Oil and gas companies are moving through a phase
that could prove to be highly beneficial to the global oil and gas
analytics market. With the current oil prices slump showing very few
signs of relief, crude extractors and refineries are looking to
resolve their cost issues through optimizing their processes and
increasing their production efficiencies. The global oil and gas
analytics companies can help crude players do just that; the
companies can improve their ROI though making decisions and
strategies based on these analytics, says Transparency Market
Research.
TMR’s new study reveals that the key players in
the global oil and gas analytics market are highly oriented towards
providing software services. This can be concluded through the fact
that software sales are increasing and have brought about major
growth spurts in the global oil and gas analytics market over the
recent past. The top three players – IBM Analytics, Oracle
Corporation, and SAP SE – have collectively held around 23% of the
market in 2014.
This 126 page report gives readers a
comprehensive overview of the Oil & Gas Analytics Market. Browse
Market Research Report @
The research provided by seasoned TMR analysts can
help shed a brighter light on the global oil and gas analytics market
and all its current dynamics, with the oil prices slump in view.
Upstream Applications Will Continue Oil and Gas
Analytics Dominance
“High risk has always been a part and parcel of
oil and gas core functions,” stated a TMR analyst. “The priority
that risk-management holds in the oil and gas exploration and
production’s core functions has consistently made upstream oil and
gas analytics exceptionally important.” The report also discusses
how and why the upstream applications segment – with the highest
market value of roughly US$2.89 bn in 2014 – will be the
fastest-growing segment in the global oil and gas analytics market
for the report’s forecast period from 2016 to 2024. This is a
segment that includes key functions such as asset maintenance, risk
assessment, drilling optimization, and production optimization. All
the above factors are in high demand in the crude industry, enabling
this segment as a whole to progress at a rapid rate.
Analytics Innovations and Customized Services
are What Oil and Gas Companies are Looking For
The key players in the global oil and gas
analytics market are all highly capable of not only providing the
best in software, hardware, and services, but are also providers of
patented software programs to third party service providers on the
basis of lease and licensing. As a result, these companies are able
to nudge their growth rates further than most new entrants. At the
same time, the clients from the oil and gas sector have begun looking
for new levels of innovations for high-quality analytics. They are
also looking for customizations that might allow the new services or
hardware to integrate seamlessly with their processes. Players who
look deeper into these latent needs of the client are expected to
show bigger margins. For instance, the April 2016 release of Solution
Print by Deloitte Development LLC, along with its rapid rate of
integrating the IoT structure to oil and gas analytics, have been
causing many clients prefer this company’s services or look for
similar services in the market.
Although software sales are at an all-time high in
the global oil and gas analytics market, no importance is taken away
from the installation and implementation of new hardware. The most
commonly used hardware for oil and gas analytics include data
monitoring equipment, data storage, and servers. Each sub-segment of
hardware is showing a great deal of innovativeness when it comes to
optimizing systems specifically for oil and gas analytics.
Scope of Development as Important as Market
Share Size for Analytics Services Providers
From a regional perspective, a whopping 45% of the
revenue in the global oil and gas analytics market was held by North
America, for 2015. The U.S. was responsible for a large part of this
revenue generated, followed by Canada and Mexico. Most of the key
players in the region are also key players in the global market,
allowing their growth and development to be a direct boost to the
North America oil and gas analytics market. The North America
analytics scenario for oil and gas has been a consistently positive
one. It held a market value of US$3.1 bn in 2015 and, according to
the TMR report, is showing a 19.5% CAGR from 2016 to 2024.
Get accurate market forecast and analysis on
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on the key trends impacting this market@
Additionally, many of these established analytics
companies are already looking at regions such as Asia Pacific for
further development. A major reason for this is the readiness of the
Asia Pacific oil and gas industry to adopt the newer software and
hardware in oil and gas analytics. This is good news for global
players who are looking to expand their horizons beyond their primary
region of operations.
The above market review is based on a research
report released by TMR, titled “Oil & Gas Analytics Market –
Global Industry Analysis, Size, Share, Growth Trends and Forecast
2016 – 2024.”
Key Segments of the Global Oil and Gas
Analytics Market
Global Oil & Gas Analytics Market:
Application Analysis
- Upstream
- Midstream
- Downstream
Global Oil & Gas Analytics Market: Regional
Analysis
North America
- U.S.
- Rest of North America
Europe
- France
- Germany
- U.K.
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
South & Central America
- Brazil
- Rest of South & Central America
About
Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
consultants use proprietary data sources and various tools and
techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
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