[309 Pages Report] The global oil & gas analytics market size is expected to be valued at US$ 6.5 Billion in 2022. A paradigm shift toward the search for mature oil fields along with the increasing exploration of unconventional wells will boost industry growth. The overall demand for oil & gas analytics is projected to grow at a CAGR of 22.6% between 2022 and 2032, totaling around US$ 50 Billion by 2032.
| Data Points | Key Statistics |
|---|---|
| Oil & Gas Analytics Market Value 2022 | US$ 6.5 Billion |
| Oil & Gas Analytics Market Projected Value (2032) | US$ 50 Billion |
| Oil & Gas Analytics Market CAGR (2022 to 2032) | 22.6% |
Factors accelerating the global oil & gas analytics demand:
Despite the oil & gas analytics market share witnessing a significant growth, it may face various challenges such as the unpredictable volatility in the price of crude oil, as well as the stringent compliances and regulations over the oil & gas industry.
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North America is currently the largest oil & gas analytics market owing to soaring investments in E&P businesses, which generate opportunities for cloud service providers, as well as the U.S., is the major shareholder. Moreover, easy operations as a result of the spurring demand for an efficient real-time data analysis system at an economical cost. The region has further witnessed a growing emphasis on digitizing the oil and gas sector to reduce operating costs, along with sparking well-organized labor productivity. In addition, high data security, along with customizable security protocols, are major beneficial features anticipated to increase the demand for oil & gas analytics.
Europe holds the second largest share of the oil & gas analytics market, which is attributed to ongoing investments by several companies in digitalization as well as various other technological advancements. Furthermore, analytical solutions are increasingly being deployed in this region to promote cost-efficiency and labor productivity. The oil & gas industry has also witnessed increasing capital expenditure. The expansion of data storage capacity is carried out by various companies across France adopting cloud services.
As data integration platforms help to in-sync data from all sources such as rigs, field assets, sensors, and plants, it has hence become increasingly important for end-users. Therefore, attaining real-time visibility and control over maintenance costs have helped to generate remunerative opportunities. Most key providers harness Industry 4.0 capabilities and uses predictive analytics to anticipate asset failure, estimate reliable lifespan, and generate actionable insights in real time. They assist in improving management of MRO materials and services by optimizing materials and resources, reducing inventory and transportation costs, and meeting critical asset maintenance timelines for MRO materials. They further enhance human capital management with flexible solutions by offering oil & gas HR teams the freedom to innovate by tailoring solutions to support all employee types around the globe.
Providers also help to maximize the impact of the end user’s capital program budget by effectively prioritizing capital projects across the customer’s portfolios by planning programs, executing projects, expediting turnarounds, and retiring and maintaining capital assets. End user’s in the oil & gas industry can unify their sales planning and execution processes by delivering responsive selling across all touchpoints by connecting sales and commerce to service, marketing, and the entire customer experience through the adoption of oil & gas analytics. Major key providers are enhancing the analytics market through the Internet of Things (IoT) by building new forms of intelligence to transform the petroleum supply chain. This is expected to reap bottom-line results in global productivity and competitiveness that could ultimately pay off at the pump. These factors majorly support the growth of the oil & gas analytics market share.
Oil and gas analytics leverage many of the same statistical methods used in other industries to pinpoint patterns among hundreds of variables in constant flux. It uses large amounts of field data and frequently machine learning algorithms to enable predictive analysis and big data insights that operators and managers use to maximize yield, accelerate innovation and reduce risk.
Progressions in process automation, remote instrumentation, and the Internet of Things (IoT) have paved the way for a revolution in the oil and gas industry, similar to changes underway in retail, manufacturing, and financial services. With assets and people everywhere, energy producers can leverage remote sensors and predictive analytics to safely monitor operations in real-time and optimize field maintenance.
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.
The oilfields companies in the regions like Europe and North America are focusing majorly on the adoption of cloud service as an alternative source of storage to optimize the usage of resources.
Principal Consultant
The global demand for Oil & Gas Analytics is projected to increase at a CAGR of 22.6% during the forecast period between 2022 and 2032, reaching a total of US$ 50 Billion in 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 20.0%.
During the historic outlook, the global economy witnessed a major downturn due to the widespread outbreak of covid-19. Most industries including oil and gas across the globe have been impacted by the epidemic owing to rigorous lockdown policies by several governments, resulting in operation pauses. However, the oil & gas analytics market is recuperating and is gaining pace in terms of production, which has opened a golden door for O&G companies to invest in digitalization.
The oil & gas analytics market is anticipated to witness substantial growth during the futuristic outlook, with corporations resolving to achieve lower maintenance and operational costs. Stern government regulations & directives to ensure safety during operations in the upstream, midstream and downstream sectors have augmented the deployment of analytical services in the industry.
