News | September 16, 2022

Global Oil & Gas Analytics Market To Grow 7.7x Until 2032, Reaching US$ 50B By The End Of The Assessment Period: Future Market Insights, Inc.

The global oil & gas analytics market is anticipated to garner US$ 50B while expanding at a CAGR of 22.6% during the forecast period. The market is estimated at US$ 5.3B in 2021 and US$ 6.5B in 2022. A paradigm shift toward the search for mature oil fields along with the increasing exploration of unconventional wells will boost industry growth.

Big data allows better asset management, manufacturing, operations, and worker safety. The oil and gas analytics industry has observed a noteworthy shift toward the deployment of hosted services for gathering real-time data at a lower cost and augmenting production efficiency. The Oil & Gas Analytics market is dominated by the cloud segment, accounting for nearly 55% share, owing to increasing demand for reduced cost of operations and soaring demand for resource optimization.

Prominent players are investing significantly in R&D to surge digitalization in their business, which is set to offer optimum exploration and production methods. Consequently, the production of unconventional fuels is expected to augment the global oil & gas analytics market shortly.

Key Takeaways from the Market Study

  • By deployment type, the hosted segment of the Oil & Gas Analytics segment expanded at a 22% CAGR
  • Based on Application, the upstream segment of Oil & Gas Analytics is estimated to record a 23% CAGR
  • North America region is likely to account for the majority share of nearly 39% during the forecast period
  • Europe region is estimated to gain significant traction in the market for Oil & Gas Analytics, Germany is likely to hold the majority share.

“Augmenting mining activities have compelled the major oil & gas companies to minimize their operational cost and optimize their resources, thereby the adoption rate of cloud-based services for analyzing the bulk data has witnessed a significant rise in recent years,” said the research analyst of Future Market Insights.

Competitive Landscape
Key players in the global Oil & Gas Analytics market include Oracle, Microsoft Corporation, Tableau Software, IBM, Teradata, SAS Institute, Inc., SAP SE, TIBCO Software, Inc., Deloitte, Capgemini, Cognizant, Hitachi Ltd., Accenture, Cisco Systems, Inc., Hewlett Packard Enterprise Development LP., among others.

Recent key developments among players include:

  • In Dec 2021, Deloitte agreed to acquire substantially all of the assets of BIAS, a cloud consulting firm that is a leader in the Oracle Cloud Infrastructure (OCI) market with experienced cloud professionals based in the United States and India. Founded in 2000, BIAS capabilities focus on advising, implementing, and operating services for cloud infrastructure, database, middleware, applications, analytics, and security.
  • In March 2021, Tableau, the world's leading analytics platform, introduced Business Science, a new class of AI-powered analytics that lowers the barrier to data science techniques, enabling business users and analysts to make smarter decisions faster.
  • In March 2021, Hitachi, Ltd. announced to acquire GlobalLogic Inc., a leading U.S.-headquartered digital engineering services company. The acquisition is based on the definitive agreement among Hitachi Global Digital Holdings Corporation, a U.S. subsidiary, an SPC established by HGDH for the acquisition, and GlobalLogic Worldwide Holdings, Inc., the parent company of GlobalLogic.

These insights are based on a report on Oil & Gas Analytics Market by Future Market Insights

Source: Future Market Insights