PUBLISHER: The Business Research Company | PRODUCT CODE: 1670791
PUBLISHER: The Business Research Company | PRODUCT CODE: 1670791
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 $19.9 billion in 2024 to $23.47 billion in 2025 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to growth in global energy demand, increase in exploration and production activities, adoption of advanced data analytics tools, demand for operational efficiency in oilfields, 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 $46.3 billion in 2029 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to focus on asset optimization and predictive maintenance, implementation of iot devices in oil and gas operations, adoption of cloud-based analytics platforms, increased emphasis on cybersecurity in analytics, emphasis on environmental and regulatory compliance, rise of remote monitoring and control systems. Major trends in the forecast period include integration of artificial intelligence in analytics, technological advances in sensor technologies, expansion of digital twin technology in oilfields, integration of machine learning for predictive analytics, edge computing for real-time analytics, integration of blockchain for secure data management.
The rising demand for oil and gas is anticipated to drive the growth of the oil and gas analytics market in the near future. Oil and gas are the two primary natural resources extracted and utilized as sources for generating electricity, heating homes and businesses, and powering vehicles. Analytics in the oil and gas sector play a crucial role by providing valuable insights, reducing production costs, enhancing well integrity, facilitating preventive and predictive maintenance, optimizing operations, and supporting data-driven decision-making. For example, in June 2023, the International Energy Agency, a France-based intergovernmental economic organization, reported that global oil demand is expected to increase by 6% between 2022 and 2028, reaching 105.7 million barrels per day (mb/d), driven by strong demand from the petrochemical and aviation sectors. Thus, the growing demand for oil and gas is propelling the oil and gas analytics market.
The increasing adoption of the Internet of Things (IoT) is projected to drive the growth of the oil and gas analytics market moving forward. The Internet of Things (IoT) refers to a networked system of interconnected computing devices, mechanical and electronic machinery with unique identities (UIDs), capable of transferring data without the need for human-to-human or human-to-computer interaction. IoT devices in the oil and gas sector provide real-time data from equipment and facilities, enabling advanced analytics for predictive maintenance, operational efficiency, and improved decision-making. For instance, in January 2022, data from the GSM Association, a UK-based non-profit industry organization, predicted that global IoT connections would rise to 23.3 billion by 2025, up from 15.1 billion connections recorded in 2021. Therefore, the increasing adoption of the Internet of Things (IoT) is driving the growth of 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 February 2023, Energy Aspects, a UK-based company that offers research data and intelligence on energy markets, acquired OilX for an undisclosed sum. This acquisition allows Energy Aspects to utilize AI-driven real-time data analytics to improve its insights and forecasting capabilities in the energy market, ultimately delivering clients the most precise view of market movements as they happen. OilX is a UK-based firm that provides advanced data analytics and oil market intelligence through its state-of-the-art nowcast technology.
Major companies operating in the oil and gas analytics market include 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 2024. 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 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 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 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.