The Business Research Company’s report on the Oil And Gas Analytics Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the oil and gas analytics market?
The increasing demand for oil and gas is expected to propel the growth of the oil and gas analytics market in the coming future. Oil and gas refer to the two primary natural resources that are extracted and used as sources to generate electricity, heat homes and businesses, and power vehicles. Oil and gas analytics play an important role in the oil and gas industries, as they are extensively used in the sector to gain valuable insights, minimize costs of production, improve well integrity, provide preventive and predictive maintenance, optimize operations, and make data-driven decisions. For instance, in June 2023, the International Energy Agency, a France-based intergovernmental economic organization, reported that global oil demand will rise by 6% between 2022 and 2028 to reach 105.7 million barrels per day (mb/d), supported by robust demand from the petrochemical and aviation sectors. Therefore, the increasing demand for oil and gas is driving the growth of the oil and gas analytics market.
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How has the oil and gas analytics market size evolved, and what are the latest forecasts for its expansion?
The oil and gas analytics market size has grown rapidly in recent years. It will grow from $19.9 billion in 2024 to $23.47 billion in 2025 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to growth in global energy demand, increase in exploration and production activities, adoption of advanced data analytics tools, demand for operational efficiency in oilfields, rise of big data analytics in the energy sector
The oil and gas analytics market size is expected to see rapid growth in the next few years. It will grow to $46.3 billion in 2029 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to focus on asset optimization and predictive maintenance, implementation of iot devices in oil and gas operations, adoption of cloud-based analytics platforms, increased emphasis on cybersecurity in analytics, emphasis on environmental and regulatory compliance, rise of remote monitoring and control systems. Major trends in the forecast period include integration of artificial intelligence in analytics, technological advances in sensor technologies, expansion of digital twin technology in oilfields, integration of machine learning for predictive analytics, edge computing for real-time analytics, integration of blockchain for secure data management.
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Which major companies dominate the oil and gas analytics market?
Major companies operating in the oil and gas analytics market include Exxon Mobil Corporation, Shell PLC, Microsoft Corporation, Hitachi Ltd., Siemens AG, Accenture plc, International Business Machines Corporation (IBM), Deloitte Touche Tohmatsu Limited., Cisco Systems Inc., Oracle Corporation, Honeywell, KPMG, SAP SE, Hewlett Packard Enterprise Development LP, Schlumberger, TCS, Capgemini SE, Baker Hughes, Cognizant, Infosys, GE Oil & Gas, Weatherford, SAS Institute Inc., Halliburton, Teradata Corporation, Tableau Software LLC, Alteryx, OSIsoft LLC, P2 Energy Solutions, Northwest Analytics Inc.
What trends will shape the future of the offshore pipeline market?
Technological advancements are a key trend gaining popularity in the oil and gas analytics market. Major companies operating in the oil and gas analytics market are focused on developing revolutionary and advanced technologies to strengthen their market share. For instance, in June 2023, TGT Diagnostics, UAE-based oil and gas analytics and diagnostics company, launched ChorusX, a unique and innovative diagnostic tool created to find and characterize movement in gas and oil wells. It uses acoustic array technology that allows energy businesses to quickly and precisely identify and map fluid flow across the well-reservoir system, assisting them in keeping wells clean, secure, and productive. ChorusX is a small array of eight nano-synchronized sensors that capture superior-resolution flow noises across a dynamic spectrum of levels and frequencies. Additionally, it improves efficiency and safety through early problem identification.
Which region dominates the oil and gas analytics market, and what factors contribute to its leadership?
North America was the largest region in the oil and gas analytics market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the oil and gas analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How is the oil and gas analytics market segmented, and which segment holds the largest share?
The oil and gas analytics market covered in this report is segmented –
1) By Offering: Hardware, Software, Service
2) By Deployment Type: On-Premises, Hosted
3) By User Type: Large Enterprises, Small And Medium Businesses
4) By Application: Upstream, Midstream, Downstream
Subsegments:
1) By Hardware: Data Acquisition Devices, Sensors And Monitoring Equipment, Edge Computing Devices
2) By Software: Data Management Software, Predictive Analytics Tools, Visualization And Reporting Software, Real-Time Monitoring Solutions
3) By Service: Consulting Services, Managed Services, Training And Support Services
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How is the oil and gas analytics market defined?
Oil and gas analytics refer to a statistical method to enable predictive analysis, reduce market risk, maximize yield, and accelerate oil and gas industry performance. Oil and gas analytics provide a set of techniques to extract trends and patterns of the current demand from the data to assist the decision-making process or optimization.
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