Global Oil and Gas Analytics Market will Reach USD 122.60 Billion by 2025: Zion Market Research
Zion
Market Research has published a new report titled “Oil and Gas Analytics Market
By Application (Upstream Operations, Midstream Operations, and Downstream
Operations), By Deployment Platform (On-Premises and Hosted), and By Service
(Professional, Integration, and Cloud): Global Industry Perspective,
Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the
global oil and gas analytics market was USD 14.55 billion in 2018 and is
expected to reach around USD 122.60 billion by 2025, at a CAGR approximately
35.59% between 2019 and 2025.
Analytical
solutions for the oil and gas sector will help the related industries in having
an aggregate view of their operations, aid in keeping up with the fiery/changing
global market, fulfill dynamic customer needs, and adhere to strict government
regulations. These solutions help organizations to better understand the
overall lifecycle and work efficiently and effectively with the given
resources. The oil and gas analytics help in analyzing the supply chain
performance and identify the source of production loss. The rising global
demand for oil and gas as a fuel is expected to boost the oil and gas analytics
market. Furthermore, the increasing consumption of oil and gas in automobiles,
public transports, aviation industry, power industry, and two-wheelers for
commuting, both to and fro from work and leisure, will also propel the oil and
gas analytics market. However, the oil extraction machines face harsh
environments in deep waters and deserts and rising maintenance cost of oil
refineries may hinder the oil and gas analytics market growth in the upcoming
years.
The
global oil and gas analytics market is fragmented on the basis of application,
deployment platform, and service. The application segment of the market
includes downstream, midstream, and upstream operations. Midstream and
downstream operations are crucial, due to the complex nature of the supply
chain and difficult processing of inflammable materials and products. Video
analysis provides complete surveillance of oil pipelines across various supply
chains. Additionally, the growing competition among refineries and volatile
feedstock are forcing organizations to opt for analytical software, which will
further boost these segments. By service, the oil and gas analytics market
comprises cloud, integration, and professional services. Based on deployment,
the market consists of hosted and on-premises. The hosted platform is expected
to grow notably over the anticipated time period.
North
America is expected to grow substantially in the oil and gas analytics market
in the years ahead, owing to its use for various commercial and household
applications. The regional expansion of oil refineries and the growing
exploration of new oil ridges are also supporting this regional market’s
growth. Moreover, increased government spending is another growth factor.
Additionally, the analytical software helps the oil industry in resolving and
achieving low maintenance and operational costs.
Europe
will hold a substantial share of the global oil and gas analytics market,
especially for downstream operations. The rising demand for better corporate
functions and refining process is expected to propel this regional market.
Moreover, the UK, France, and Germany are likely to register major growth
rates, owing to the early adoption of digital technology in optimizing oil and
gas operations in the region.
The
Asia Pacific region is likely to grow at a substantial rate over the
anticipated timeframe in the oil and gas analytics market. This regional growth
can be attributed to the rising number of government initiatives to enhance and
optimize the extraction process of oil and gas. Moreover, the market is
anticipated to grow due to the improving living standards of the regional
population. Additionally, the leading companies providing upstream oil and gas
services across the region are focusing more on research and development
activities for developing sampling techniques along with increasing their
investments in product innovation processes.
In
Latin America, Argentina and Brazil will depict notable growth in the oil and
gas analytics market. This can be attributed to the rising use of big data for
oil and gas services to make proactive decisions in real-time. The Middle East
and Africa is projected to witness moderate market growth in the upcoming
years, owing to the rapid commercialization and urbanization across the region
along with rising downstream operations due to rapid refinery expansion to
fulfill petroleum demand.