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Albany, New York, July 16, 2019 (GLOBE NEWSWIRE) -- Analytics nowadays play a significant role in developing complete knowledge about any particular market. Similarly, use of advanced technology has increased in oil and gas industry that is fueling demand for oil and gas analytics. Increasing demand for oil and gas across the globe is the major driver augmenting demand in the global oil and gas analytics market. Moreover, to understand untapped value of big data in the oil and gas industry is also pushing demand for oil and gas analytics.
The global oil and gas analytics market is expected to be moderately fragmented due to the presence of few global and regional players. Cisco Systems, Hewlett-Packard, Accenture, EMC Corporation, Oracle, IBM Corporation, Microsoft Corporation, and SAP AG are some of the leading players in the global oil and gas analytics market. In 2014, Oracle Corporation, IBM Analytics, and SAP SE collectively held 23% share in the market. Fluctuating prices of oil and gas globally have resulted in increased pressurized crude extractors and refiners to resolve cost issues by optimizing their process and improving their production efficiencies. By adopting oil and gas analytics, crude oil players can benefit immensely and oil and gas analytics is expected to help in gaining higher ROI over the period.
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The demand for upstream application is higher and dominating the global oil and gas analytics market. Key functions of upstream application include risk assessment, asset maintenance, production optimization, and drilling optimization. All these factors are in high demand in the crude industry, due to which this segment is rising at a rapid rate. However, stringent regulations and compliances over the oil and gas industry, price volatility in oil and gas market, increasing competition, and harsh climatic conditions might restrict the growth in the global oil and gas analytics market.
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Middle East and Africa to Lead Oil and Gas Analytics Market Due to Large Oil Fields
Based on regional growth, the Middle East and Africa are leading the global oil and gas analytics market. In the forthcoming years as well, these regions are likely to lead the global oil and analytics market. Major countries in the Middle East including Iran, the UAE, Saudi Arabia, and Iraq have huge oil reserves, which makes them the leaders in the global oil and gas market. Therefore, players in these regions require advanced solutions and techniques to analysis their oil reserves, which will further drive the demand in the global oil and gas analytics market.
Besides these regions, oil and gas reserves are also found in the U.S., Canada, Russia, the U.K., India, Brazil, and Mexico, where crude oil players can deploy oil and gas analytics to get systematic analysis. Thus, North America and Asia Pacific are other two key regions where the demand for oil and gas analytics market is increasing at a significant rate.
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Rising Adoption of Oil and Gas Analytics to Provide a Solution to Modify Organizational Data
Changing lifestyle and increasing need for travel and transportation have resulted in higher consumption of oil. As compared to previous years, consumption of oil has boosted considerably resulting in exhaustion of fossil fuels; this has in turn depleted oil and gas reserves and brought the international oil and gas authorities at questioning position. Therefore, to understand availability of oil and gas in reserves, oil and gas analytics come into great use. The oil companies need to change their current operational techniques to manage the productivity losses from the limited oil resources. Oil and gas analytics will not only provide solution to alchemize the organizational data and its implication on the assets for the company.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Oil & Gas Analytics Market (Application - Upstream, Midstream, Downstream) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 - 2024”.
The global oil & gas analytics market has been segmented as below:
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