Oil and Gas Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

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Oil and Gas Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

Status : March, 2020 | Energy & Mining | PPT format

Report Digest


Global Oil and Gas Analytics Market: Snapshot 

The use of oil and gas analytics is gaining significance for automating processes and guiding decisions regarding various activities associated with exploration, development, and production of oil and natural gas. With each passing day, the exploration and production of new hydrocarbon reserves is getting riskier, technologically as well as economically. This continuously generates large volumes of data associated with each aspect of manpower, materials, and machinery used in the entire process, starting with the survey of potential drilling sites in conventional and unconventional oil and gas reserves. The oil and gas industry is always seeking better and innovative ways to interpret, integrate, and exploit these analytics—especially gathered during exploration—to make accurate business decisions. The smarter use of ever-growing burgeoning data sets helps oil and gas companies to enhance recovery rates, minimize environmental and human safety concerns, and considerably reduce drilling expenses.                                                         

In recent years, the emergence of big data and the development of mechanisms to exploit these data have largely transformed the oil and gas analytics market. The growing adoption of Internet of things (IoT) and sensors has increasing added to the capabilities of oil and gas analytics to guide decisions. Big data analytics are increasingly being used by oil and gas majors such as Royal Dutch Shell, BP, Total, ExxonMobil, and Chevron to streamline various workflows that include refinement, transport, and retail distribution of oil and gas. The oil and gas analytics has occupied crucial point between data scientists and technical petroleum professionals including engineers. This has at times led to interesting technology breakthroughs in oil and gas exploration and production. Furthermore, witnessing the possibility of potential rewards, several major technology players such as Amazon, IBM, and Microsoft are offering innovative offerings to drive analytics-driven decisions.

Global Oil and Gas Analytics Market: Overview

Oil and gas analytics instrument is employed to obtain actionable judgment for improving upstream, downstream, and midstream business processes. This is done by analyzing big data in order to provide real-time analysis for accurate decision making, enhancing productivity, reducing finance risk, and for finding the major cause of production loss.

The report presents facts and figures relevant to the global oil and gas analytics market in a chronological order. With an analysis of past and current growth trends, analysts present satisfactory predictions regarding the growth prospects of the market. Thus, the users of the report receive accurate predictions of the global oil and gas analytics market that can be utilized to devise cutting-edge business strategies for the future. Using standard analytical tools such as SWOT analysis and Porter’s Five Forces analysis, the market study presents useful insights about the indices of strengths, weakness, opportunities, and threats of the market from 2017 to 2025.

Global Oil and Gas Analytics Market: Drivers and Restraints

The plummeting crude oil prices combined with high costs of exploration and production of conventional and unconventional resources is driving the global oil and gas analytics market. The use of analytic tools is effective for obtaining real-time data at reduced cost and to improve production efficiency from 6% to 8%. The rising demand for midstream infrastructure will also augment the growth of this market over the next few years. Moreover, increasing volume of data in the oil and gas industry will further fuel the growth of the oil and gas analytics market between 2017 and 2025.

The abundance of unconventional resources in the U.S. is further favoring the market’s growth. In 2016, a U.S. based company Cobalt discovered a natural gas well in Block 20 offshore Angola and recent exploration of the well by Sonangol is expected to produce 2 million barrels of oil per day for the next three years.

The expansion of oil and gas refineries to cater to the increasing demand for petroleum products is expected to boost the growth of the oil and gas analytics market. For instance, in 2016, ExxonMobil announced that it will expand the refining capacity of Beaumont refinery to 40,000 barrels by 2018.

Strict government regulations for enhanced safety during oil and gas operations will further boost the market’s growth. The increasing investments in digital technology by oil and gas companies for increasing workforce productivity and reducing cost will fuel the growth of the global oil and gas analytics market in the coming years.

Global Oil and Gas Analytics Market: Regional Outlook

North America is the largest market for oil and gas analytics. In this region, the U.S. contributes significantly to the growth of this market due to the increasing exploration of unconventional resources. However, Asia Pacific is expected to emerge as a significant market for oil and gas analytics. The increasing number of refineries in India combined with the increasing capacity of existing refineries is fuelling the growth of the regional market. Europe accounts for a significant share in the global oil and gas analytics market. The increasing adoption of digital technology for optimizing oil and gas operations will drive the oil and gas analytics market in this region.

Major Companies Mentioned in Report

Some of the leading companies in the global oil and gas analytics market are Accenture, Drillinginfo Inc., Tableau Software, Capgemini, Deloitte, SAP SE, IBM, Hewlett Packard Enterprise Development LP, Cognizant, Oracle, Hitachi Ltd., Cisco Systems Inc., Microsoft, TIBCO Software Inc., and SAS Institute Inc.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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