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2024 Projections: Oil and Gas Analytics Market Report by Type, Application and Regional Outlook

Author : Rahul Sankrityayan | Published Date : 2019-09-19 

Oil and Gas Analytics Market  report provides a detailed analysis on the industry size, revenue forecasts and geographical landscape pertaining to this business space. Additionally, the report highlights primary obstacles and latest growth trends accepted by key players that form a part of the competitive spectrum of this business.

The exponentially increasing demand from refineries for petroleum products will lead oil and gas analytics market to exhibit a flourishing growth rate in the years ahead. To fulfill the surging need for fossil fuels, O&G companies are adopting digital technologies to enhance their productivity and reduce costs. The adoption of analytic tools is likely to increase production efficiency by 6% to 8%. This, in turn, will stimulate oil and gas analytics industry size considerably.

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Upstream application in oil and gas analytics industry was worth USD 2 billion in 2015 and will register a noticeable growth rate of more than 20% over the coming seven years, owing to the growing prevalence of unconventional and offshore drilling activities.

Of late, companies have been implementing analytics tools to find out real-time data at minimized cost. TIBCO company has adopted this technology to optimize their production and exploration costs. Other key players sharing the oil and gas analytics market space are Cognizant, Accenture, Oracle, Teradata, Capgemini, Drilling Info Inc., Hitachi, Ltd., Tableau Software, Microsoft, Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, SAP SE, and IBM.

Oil and gas analytics market players implement professional, cloud-based, and integration analytics services to obtain real time information. Oil and gas analytics market from cloud-based services will record an annual growth rate of more than 21% over the coming seven years. This growth can be attributed to increasing demand for cloud infrastructure.

Oil and gas analytics industry from midstream applications, having accounted for more than 21% of the overall share, will generate a considerable revenue by 2024, primarily driven by surging product demand from midstream applications. Pipeline SCADA, one of the sub-segments categorized under midstream applications, is predicted to surpass a revenue collection of USD 2 billion by 2024. The surging need to extract accurate and real-time information will propel oil and gas analytics market growth from pipeline SCADA applications.

U.S. oil and gas analytics industry size generated a revenue of USD 1 billion in 2015 and is anticipated to record an annual growth rate of more than 19% over the period of 2016 to 2024. Escalating shale gas exploration activities in the region along with surging efforts to increase the overall production capacity will augment the product demand.

In Europe, Norway oil and gas analytics market, having had a revenue of USD 286 million in 2015 will exhibit a CAGR of more than 19% over the coming years of 2016 to 2024, owing to the growing adoption of digital technology across this region. The usage of digital technology will positively impact the oil and gas analytics market, subject to the reduced production and operational costs.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Related Report: https://www.benzinga.com/press-releases/19/09/wr14441764/2024-projections-lithium-ion-battery-market-report-by-type-application-and-regional-outlook    

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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