Significant shift towards R&D to surge digitalization driving the market
Big data allows better asset management, manufacturing, operations, and worker safety. The oil and gas analytics industry has observed a noteworthy shift toward the deployment of hosted services for gathering real-time data at a lower cost and augmenting production efficiency.
Prominent players are investing significantly in R&D to surge digitalization in their business, which is set to offer optimum exploration and production methods. Consequently, the production of unconventional fuels is expected to augment the global oil & gas analytics market shortly.
The oil & gas analytics market incessantly experiences supply-demand disparities owing to the dearth of proper analytical tools, which can aid demand foretelling. Hosted services permit several functions at lower costs with the least requirement of resources. Most players have started utilizing analytical services to narrow down the demand-supply gap and optimize the resource.
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Data integration to turn out a major challenge for the market
Experts in the oil & gas industry are determined to enhance the data quality required for sophisticated analytics, which offers insights using real-time data across multiple assets and an array of activities (including operations and back-office functions). Existing technological resources and systems are some of the crucial reasons for low data quality.
Thereby, data integration creates a major roadblock to data quality and the ability to analyze data. Analysts, managers/senior managers, and other professionals manage analytics by specific function or department. This impedes an integrated approach to end-to-end workflows.
Increasing penetration of investments in E&P businesses to open doorway of opportunities
Based on geography, North America is the largest market, accounting for nearly 39% share of the global revenue collection in the Oil & Gas Analytics market. Over the upcoming decade, the region is estimated to maintain its lead and expand at a remarkable rate. The United States is considered to be the majority shareholder in the regional revenue contribution.
On account of soaring investments in E&P businesses, the market opens a doorway of opportunities for cloud service providers. Oil and gas data analytics include observation of field data to foster efficient good performance and prediction. Additionally, the spurring demand for an efficient real-time data analysis system at an economical cost to provide easy operations will propel the deployment of the service during the forecast period.
Growing emphasis on digitizing the oil and gas sector to kindle well-organized labor productivity along with reduced operating costs will upsurge the demand for O&G analytics in the region. Besides, stringent government HSE regulations and policies to ensure safer operations will drive the implementation of the technique. Moreover, customizable security protocols along with high data security are major beneficial features increasing the demand for analytics in the region.
Increasing mining activities to propel the regional market growth
The Europe oil & gas analytics market is anticipated to gain a significant share in the global revenue generation, owing to various technological enhancements and ongoing investments by several companies in digitalization. Rising capital expenditure in the O&G industry along with the increasing adoption of analytical solutions to promote labor productivity and cost-effectiveness will stimulate the market expansion.
Various companies across France are deploying cloud services for the expansion of data storage capacity, improved security, and flexible data-sharing capacity. Another reason for the market growth of O&G Analytics is the rising demand for optimizing the production processes.
Additionally, the increasing mining activities in the region have amplified the need for advanced solutions that offer higher uptime and smoother operations will fuel the implementation of the on-premise deployment model in the region.
Boost in the transportation and travel industry in emerging economies to push the growth of the market
According to the recent analysis by Future Market Insights, the APAC Oil & Gas Analytics market is the fastest growing market in terms of revenue. The region acquires nearly 26% share in 2022 and is estimated to maintain its remarkable growth rate throughout the forecast period. This market growth is attributed to the soaring demand for fossil fuels gasoline and diesel due to the emerging transportation and travel industry in countries like China & India.
In the region, the upstream segment is likely to capture a majority share of the Asia Pacific throughout the conjecture period, backed by the growing attention of companies on refining their asset management activities. Oil & gas analytics software will support the firms in asset utilization, risk management, safety event reduction, and maintenance cost reduction.
The organizations will also use AI, predictive analysis, and machine learning to upsurge their daily production capacity and drilling operations. Furthermore, the role of oil & gas analytics in forecasting, planning, and asset management will further reinforce their adoption among end-users.
Increasing adoption of Cloud services to open a plethora of opportunities
In terms of market segmentation, the Service type is bifurcated into several segments such as Professional, Cloud, and Integration. Out of these, the Cloud segment is estimated to gain the highest revenue share over the forecast period owing to the increasing adoption by several players to analyze their business performance. Cloud services in the oil & gas analytics market are anticipated to spectate around a 23% growth rate through 2032.
The usage of analytical services in the O&G industry supports companies in collecting and interpreting insights concerning investment choices and cost savings. The presence of disparate eco-systems, unstructured operations, and enormous wastage of resources have influenced the industry to shift toward the adoption of analytical services.
