Oil and Gas Analytics Market is valued at USD 6851.4 Million in 2018 and expected to reach USD 22085.2 Million by 2025 with a CAGR of 18.2% over the forecast period.
The oil & gas industry is experiencing a tough environment due to costs escalatations and operational processes required the refinement. And makes it more challenging to find, extract, and produce oil & gas due the inclination of oil & gas companies towards more advanced technologies. Oil and gas industry deals with oil and gas production, refinery, transportation, storage and sale of oil and gas. Related areas of industry are geophysics, drilling andproduction of oil and gas. Oil and gas industry is divided into three stages, such as exploration and production (upstream), preparation and transportation (midstream), processing and sale (downstream). Oil and gas analytics softwares help to enhance the productivity, improvise operation and find out the core reason for production loss and it also helps the decision makers to accurate forecasting and reduce costing. It has a great potential to improve operational efficiency and to save on efforts, time and costs.
Oil and gas analytics market is segmented on the basis of deployment, application, services and region. Based on deployment the market is divided into on-premise and hosted. Based on application, the market is segmented into upstream, midstream and downstream. Based on services, the market is segmented into professional, cloud, integration and big data & predictive analytics.
The regions covered in this Oil and Gas Analytics Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of oil and gas analytics Market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key players of the Oil and Gas Analytics Market are
By Regional & Country Analysis:
Increasing Demand of Oil and Gas is Driving the Growth of Global Oil and Gas Analytics Market.
In 2018, Oil consumption was increased by an above-average i.e. 1.4 million barrels per day, global natural gas production increased by 190 billion cubic meters, nearly half of this came from the USA i.e. 86 billion cubic meters. In addition, increasing advancements in technology to lower the maintenance and operational cost is also fostering the growth of oil and gas analytics market. Developing technologies in the oil and gas analytics are creating a huge volume of data, which can be analyzed using various analytical engines and this helps to increase the profitability in the oil and gas analytics market. However, stringent regulations in oil and gas industry and price instability of oil and gas are hindering the oil and gas analytics market growth. Increasing technological advancements in analytics solution in the oil and gas industry may offer a lucrative opportunity for the oil and gas analytics market within the forecast period.
North America is Expected to Dominate the Global Oil and Gas Analytics Market
North America region holds the largest market share in oil and gas analytics market due to increasing demand of oil and gas in developed economies like United States. In 2018, oil production in U.S. was increased with 2.2 million b/d; it was a record for any country in year. Natural gas production in U.S. is half of total natural gas production in world. This implies the growth of the oil and gas analytics market. Middle East and African region hold the second largest share of oil and gas analytics market due to production of oil and gas in the many countries like Saudi Arabia, UAE, Iraq, Iran and etc.
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