Oil & Gas Analytics Market
Oil & Gas Analytics Market (Service: Professional, Cloud, and Integration; Deployment: On-premise and Hosted; and Application: Upstream, Midstream, and Downstream) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Uncertainty for M&A Deals amidst COVID-19 Outbreak Fuels Demand for Predictive Analysis
Machine Learning (ML) and Artificial Intelligence (AI) are known for predictive analysis. Hence, companies in the oil & gas analytics market should develop platforms using ML and AI to ease uncertainty pertaining to oil & gas mergers and acquisitions amidst the ongoing coronavirus (COVID-19) era. The pandemic has caused uncertainty for planned mergers & acquisitions (M&A) in the oil & gas sector, as the virus has caused disruptions in the supply and demand across critical industries.
The oil & gas industry has been plagued with oversupply and declining prices due to the ongoing price war between Saudi Arabia and Russia, thus causing a dilemma for planned M&A agreements. Several hundred M&A deals are at stake due to the COVID-19 pandemic. Hence, companies in the oil & gas analytics market should capitalize on this opportunity to develop software that enable stabilization of supply and demand ratio in the oil & gas industry.
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IoT-enabled Connected Devices Exhibit Data Transformation in Oil & Gas Analytics
The oil & gas analytics market is anticipated to surpass US$ 49 Bn by the end of 2030. Despite having vast data sources, end-users lack the right tools and expertise to track various data points of oil & gas analytics. Hence, companies are upgrading IT (Information Technology) platforms so that end users can seamlessly track the data points of oil & gas analytics.
Bizmetric-a technologically driven company exhibiting data transformation is helping its oil & gas clients deploy IoT (Internet of Things)-driven applications in today’s digitized era. The involvement of connected devices is one of the key factors for the deployment of IoT in oil & gas analytics. Sensor-enabled devices deliver accurate information in data prediction.
AI-based Platforms Predict Operational Failures Hampering Production Activities
Artificial intelligence is revolutionizing the oil & gas analytics market. However, capitalizing on the data can be potentially challenging for stakeholders in the oil & gas industry. Hence, companies are introducing AI-based solutions to automate end-to-end processes of the upstream sector. Oil & gas analytics is being highly publicized to accelerate the pace of production and ensures site development. Favorable market drivers contribute toward a striking CAGR of ~15% for the oil & gas analytics market during the assessment period.
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Production analytics for the energy industry has helped to optimize operational efficiency, where oil & gas companies can gain a competitive edge over other market players. Since multiple operations run parallel in the energy industry, oil & gas analytics have become crucial for stakeholders to predict any occurrences or failures that might hamper production activities.
Companies Enhance Marketing Strategies to Bolster Adoption of Analytics Platforms
Digital technologies in the oil & gas industry have interconnected devices that benefit stakeholders in the value chain. Likewise, oil & gas analytics has established predictive maintenance and smart drilling activities that result in cost and time efficiency. Smart oilfields are driving profitability for oil & gas organizations. However, the pace of oil & gas analytics adoption is relatively slow, which poses as a hurdle for market growth. Hence, companies in the oil & gas analytics market are bringing significant changes in their marketing, sale, and service strategies to increase the pace of analytics adoption.
Analytics startups in the oil & gas analytics market are increasing their focus in oil exploration for clients. Careful analysis of geological data to choose the best drilling locations has become increasingly important for oil & gas organizations. Oil & gas analytics are now capable of providing intelligent and real-time management of gas hydrates.
Cloud-based Analytics Tools Empower Users with Enhanced Field Productivity
Digital tools such as robotics, predictive maintenance, and connected work technologies are becoming increasingly mainstream in the oil & gas industry. These trends are fueling the adoption of cloud-based analytics tools in order to achieve cost savings. Hence, companies in the oil & gas analytics market are increasing their R&D activities to innovate in cloud-enabled platforms to meet end-user demands. As such, the success of cloud-based tools relies on the usage of specialized sensors that capture real-time information from physical assets, thus leaving enough scope for innovation.
With the help of cloud-based tools, oil & gas operators can analyze all types of data on the fly to accelerate decision-making and deploy transparency in operations. Companies in the oil & gas analytics market are innovating in platforms that enhance field productivity and empower users with real-time feedback on equipment performance.
