and deep-water oil rigs, billions of dollars are spent annually. High maintenance costs and hazardous ecological consequences such as loss of marine wealth may hamper the growth of the oil and gas analytics market. Strict regulations, increasing competition, public scrutiny, and high requirement of financial capital may restraints the market growth. Numerous companies are adopting advanced analytics solutions to increase productivity; this factor may bring many opportunities in the oil and gas analytics market. Additionally, increasing demand for cloud analytics and developments in digital oilfields may increase lucrative opportunities in the oil and gas analytics market.
Oil And Gas Analytics Market: Regional Analysis
By geography, North America dominated the global oil and gas analytics market in 2019. North America constituted above 30% market share of the global oil and gas analytics market in 2019, owing to the growing adoption of big data analytics in the oil and gas analytics market.
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This report segments the oil and gas analytics market as follows:
Global Oil and Gas Analytics Market: By Application Analysis
-- Upstream Operations
-- Midstream Operations
-- Downstream Operations
Global Oil and Gas Analytics Market: By Deployment Platform Analysis
Global Oil and Gas Analytics Market: By Service Analysis
-- Professional Services
-- Integration Services
-- Maintenance & Supports
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Key Recommendations from Analysts
-- Our analysts recommend that the upstream operation segment is anticipated to boost the oil and gas analytics market owing to the availability of resources such as natural gas, crude oil, etc., and merger and acquisitions among the players.
-- Major companies are tending to make a substantial investment to grow their resources, and adopt innovative technologies; this may boost the professional services category of the oil and gas analytics market.
-- The on-premises deployment platform is expected to witness the highest growth over the forecast period owing to ease of accessibility.
-- The North American region has the highest share in the oil and gas analytics industry, owing to the early adoption of big data and cloud analytics in their oil and gas sectors.
-- Due to the increasing investment in digital technology, growth in oil and gas production activities, exploration of new oil reservoirs the oil and gas analytics market is anticipated to grow during 2020-2026.
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