Cloud services bargain a point solution and mitigation approach to crucial pain areas in the industry, which comprises managing the data & analytics, connected operations, remote operations, and environmental impact. The cloud deployment model permits the industry to use analytical services without setting up a digital infrastructure, thus aiding in low-cost operations. Also, it allows for better reliability, lower downtime, and superior flexibility to scale-up operations. Oil & gas companies go through countless mandates to alleviate greenhouse gas emissions. Virtualization considerably boosts server efficiency, which results in low consumption of electricity and energy.
New product launches, innovation, geographical expansion, and mergers & acquisitions are some of the key strategies adopted by the players to strengthen their position in the market and gain a higher market share.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 22.6% from 2022 to 2032 |
| Market Value in 2022 | US$ 6.5 Billion |
| Market Value in 2032 | US$ 50 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in US$ Billion and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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As of 2022, the Oil & Gas Analytics market is slated to reach a valuation of US$ 6.5 Billion
From 2022-2032, sales of Oil & Gas Analytics are expected to grow at a 22.6% CAGR
By 2032, Future Market Insights expects the Oil & Gas Analytics market to reach US$ 50 Billion
1. Executive Summary
1.1. Global Market Overview
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Introduction and Definition
3. Market Background and Foundation Data Points
3.1. Need of the Hour for Industries
3.2. – Strategic Priorities
3.3. Life Cycle Stage
3.4. Importance of Technology
3.5. Use Cases of Oil & Gas Analytics
3.6. Forecast Factors: Relevance and Impact
3.7. Investment Feasibility Matrix
3.8. PESTLE Analysis
3.9. Porter’s Five Forces Analysis
3.10. Market Dynamics
3.10.1. Drivers
3.10.2. Restraints
3.10.3. Opportunity Analysis
3.10.4. Trend
4. Global Market Demand (US$ Mn) Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Value (US$ Mn) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Deployment Type
5.1. Introduction / Key Findings
5.2. Historical Market Value (US$ Mn) Analysis By Deployment Type, 2017-2021
5.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Deployment Type, 2022-2032
5.3.1. On-Premise
5.3.2. Hosted
5.4. Market Attractiveness Analysis By Deployment Type
6. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Service
6.1. Introduction / Key Findings
6.2. Historical Market Value (US$ Mn) Analysis By Service , 2017-2021
6.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Service, 2022-2032
6.3.1. Professional
6.3.2. Cloud
6.3.3. Integrated
6.4. Market Attractiveness Analysis By Service
7. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Application
7.1. Introduction / Key Findings
7.2. Historical Market Value (US$ Mn) Analysis By Service , 2017-2021
7.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Service, 2022-2032
7.3.1. Upstream
7.3.1.1. Exploration and Drilling
7.3.1.2. Field Surveillance and Monitoring
7.3.1.3. Production Planning and Forecasting
7.3.1.4. Equipment Maintenance Management
7.3.1.5. Asset Performance
7.3.1.6. Workforce Management
7.3.2. Midstream
7.3.2.1. Pipeline SCADA
7.3.2.2. Fleet Management
7.3.2.3. Storage Optimization
7.3.3. Downstream
7.3.3.1. Commodity Trading
7.3.3.2. Demand Forecasting
7.3.3.3. Pricing
7.3.3.4. Refining
7.4. Market Attractiveness Analysis By Application
8. Global Market Analysis 2017-2021 and Forecast 2022-2032, by Region
8.1. Introduction / Key Findings
8.2. Historical Market Value (US$ Mn) Analysis By Region, 2017-2021
8.3. Current and Future Market Value (US$ Mn)Analysis and Forecast By Region, 2022-2032
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2017-2021 and Forecast 2022-2032