Data Integration across Oil & Gas Fields Help in Cost Saving
Predictive analytics in the oil & gas industry is found to reduce risk and facilitate fast decision-making. Teradata Corporation-a provider of database and analytics-related software is increasing its portfolio in oil & gas analytics to offer users a holistic view of their data points regarding drilling and completions, production, and refining. Companies in the oil & gas analytics market are increasing their focus in drill bit failure analysis and enterprise analytics applications to eliminate the complexity of enterprise application integration.
Attaining real-time visibility and control over maintenance costs has helped to create incremental opportunities for oil & gas analytics providers. As such, data integration has become increasingly important for end-users, as platforms help to in-sync data from all sources such as rigs, field assets, sensors, and plants.
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Advanced analytics-driven programs help oil & gas operators to gain insights pertaining to investment decisions amidst the ongoing coronavirus era. Refinery optimization with the help of oil & gas analytics is found to increase return-on-investment. Increasing number of oil & gas operators are formulating their innovation strategies using oil & gas analytics platforms in order to deploy cost savings.
However, structuring new data sources, whilst storing existing data can be potentially challenging for end users. Hence, companies in the oil & gas analytics market should increase the availability of platforms that require simple loading of information to meet convenience needs of users.
Oil & Gas Analytics Market: Overview
- Large amounts of field data and machine learning algorithms are used in oil & gas analytics to enable predictive analysis and Big Data insights. Oil & gas analytics operators and managers use this data to maximize yield, accelerate innovation, and reduce risks.
Rise in Unconventional Oil & Gas Production to Drive Oil & Gas Analytics Market
- Unconventional oil & gas includes shale gas, tight gas, gas hydrates, and coal bed methane. Unconventional oil & gas has been an important breakthrough for the global oil industry.
- According to The World Energy Council, the U.S. has 1,161 trillion cubic feet of technically recoverable unconventional gas. China has 1,115 trillion cubic feet of unconventional gas. The U.S. was the leading country in terms of production of unconventional gas in 2018. Its annual production of unconventional gas stood at 22 trillion cubic feet in 2018. China’s production output stood at 10 trillion cubic feet in the same year.
- Oil & gas analytics help producers extract unconventional fuels. Companies are investing significantly in research and development, along with adoption of oil & gas analytics software to come up with optimal methods of extraction. Thus, production of unconventional fuels is expected to augment the global oil & gas analytics market in the near future.
Poor Quality of Data and Resistance toward Data Integration to Hamper Oil & Gas Analytics Market
- Professionals in the oil & gas industry are striving to improve the data quality necessary for sophisticated analytics, which provide insights using real-time data across multiple assets and range of activities (including operations and back-office functions)
- Current technological resources and systems are some of the key reasons for low data quality. Thus, data integration creates a major hurdle with regard to data quality and the ability to analyze data. Analysts, managers/senior managers, and other professionals manage analytics by specific function or department. This inhibits an integrated approach to end-to-end workflows.
- Instead of taking an organization-wide approach, most oil & gas companies manage analytics software and systems at the departmental level. There exists a lack of focus on the application of analytics on the core process of production in the oil & gas industry. For instance, the CEO and back-office staff might have worked together to help achieve corporate goals related to improved data management, reporting, and analytics. However, the efforts in the field have remained ad-hoc and isolated. Attempts to bridge gaps and improve integration are often limited due to complexity and lack of prioritization.
- There also exists data disconnect between what is collected and its relevance in the oil & gas business. Thus, poor quality of data and resistance toward data integration are expected to hamper the global oil & gas analytics market during the forecast period.
Rise in Demand for Analytics in Oil & Gas Industry to Offer Lucrative Opportunities for Global Oil & Gas Analytics Market
- Oil & gas analytics services have been used in the oil & gas industry since many years. However, applications of analytics in the oil & gas industry have been limited in the past. The oil & gas industry started adopting oil & gas analytics services on a wide scale from 2014, primarily due to the plummeting oil & gas prices and need for optimization of operations.
- The oil & gas industry constantly faces the challenge of resource optimization and supply-demand gap. Oil & gas industry players have started adopting newer technologies and processes to optimize operations; and improve profits in the period of low oil prices and increasing costs of E&P activities.
