Oil and Gas Analytics Market
Report ID: SQMIG10B2068
Oil and Gas Analytics Market Size, Share, Growth Analysis, By service(Professional, cloud and integration), By Deployment(On-premise, hosted), By Application(Upstream, midstream, downstream), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2068 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
88
|Figures:
76
Oil and Gas Analytics Market Insights
Oil and Gas Analytics Market size was valued at USD 6.5 billion in 2022 and is poised to grow from USD 7.97 billion in 2023 to USD 33.18 billion by 2030, at a CAGR of 22.6% during the forecast period (2023-2030).
The oil & gas industry is driven by several factors, including the increasing demand for oil & gas, growing competition, and the influence of financial capital and public scrutiny. Factors such as rising oil & gas exploration activities and global price increases in these resources are expected to drive industry growth. The use of analytics-powered programs can provide valuable insights for investment decisions and other important aspects in the industry. As governments gradually lift lockdown restrictions, the industry is expected to experience a rebound in demand. The need for analytics and data-driven solutions will be crucial for navigating the evolving landscape and uncertainties in the oil & gas sector.
US Oil and Gas Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
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Oil and Gas Analytics Market Segmental Analysis
The market is segmented into service, deployment, application and region. Based on service, the market is segmented into professional, cloud and integration. Based on deployment, the market is segmented into On-premise and hosted. Based on application, the market is segmented into upstream, midstream, downstream. Based on region, the market is segmented into North America, Asia Pacific, Latin America, Europe, and MEA.
Oil and Gas Analytics Market Analysis By Service
In the upstream analytics segment, there has been substantial growth in recent years. Upstream analytics focuses on exploration and production activities, including reservoir analysis, drilling optimization, and production forecasting. The adoption of advanced analytics tools and technologies in this segment has enabled oil and gas companies to optimize their exploration and drilling operations, resulting in improved productivity and cost reductions. By leveraging data analytics, companies can make informed decisions regarding resource allocation, equipment maintenance, and risk assessment, leading to enhanced efficiency and higher success rates in exploration and production projects. Furthermore, the growing emphasis on predictive analytics and machine learning algorithms has provided a competitive edge to companies, allowing them to identify potential reserves and predict production decline rates more accurately.
In the downstream analytics segment, there has also been a notable growth trend. Downstream analytics focuses on refining and marketing activities, including supply chain optimization, demand forecasting, and customer segmentation. The integration of analytics solutions in downstream operations has enabled oil and gas companies to streamline their refining processes, optimize inventory management, and enhance customer satisfaction.
Oil and Gas Analytics Market Analysis By Deployment
On-premises deployment involves the installation of analytics software and infrastructure within the organization's premises. This approach provides companies with direct control over their data and analytics processes, ensuring high security and compliance. On the other hand, cloud-based deployment offers a flexible and scalable solution, allowing companies to access analytics tools and insights remotely via the internet. Cloud deployment eliminates the need for extensive IT infrastructure and reduces upfront costs, making it an attractive option for many oil and gas companies. By segmenting the market based on deployment, companies can choose the deployment model that best suits their IT infrastructure, budgetary constraints, and data security requirements.
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Oil and Gas Analytics Market Regional Insights
North America has dominated the global oil and gas analytics market, primarily driven by the significant investments made in the development of shale gas reserves. The presence of key market players in the United States and the growing recognition of the benefits of analytics adoption are expected to fuel market growth. Companies across the sector in North America are leveraging various platforms to enhance operational efficiency and reduce production costs. Additionally, the region's involvement in unconventional fuel production, strategic oil storage reserves, and export activities presents lucrative growth opportunities. The United States, with its abundant recoverable unconventional gas reserves, remains a market leader in gas production.
The Middle Eastern and African market is also poised for progressive growth in the oil and gas analytics industry. This growth can be attributed to the region's rich deposits of oil and gas, which create substantial opportunities for the industry. Furthermore, the increasing prices of oil and gas are driving the adoption of analytics solutions in the region. Companies in the industry are actively embracing digital technologies, opening up significant market growth prospects. The Middle East and Africa's booming oil and gas exploration activities further contribute to the market's expansion in the region.
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Oil and Gas Analytics Market Dynamics
Oil and Gas Analytics Market Drivers
Increasing Focus on Operational Efficiency
- Oil and gas companies are increasingly adopting analytics solutions to improve operational efficiency and optimize their production processes. Analytics technologies help in streamlining operations, enhancing asset performance, and reducing downtime, leading to cost savings and improved productivity.