9.1. Introduction / Key Findings
9.2. Historical Market Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021
9.3. Market Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032
9.3.1. By Country
9.3.1.1. U.S.
9.3.1.2. Canada
9.3.2. By Deployment Type
9.3.3. By Service
9.4. Market Attractiveness Analysis
9.4.1. By Country
9.4.2. By Deployment Type
9.4.3. By Service
10. Latin America Market Analysis 2017-2021 and Forecast 2022-2032
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021
10.3. Current and Future Market Value (US$ Mn)Analysis and Forecast By Region, 2022-2032
10.3.1. By Country
10.3.1.1. Brazil
10.3.1.2. Mexico
10.3.1.3. Rest of Latin America
10.3.2. By Deployment Type
10.3.3. By Service
10.3.4. By Transaction
10.4. Market Attractiveness Analysis
10.4.1. By Country
10.4.2. By Deployment Type
10.4.3. By Service
10.4.4. By Transaction
11. Europe Market Analysis 2017-2021 and Forecast 2022-2032
11.1. Introduction / Key Findings
11.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021
11.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Region, 2022-2032
11.3.1. By Country
11.3.1.1. Germany
11.3.1.2. France
11.3.1.3. Italy
11.3.1.4. Spain
11.3.1.5. U.K
11.3.1.6. Rest of Europe
11.3.2. By Deployment Type
11.3.3. By Service
11.3.4. By Transaction
11.4. Market Attractiveness Analysis
11.4.1. By Country
11.4.2. By Deployment Type
11.4.3. By Service
11.4.4. By Transaction
12. Asia Pacific Market Analysis 2017-2021 and Forecast 2022-2032
12.1. Introduction / Key Findings
12.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021
12.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Region, 2022-2032
12.3.1. By Country
12.3.1.1. China
12.3.1.2. Japan
12.3.1.3. South Korea
12.3.1.4. Malaysia
12.3.1.5. Singapore
12.3.1.6. Australia
12.3.1.7. New Zealand
12.3.2. By Deployment Type
12.3.3. By Service
12.3.4. By Transaction
12.4. Market Attractiveness Analysis
12.4.1. By Country
12.4.2. By Deployment Type
12.4.3. By Service
12.4.4. By Transaction
13. Middle East and Africa Market Analysis 2017-2021 and Forecast 2022-2032
13.1. Introduction / Key Findings
13.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021
13.3. Current and Future Market Value (US$ Mn) Analysis and Forecast By Region, 2022-2032
13.3.1. By Country
13.3.1.1. GCC Countries
13.3.1.2. South Africa
13.3.1.3. Israel
13.3.1.4. Rest of Middle East and Africa (MEA)
13.3.2. By Deployment Type
13.3.3. By Service
13.3.4. By Transaction
13.4. Market Attractiveness Analysis
13.4.1. By Country
13.4.2. By Deployment Type
13.4.3. By Service
13.4.4. By Transaction
14. Market Structure Analysis
14.1. Market Analysis by Tier of Companies
14.2. Market Concentration
14.3. Market Share Analysis of Top Players
14.4. Market Presence Analysis
15. Competition Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Competition Deep Dive
15.4. Oracle
15.4.1. Company Overview
15.4.2. Deployment Type overview
15.4.3. SWOT Analysis
15.4.4. Key Developments
15.5. Microsoft Corporation
15.5.1. Company Overview
15.5.2. Deployment Type overview
15.5.3. SWOT Analysis
15.5.4. Key Developments
15.6. Tableau Software
15.6.1. Company Overview
15.6.2. Deployment Type overview
15.6.3. SWOT Analysis
15.6.4. Key Developments
15.7. IBM
15.7.1. Company Overview
15.7.2. Deployment Type overview
15.7.3. SWOT Analysis
15.7.4. Key Developments
15.8. Teradata
15.8.1. Company Overview
15.8.2. Deployment Type overview
15.8.3. SWOT Analysis
15.8.4. Key Developments
15.9. SAS Institute
15.9.1. Company Overview
15.9.2. Deployment Type overview
15.9.3. SWOT Analysis
15.9.4. Key Developments
15.10. SAP SE
15.10.1. Company Overview
15.10.2. Deployment Type overview
15.10.3. SWOT Analysis
15.10.4. Key Developments
15.11. TIBCO Software Inc.
15.11.1. Company Overview
15.11.2. Deployment Type overview
15.11.3. SWOT Analysis
15.11.4. Key Developments
15.12. Deloitte
15.12.1. Company Overview
15.12.2. Deployment Type overview
15.12.3. SWOT Analysis
15.12.4. Key Developments
15.13. Capgemini
15.13.1. Company Overview
15.13.2. Deployment Type overview
15.13.3. SWOT Analysis
15.13.4. Key Developments
15.14. Cognizant
15.14.1. Company Overview
15.14.2. Deployment Type overview
15.14.3. SWOT Analysis
15.14.4. Key Developments
15.15. Hitachi Ltd.
15.15.1. Company Overview
15.15.2. Deployment Type overview
15.15.3. SWOT Analysis
15.15.4. Key Developments
15.16. Accenture
15.16.1. Company Overview
15.16.2. Deployment Type overview
15.16.3. SWOT Analysis
15.16.4. Key Developments
15.17. CISCO Systems Inc.
15.17.1. Company Overview
15.17.2. Deployment Type overview
15.17.3. SWOT Analysis
15.17.4. Key Developments
15.18. Hewlett Packard Enterprise Development LP
15.18.1. Company Overview
15.18.2. Deployment Type overview
15.18.3. SWOT Analysis
15.18.4. Key Developments
16. Assumptions And Acronyms Used
17. Research Methodology
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