- Adoption of oil & gas analytics solutions is one of the highly feasible and practical approaches for the challenges faced by the oil & gas industry. Most of the major players in the oil & gas industry have been adopting analytics services for resource optimization and for bridging the gap between demand and supply.
- Small- and medium-scale players in the oil & gas industry are likely to adopt analytics services in the near future, owing to the constant improvements in technology and increase in integration of large-scale data
- Thus, demand for analytics in the oil & gas industry is estimated to rise at a fast pace during the forecast period. This is likely to provide lucrative opportunities for the oil & gas analytics market during the forecast period.
Recent Developments, Expansions, Acquisitions, and New Contracts in Oil & Gas Analytics Market
- In June 2020, Hitachi, Ltd. and Microsoft Corp. announced that they had entered into a multiyear strategic alliance to accelerate the digital transformation of manufacturing and logistics industries across Southeast Asia, North America, and Japan
- In July 2020, Capgemini announced that it had been selected as the strategic technology partner for the Financial Services Compensation Scheme (FSCS). Under the new five-year agreement, Capgemini will use FSCS to drive innovation through the adoption of digital, cloud, and application technologies.
North America Dominates Global Oil & Gas Analytics Market
- North America dominated the global oil & gas analytics market in 2019. Growth of the oil & gas analytics market in the region can be ascribed to the ongoing investment in development of shale gas reserves. According to BP Statistical Review, North America was the second-largest producer of oil and the largest producer of gas in the world in 2018. North America achieved this feat through increase in production of shale oil & gas in the U.S. This has resulted in the U.S. becoming a net exporter of crude oil for the first time in a decade.
- Europe is estimated to be a highly attractive region of the global oil & gas analytics market during the forecast period. Russia & CIS countries accounted for major share of the market in Europe in 2019. Europe is the third largest oil producer and second largest gas producer in the world.
- The oil & gas analytics market in Middle East & Africa is estimated to witness significant growth during the forecast period. Middle East & Africa was the largest producer of crude oil and the third-largest producer of natural gas in 2018. Rise in investments in the oil & gas industry in the Middle East & North Africa is likely to augment the oil & gas analytics market in the region in the near future.
Highly Competitive Global Oil & Gas Analytics Market
- The global oil & gas analytics market is moderately fragmented, with the presence of small numbers of players operating at local, regional, and international levels
- Key players operating in the global oil & gas analytics market include
- IBM Analytics
- Oracle Corporation
- SAP SE
- Microsoft Corporation
- Hewlett Packard Enterprise Development LP
- Northwest Analytics, Inc.
- TABLEAU SOFTWARE, LLC
Oil & Gas Analytics Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global oil & gas analytics market to accurately gauge its future development. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for the growth of the global oil & gas analytics market, to identify opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the global oil & gas analytics market is expected to progress during the forecast period of 2020 to 2030.
The report offers intricate dynamics about the different aspects of the global oil & gas analytics market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the global oil & gas analytics market during the forecast period. It also includes key indicator assessment to highlight the growth prospects of the global oil & gas analytics market, and estimate statistics related to the market progress in terms of value (US$ Mn).
This study covers a detailed segmentation of the global oil & gas analytics market, along with key information and a competitive outlook. The report mentions company profiles of key players that are currently dominating the global oil & gas analytics market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Oil & Gas Analytics Market
The report provides detailed information about the oil & gas analytics market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the oil & gas analytics market so as to help them make successful strategies and target-driven decisions.
Key Queries Addressed in Report
- Which type of service of oil & gas analytics will emerge as the leading revenue generator for the market during the forecast period?
- How are key market players successfully earning revenue in the competitive oil & gas analytics market?
- What will be the y-o-y growth of the oil & gas analytics market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the oil & gas analytics market?
- Which application is expected to have maximum potential for oil & gas analytics during the forecast period?
Research Methodology – Oil & Gas Analytics Market
The research methodology adopted by analysts for combining the global oil & gas analytics market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global oil & gas analytics market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through the interviews of genuine resources, analysts emphasized on the changing scenario of the global oil & gas analytics market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the global oil & gas analytics market.
Oil & Gas Analytics Market – Segmentation
TMR’s research study assesses the oil & gas analytics market on the basis of service, deployment, application, and region. This report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the oil & gas analytics market.