- The oil and gas industry generates vast amounts of data from various sources such as sensors, drilling equipment, and production facilities. Analytics solutions enable companies to extract valuable insights from this data, facilitating data-driven decision making. The demand for analytics tools is rising as companies recognize the importance of leveraging data for improved performance and strategic decision making.
- The global demand for energy continues to increase, driving the exploration and production activities in the oil and gas sector. Analytics solutions play a crucial role in optimizing production, predicting demand patterns, and managing supply chains. Additionally, price volatility in the energy market necessitates the use of analytics to monitor and respond to market changes effectively.
Data Security and Privacy Concerns
- The oil and gas industry deals with sensitive and confidential data, including exploration findings, production plans, and financial information. Ensuring data security and privacy is a significant challenge for implementing analytics solutions. Companies need robust data protection measures and compliance with regulatory requirements, which can be a constraint for market growth.
- Implementing analytics solutions in the oil and gas industry requires significant investments in infrastructure, software, and skilled personnel. Integration with existing systems and workflows can be complex and time-consuming. The high upfront costs and integration challenges can act as barriers for smaller players or companies with limited budgets.
- The oil and gas industry has traditionally relied on manual processes and legacy systems, which may hinder the adoption of analytics technologies. Legacy infrastructure and a lack of digitalization can make it challenging to integrate analytics solutions seamlessly. Overcoming resistance to change and fostering a digital culture within organizations can be a restraint for market growth.
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Oil and Gas Analytics Market Competitive Landscape
The global oil and gas analytics market is highly competitive, characterized by the presence of several key players striving to gain a competitive edge. These companies are focusing on strategic initiatives such as mergers and acquisitions, partnerships, and collaborations to expand their market presence and enhance their product offerings. Moreover, companies are investing in research and development activities to develop advanced analytics solutions that cater to the specific needs of the oil and gas industry. The market is witnessing intense competition among major players, including IBM Corporation, SAP SE, Oracle Corporation, Halliburton, Schlumberger Limited, and Accenture PLC. These companies are leveraging their technological expertise, global reach, and strong customer relationships to gain a competitive advantage. Additionally, there is a growing trend of startups entering the market, offering niche analytics solutions and challenging established players. Overall, the competitive landscape of the global oil and gas analytics market is dynamic and driven by innovation and market expansion strategies.
Oil and Gas Analytics Market Top Player’s Company Profiles
- Halliburton - United States
- Schlumberger Limited - United States
- Accenture PLC - Ireland
- SAS Institute Inc. - United States
- Hitachi Vantara Corporation - United States
- General Electric Company - United States
- Microsoft Corporation - United States
- Teradata Corporation - United States
- Siemens AG - Germany
- Capgemini SE - France
- Cisco Systems, Inc. - United States
- Intel Corporation - United States
- TIBCO Software Inc. - United States
- Palantir Technologies Inc. - United States
- Amazon Web Services, Inc. - United States
- Teradata Corporation - United States
- Hortonworks Inc. (now part of Cloudera) - United States
Oil and Gas Analytics Market Recent Developments
- In September 2021, Cognite, a Norwegian industrial AI software company, acquired Oil and Gas IoT (OGI) provider, Service Robotics Limited, to strengthen its portfolio of digitalization solutions for the oil and gas industry.
Oil and Gas Analytics Key Market Trends
- The global oil and gas analytics market is increasing adoption of advanced technologies such as artificial intelligence (AI) and machine learning (ML) to enhance analytics capabilities. Oil and gas companies are leveraging AI and ML algorithms to analyze large volumes of data and extract valuable insights for decision-making. These technologies enable predictive maintenance, anomaly detection, and optimization of drilling and production operations, resulting in improved operational efficiency and cost savings.
Oil and Gas Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global oil and gas analytics market is expected to witness significant future growth driven by several factors. Firstly, the increasing adoption of advanced analytics solutions by oil and gas companies to enhance operational efficiency, optimize production, and reduce costs will fuel market expansion. Additionally, the growing demand for energy, coupled with price volatility, will drive the need for accurate forecasting, demand analysis, and supply chain optimization, creating opportunities for analytics providers. Moreover, the rising focus on digital transformation and the integration of emerging technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) in the oil and gas sector will further propel market growth. As companies seek to extract meaningful insights from vast amounts of data generated by connected assets, the demand for sophisticated analytics tools will continue to rise.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.5 billion |
| Market size value in 2031 | USD 33.18 billion |
| Growth Rate | 22.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Oil and Gas Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Oil and Gas Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Oil and Gas Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Oil and Gas Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oil and Gas Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Oil and Gas Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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