PUBLISHER: The Business Research Company | PRODUCT CODE: 1428370
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428370
Oil and gas analytics involve a statistical method aimed at enabling predictive analysis, reducing market risk, maximizing yield, and accelerating the performance of the oil and gas industry. These analytics employ a set of techniques to extract trends and patterns from data, facilitating the decision-making process and optimization.
The primary types of offerings in oil and gas analytics are hardware, software, and services. Hardware refers to the tangible parts and gadgets used in building computer systems or other electrical devices. It includes all the physical components of a computer or technological equipment that are touchable and visible. This hardware can be deployed either on-premise or hosted and is utilized by various user types, including large enterprises and small to medium-sized businesses, across applications such as upstream, midstream, and downstream operations.
The oil and gas analytics market research report is one of a series of new reports from The Business Research Company that provides oil and gas analytics market statistics, including oil and gas analytics industry global market size, regional shares, competitors with an oil and gas analytics market share, detailed oil and gas analytics market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas analytics industry. This oil and gas analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The oil and gas analytics market size has grown rapidly in recent years. It will grow from $17.04 billion in 2023 to $20.32 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth observed in the historical period can be attributed to the growth in global energy demand, an increase in exploration and production activities, the adoption of advanced data analytics tools, the demand for operational efficiency in oilfields, and the rise of big data analytics in the energy sector.
The oil and gas analytics market size is expected to see rapid growth in the next few years. It will grow to $38.7 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The anticipated growth in the forecast period can be attributed to a focus on asset optimization and predictive maintenance, the implementation of IoT devices in oil and gas operations, the adoption of cloud-based analytics platforms, an increased emphasis on cybersecurity in analytics, a focus on environmental and regulatory compliance, and the rise of remote monitoring and control systems. Major trends in the forecast period include the integration of artificial intelligence in analytics, technological advances in sensor technologies, the expansion of digital twin technology in oilfields, the integration of machine learning for predictive analytics, the use of edge computing for real-time analytics, and the integration of blockchain for secure data management.
The anticipated rise in the demand for oil and gas is poised to drive the growth of the oil and gas analytics market in the foreseeable future. Oil and gas represent the primary natural resources extracted for electricity generation, heating, and vehicle fuel. The significance of oil and gas analytics in these industries is underscored by their extensive use to glean valuable insights, reduce production costs, enhance well integrity, enable preventive and predictive maintenance, optimize operations, and facilitate data-driven decision-making. As of December 2022, reports from the Energy Information Administration (EIA), a US government agency, indicated an increase in US oil production from 11.2 million barrels per day (b/d) in 2020 to 11.6 million b/d in 2021. Similarly, natural gas production rose from 112.6 billion cubic feet per day in 2020 to 118.7 billion cubic feet per day in 2021. Thus, the surging demand for oil and gas is a driving force for the expansion of the oil and gas analytics market.
The growing adoption of the Internet of Things (IoT) is expected to fuel the growth of the oil and gas analytics market. IoT, a networked system of interconnected computing devices and machinery capable of data transfer without human intervention, is increasingly employed in the oil and gas industry. IoT devices provide real-time data from equipment and facilities, facilitating advanced analytics for predictive maintenance, operational efficiency, and informed decision-making. As of April 2022, the global count of IoT devices is projected to nearly triple, reaching over 24.1 billion by 2030, according to the CRO Forum, a Netherlands-based insurance company. This upsurge in IoT adoption continues to propel the oil and gas analytics market.
A prominent trend in the oil and gas analytics market is the emphasis on technological advancements by major industry players. Notably, companies are dedicated to developing revolutionary technologies to enhance their market presence. In June 2023, TGT Diagnostics, a UAE-based oil and gas analytics and diagnostics company, introduced ChorusX, an innovative diagnostic tool utilizing acoustic array technology. ChorusX employs eight nano-synchronized sensors to capture high-resolution flow noises, enabling energy companies to accurately identify and map fluid movement across well-reservoir systems. This advancement not only aids in maintaining well cleanliness but also enhances safety and efficiency through early problem detection.
Major companies in the oil and gas analytics market are increasingly focusing on introducing innovative offerings, such as subscription services, to gain a competitive edge. Subscription services involve customers paying recurring fees at regular intervals for continued access to a product or service. For instance, in September 2023, Data Kinetic, a US-based technology company, launched an Applied AI Solutions Suite for the Oil and Gas Industry. This subscription service provides a catalog of machine learning models designed to accelerate the adoption of applied AI in the sector, thereby improving processes and profitability in oil and gas exploration and production.
In July 2021, Hitachi Ltd., a Japan-based conglomerate corporation, acquired GlobalLogic Inc. for an undisclosed amount. This acquisition aims to enhance Hitachi Group's capabilities in delivering social innovation through digital technology, expand its global footprint, and deepen its expertise in digital engineering. GlobalLogic Inc., a US-based digital product engineering company, offers various services to oil and gas companies, including data analytics, machine learning, and artificial intelligence.
Major companies operating in the oil and gas analytics market report are Exxon Mobil Corporation, Shell PLC, Microsoft Corporation, Hitachi Ltd., Siemens AG, Accenture plc, International Business Machines Corporation (IBM), Deloitte Touche Tohmatsu Limited., Cisco Systems Inc., Oracle Corporation, Honeywell, KPMG, SAP SE, Hewlett Packard Enterprise Development LP, Schlumberger, TCS, Capgemini SE, Baker Hughes, Cognizant, Infosys, GE Oil & Gas, Weatherford, SAS Institute Inc., Halliburton, Teradata Corporation, Tableau Software LLC, Alteryx, OSIsoft LLC, P2 Energy Solutions, Northwest Analytics Inc.
North America was the largest region in the oil and gas analytics market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the oil and gas analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the oil and gas analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The oil and gas analytics market consists of revenues earned by entities by providing oil and gas analytics services such as data integration and management, data analysis and visualization, production optimization, reactive maintenance solutions, asset performance management, risk assessment, and workforce management analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. The oil and gas analytics market also includes sales of data storage systems, IoT devices, edge computing devices, data visualization hardware, and data backup and redundancy systems that are used in providing oil and gas analytics services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Oil And Gas Analytics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oil and gas analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oil and gas analytics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The oil and gas analytics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.