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Oil & Gas Analytics Software Market By Operation (Upstream, Midstream, Downstream), By Deployment Type (On-premise, Hosted) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Oil and Gas Companies Rely on Data Analytics to Generate Growth

The oil and gas analytics software market was valued at $2.34 billion in 2017 and is expected to grow at a CAGR of 17.5% from 2018 to 2026. Just like other industries, the oil and gas industry needs to understand how big data can be optimally used and what applications are possible. Data will continue to be a booming business considering that C-level executives are focusing on recognizing the value of data, and trends like real-time analytics are gaining in prominence. As per recent findings, an increasing number of oil and gas companies are relying on data analytics in order to generate growth. The benefit of data analytics software is evident in the fact that oil and gas companies that have implemented it outperform their competitors. These companies are focusing on how to efficiently utilize data and use it in a greater number of ways in order to create value for the business. Moreover, it also helps oil and gas companies understand various parameters, such as market demand and regulations existing in the field. These applications cater to the needs of upstream, midstream, and downstream applications. It helps a great deal to enhance productivity by improving operations and, at the same time, finding out the core reason for production loss. Therefore, a huge amount of data can be analyzed by using this analytics software, and the market is expected to witness significant growth during the forecast period.

Companies assisting the growth of the Oil and Gas Analytics Software Market generate massive amounts of data.

The increase in data volume generated across the oil and gas industry is one of the most prominent factors aiding the oil and gas analytics software market's growth. Moreover, the fact that the methods for collecting a wide range of data types have also improved over the years is further encouraging market growth. Companies typically have access to a large volume and diversity of data. There has been an increasing focus on the part of oil and gas companies on how to efficiently utilize these data, improve business processes, and at the same time, identify or estimate future trends. Moreover, oil and gas companies are also adopting analytics software, considering that it is helpful in reducing costs. In addition, the oil and gas analytics software market growth is expected to be positively influenced as a result of a large number of companies adopting it to expand their market reach and attain an enhanced customer experience. However, despite the numerous benefits offered by data analytics software, it introduces challenges that businesses cannot ignore. One of the challenges is that businesses are required to comply with legal and regulatory regulations when engaging in data analysis. Moreover, data privacy and ownership are other major factors influencing the large-scale implementation of oil and gas analytics software.

Market Synopsis

Technological Advancements in Big Data and Analytics Solutions

With data occupying the center stage in terms of the most prized asset for an organization, the vendors in the oil and gas analytics software market are utilizing technologies such as big data in order to derive meaningful insights from data. When combined with advanced big data technologies, data such as seismic, drilling logs, operational parameters such as drill bit RPMs and weight on bit, frac performance data, and production rates can be a source of profitable revenue. The advent of big data has made companies realize how important a role data can play in the development of their businesses. Thus, with increasing data awareness, the popularity of big data has increased across the oil and gas industry.

Upsurge in the Exploration and Production of Unconventional Oil and Shale Gas in North America: Supporting Market Growth

North America represents the largest regional market for oil and gas analytics software worldwide. The value share of North America in the global oil and gas analytics software market stood at more than 35% in 2017. High progress rates in oil and gas exploration and production in the region are one of the most prominent factors contributing to the increasing adoption of oil and gas analytics software. In recent years, the region has witnessed an upsurge in the exploration and production of unconventional oil and shale gas. Moreover, a few years back, North America was severely hit by the oil price slump, a factor further contributing to the increasing implementation of analytics software.

Periods of History and Forecast

This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The report elucidates the detailed outline of the global oil and gas analytics software market by categorizing it in terms of operations, deployment type, and geography.

Key players profiled in the report include Hitachi, Hewlett-Packard, IBM, Oracle, Northwest Analytics, SAS Institute, SAP AG, Tibco Software, Teradata, and Cisco Systems, among others.

Key questions are answered in this report.

  • What was the size of the global oil and gas analytics software market in 2017, and what is the forecast for 2026?
  • What are the current trends in the oil and gas analytics software market?
  • What are the various valuable opportunities for the players in the market?
  • Which is the largest regional market for oil and gas analytics software?
  • Which region is expected to have the fastest growth and why?
  • What are the future prospects for the oil and gas analytics software market?
  • What are the major drivers and restraints influencing the market's growth?
  • What are the key strategies adopted by the leading players in the market?

Frequently Asked Questions:

The market for Oil & Gas Analytics Software is expected to reach US$ 2.34 Bn in 2026.

The Oil & Gas Analytics Software market is expected to see significant CAGR growth over the coming years, at 17.5%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

Hitachi,Hewlett-Packard,IBM,Oracle,Northwest Analytics are some of the major players in the global market

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Trusted By
Godaddy
Published Date:  Oct 2018
Category:  Technology & Media
Report ID:   59407
Report Format:   PDF
Pages:   120
Rating:    4.4 (69)
Delivery Time: 24 Hours to 48 Hours   
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