"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.
Historical & Forecast Period
This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments are calculated for the forecast period from 2018 to 2026.
The report elucidates the detailed outline of global oil & gas analytics software market by categorizing the market in terms of operations, deployment type and geography.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2016-2026 |
| Base Year | 2017 |
| Forecast Period | 2018-2026 |
| Historical Year | 2016 |
| Unit | USD Billion |
| Segmentation |
Operations (2016–2026; US$ Bn) |
|
Geography Segment (2016–2026; US$ Bn) |
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.
TABLE 1 Market Snapshot: Global Oil & Gas Analytics Software (OGAS) Market
TABLE 2 Impact Indicators
TABLE 3 Impact Analysis of Drivers and Restraints
TABLE 4 North America OGAS Market Value, By Operation, 2016 – 2026 (US$ Bn)
TABLE 5 North America OGAS Market Value, By Deployment Type, 2016 – 2026 (US$ Bn)
TABLE 6 North America OGAS Market Value, By Country, 2016 – 2026 (US$ Bn)
TABLE 7 Europe OGAS Market Value, By Operation, 2016 – 2026 (US$ Bn)
TABLE 8 Europe OGAS Market Value, By Deployment Type, 2016 – 2026 (US$ Bn)
TABLE 9 Europe OGAS Market Value, By Country/Region, 2016 – 2026 (US$ Bn)
TABLE 10 Asia Pacific OGAS Market Value, By Operation, 2016 – 2026 (US$ Bn)
TABLE 11 Asia Pacific OGAS Market Value, By Deployment Type, 2016 – 2026 (US$ Bn)
TABLE 12 Asia Pacific OGAS Market Value, By Country/Region, 2016 – 2026 (US$ Bn)
TABLE 13 RoW OGAS Market Value, By Operation, 2016 – 2026 (US$ Bn)
TABLE 14 RoW OGAS Market Value, By Deployment Type, 2016 – 2026 (US$ Bn)
TABLE 15 RoW OGAS Market Value, By Country/Region, 2016 – 2026 (US$ Bn)
TABLE 16 Hitachi: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 17 Hewlett-Packard: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 18 IBM: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 19 Oracle: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 20 Northwest Analytics: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 21 SAS Institute: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 22 SAP AG: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 23 Tibco Software: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 24 Teradata: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 25 Cisco Systems: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
