"Oil & Gas Companies Relying on Data Analytics in Order to Generate Growth"

The oil & gas analytics software market was valued at US$ 2.34 Bn in 2017 and expected to be growing at a compounded annual growth rate (CAGR) of 17.5% from 2018 to 2026. Just like other industries, the oil and gas industry needs to understand how big data can be optimally used and what applications are possible. Data will continue to be a booming business considering the fact that C-level executives are focusing on recognizing the value of data and trend like real-time analytics gaining in prominence. As per recent findings, an increasing number of oil and gas companies are relying on data analytics in order to generate growth. The benefit of data analytics software is evident from the fact that oil & gas companies adopting it are outpacing its peers. These companies are focusing on how to efficiently utilize data and using it in a greater number of ways in order to create value for the business. Moreover, it also helps oil & gas companies to understand various parameters such as market demand and regulation existing in the field. These software caters to the need of upstream, midstream and downstream applications. It helps a great deal to enhance the productivity by improvising operations and at the same time find out the core reason for production loss. Therefore, a huge amount of data can be analyzed by using these analytics software and the market expected to witness a significant growth during the forecast period.

"Generation of Humongous Data by Companies Aiding the Oil & Gas Analytics Software Market Growth"

Increase in data volume generated across the oil & gas industry is one of the most prominent factor aiding the oil & gas analytics software market growth. Moreover, the fact that the methods to collect a wide range of data types have also improved over the years is further complimenting towards market growth. Companies usually have access to a large amount and variety of data. There has been an increasing focus on the part of oil & gas companies on how to efficiently utilize these data and improve the business processes and at the same time identify or estimate future trends. Moreover, oil & gas companies are also adopting analytics software considering the fact that it is helpful in reducing costs. In addition, the oil & gas analytics software market growth expected to be positively influenced as a result of a large number of companies adopting it to expand market reach and attain enhanced customer experience. However, despite the numerous benefits offered by data analytics software, it introduces challenges that businesses cannot ignore. One of the challenges being, businesses required to comply with legal and regulatory regulations when indulging analysis of data. Moreover, data privacy and ownership are other major factors influencing the large-scale implementation of oil & gas analytics software.

"Technological Advancements in Big Data & Analytics Solutions"

With data occupying the center stage in terms of most prized asset for an organization, the vendors in the oil & gas analytics software market are utilizing technologies such as big data in order to derive meaningful insights from data. Data such as seismic, drilling logs, operational parameters such as drill bit RPMs and weight on bit, frack performance data and production rates when integrated with advanced big data technologies can be a source of profitable revenue earner. The advent of the Big Data has made companies realize how important a role data can play for the development of their businesses. Thus, with increasing amount of data awareness, the popularity of big data has increased across the oil & gas industry.

"Upsurge in the Exploration and Production of Unconventional Oil and Shale Gas in North America Supporting Market Growth"

North America represents the largest regional market for oil & gas analytics software worldwide. The value share of North America in the global oil & gas analytics software market stood at more than 35% in the year 2017. High progress rate in oil and gas exploration and production in the region is one of the most prominent factors contributing to the increasing adoption of oil & gas analytics software. In recent years, the region has witnessed an upsurge in the exploration and production of unconventional oil and shale gas. Moreover, few years back North America was severely hit by the oil price slump, a factor further leading to the increasing implementation of analytics software.

Key players profiled in the report include Hitachi, Hewlett-Packard, IBM, Oracle, Northwest Analytics, SAS Institute, SAP AG, Tibco Software, Teradata and Cisco Systems among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Oil & Gas Analytics Software market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Oil & Gas Analytics Software market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Oil & Gas Analytics Software market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Oil & Gas Analytics Software market?
• Which is the largest regional market for Oil & Gas Analytics Software market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Oil & Gas Analytics Software market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Oil & Gas Analytics Software market worldwide?