PUBLISHER: The Business Research Company | PRODUCT CODE: 1661938
PUBLISHER: The Business Research Company | PRODUCT CODE: 1661938
Cloud-based applications tailored for the oil and gas industry offer software solutions provided by cloud service providers. These applications enable companies within the sector to efficiently assess vast amounts of data in real-time at a reduced cost. This ability to swiftly process extensive data helps in mitigating potential future operational failures, enhancing decision-making processes within the industry.
The components of oil and gas cloud applications encompass both solutions and services. The solutions segment incorporates a range of offerings, from web-hosting services to the integration of diverse technologies by multiple enterprises, effectively reducing overall operational expenses. These applications cater to various operational sectors within the industry, spanning upstream, midstream, and downstream operations. Additionally, these solutions are deployed through diverse models, including hybrid, private, and public frameworks.
The oil and gas cloud applications market research report is one of a series of new reports from The Business Research Company that provides oil and gas cloud applications market statistics, including oil and gas cloud applications industry global market size, regional shares, competitors with oil and gas cloud applications market share, detailed oil and gas cloud applications market segments, market trends, and opportunities, and any further data you may need to thrive in the oil and gas cloud applications industry. This oil and gas cloud applications market research report deliver 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 cloud applications market size has grown rapidly in recent years. It will grow from $7.59 billion in 2024 to $8.52 billion in 2025 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to operational efficiency, regulatory compliance, disaster recovery & security, legacy system modernization, remote asset management.
The oil and gas cloud applications market size is expected to see rapid growth in the next few years. It will grow to $14.95 billion in 2029 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to demand for real-time insights, energy transition initiatives, geopolitical factors, emerging market growth, focus on sustainability. Major trends in the forecast period include hybrid cloud solutions, predictive maintenance solutions, edge computing integration, data sovereignty compliance, subscription-based models.
The increasing adoption of private cloud for data encryption is anticipated to drive the growth of the oil and gas cloud application market in the future. Cloud encryption involves converting data from its original plain text format into an unreadable format, such as ciphertext, before it is transmitted and stored in the cloud. This encryption process is a vital component of a company's cybersecurity strategy, as it renders the data useless and incomprehensible without the encryption keys, even if the data is lost, stolen, or disclosed to unauthorized users. Consequently, the growing use of private clouds for data encryption is boosting demand for cloud applications within the oil and gas sector. For instance, in December 2023, Eurostat, a Luxembourg-based provider of statistical information and analysis, reported that 45.2% of enterprises in the European Union utilized cloud computing in 2023, representing a 4.2 percentage point increase from 2021. Many of these enterprises employ cloud services for email hosting, file storage, and office software, with 75.3% adopting advanced cloud services for security applications, database hosting, and application development platforms. Thus, the rising adoption of private clouds for data encryption is propelling the growth of the oil and gas cloud application market.
Moreover, the mounting demand for oil and gas is set to be a key driver in the expansion of the oil and gas cloud application market. Oil and gas demand plays a pivotal role in fulfilling energy needs across various industries like transportation, manufacturing, and power generation. Cloud applications tailored for the oil and gas industry offer efficient and cost-effective solutions, facilitating operations management, complex data analysis, and process automation. Notably, as per the US Energy Information Administration's data in March 2023, the US crude oil output surged to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Consequently, the escalating demand for oil and gas is a driving force behind the market growth for oil and gas cloud applications.
Technological advancements have become a prominent trend in the oil and gas cloud application market. Leading companies in this sector are focusing on developing innovative technologies to enhance their competitive edge. For example, INDUSUITE, a US-based firm, introduced FloCloud, a cloud-based software platform tailored specifically for the oil and gas industry. This platform provides solutions for asset management, monitoring, and data analytics, allowing operators to track asset performance in real-time. As a result, it improves operational efficiency and supports better decision-making processes. By utilizing advanced analytics and visualization tools, FloCloud aids companies in optimizing their operations, minimizing downtime, and strengthening safety measures across various segments of the oil and gas industry.
Leading companies in the oil and gas cloud applications market are increasingly pursuing strategic partnerships to expedite their data-driven digital transformation objectives and boost revenues. These collaborations aim to digitalize the entire lifecycle of operations, which helps reduce costs, enhance productivity, and decrease carbon footprints. For example, in April 2022, Bharat Petroleum Corporation Ltd. (BPCL), a public sector oil and gas company based in India, formed a partnership with Microsoft Corporation, a technology firm in the US, to advance BPCL's digital transformation efforts and foster innovation in the oil and gas sector. This alliance is designed to utilize Microsoft's cloud solutions to modernize BPCL's technology infrastructure under 'Project Anubhav,' which focuses on enhancing customer experience through trust, personalization, and convenience. Over the course of seven years, Microsoft will deliver infrastructure as a service (IaaS), platform as a service (PaaS), and security services on Azure, encompassing data analytics and IoT capabilities. Additionally, the partnership will improve collaboration among BPCL employees through tools like Microsoft Teams and other productivity solutions.
In April 2024, STG, a private equity firm based in the US, acquired Eka Software Solutions for an undisclosed sum. This acquisition is intended to enhance STG's existing portfolio company, which specializes in Commodity Trading and Risk Management (CTRM) solutions within the metals sector. The merger aims to develop a comprehensive software suite that caters to the diverse needs of customers across various asset classes worldwide. Eka Software Solutions is an industrial cloud services provider headquartered in India, serving the oil and gas industry.
Major companies operating in the oil and gas cloud applications market are Capgemini S.A., Citrix Systems Inc., TIBCO Software Inc., Cisco Systems Inc., Oracle Corporation, Tableau Software, Salesforce Inc., Dassault Systemes SE, Asea Brown Boveri Ltd., Infor, Bentley Systems, PetroDE, The Hewlett Packard Enterprise, International Business Machines Corporation, Seven Lakes Technologies, HCL Technologies Limited, WellEz Information Management LLC, PetroCloud LLC, Microsoft Corp., SAP SE, Alibaba Group Holding Limited, Alphabet Inc., Amazon.com Inc., Cloud Software, Accenture, Conseillers en Gestion et Informatique Inc., Cognizant, DXC Technology, Infosys Limited, Larsen & Toubro Infotech Limited
North America was the largest region in the oil and gas cloud applications market in 2024. The regions covered in the oil and gas cloud applications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the oil and gas cloud applications market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The oil and gas cloud applications market consists of revenues earned by entities by providing cloud application services such as storing, managing, and processing data to improve various oil and gas operations. The market value includes the value of related goods sold by the service provider or included within the service offering. The oil and gas cloud applications market also includes sales of hardware such as server, switches, routers, firewalls, and storage arrays which are used in providing oil and gas cloud application 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 Cloud Applications Global Market Report 2025 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 cloud applications 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 cloud applications ? 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 cloud applications 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.