Oil & Gas Analytics Market Share, Size, Trends, Industry Analysis Report, By Service (Professional, Cloud, Integration); By Deployment (On-premise, Hosted); By Application (Upstream, Midstream, Downstream); By Region; Segment Forecast, 2022 - 2030
- Published Date:Feb-2022
- Pages: 112
- Format: PDF
- Report ID: PM2282
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global oil & gas analytics market was valued at USD 13.20 billion in 2021 and is expected to grow at a CAGR of 17.4% during the forecast period. The use of analytics tools and advanced business intelligence in the oil & gas industry enables effective and efficient operations. Various companies globally utilize analytic tools to obtain and gain insights from real-time data to minimize risks and reduce production costs.
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The primary factors driving the growth of the industry include the rising demand for oil & gas, growing competition in the industry, financial capital & public scrutiny. Further, the rising oil & gas exploration activities and the increase in prices of oil & gas globally are anticipated to drive the industry's growth. The use of analytic-powered programs in the industry can further assist the companies in gathering insights pertaining to investment decisions and much more.
The spread of the COVID-19 reflects the downfall in the oil & gas analytics market growth on account of the significant decline in corporate spending globally. Further, the imposition of lockdowns across the nation is hindering the production process across major industries including oil & gas. Thus, the companies are focusing more on maintaining essential services, hindering the demand for the industry. On the positive side, the uncertainty for mergers and acquisitions deals amidst the COVID-19 outbreak is anticipated to fuel the demand for the industry.
The companies are developing platforms using AI (Artificial Intelligence) and ML (Machine Learning), to ease the uncertainty related to the industry’s mergers & acquisitions during the pandemic. The pandemic has caused uncertainty for the planned M & M&A in the sector, as the virus spread is causing disruptions in demand and supply chain globally. Further, the need for the industry is projected to bounce back as governments across nations are lifting lockdown restrictions.
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Industry Dynamics
Growth Drivers
The production costs of the companies globally are influenced by a variety of external and internal factors ranging from drilling to pipeline operations. The use of data analytics to harness this data and to utilize it to gain actionable insights is anticipated to drive the growth of the oil & gas analytics market as the use of data analytics lowers production costs and further improves efficiency. NLP (Natural Language Processing) of both external & internal sources is utilized in the unstructured data.
It helps in identifying the latest customer, regulatory, geopolitical, and other industry trends that can impact the company’s financial standing, reputation, capital planning decisions, production, shareholder value, and much more. These benefits offered by analytics in the industry are anticipated to drive the growth of the industry. Further, the companies are using analytics such as condition-based monitoring& variable analysis to create scenario-based simulations to identify future maintenance events and make the necessary changes before the equipment gets damaged. Hence, these factors are significantly accelerating the industry demand globally.
Report Segmentation
The market is primarily segmented on the basis of service, deployment, application, and region.
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By Service |
By Deployment |
By Application |
By Region |
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Insight by Application
The upstream segment is recorded to hold the largest shares in 2021 and is expected to lead the oil & gas analytics market in the forecasting years. This upstream oil & gas production is done by companies to identify, extract and produce raw materials. The rising oil & gas exploration activities globally are anticipated to drive the growth of the segment. The geospatial & exploration solutions enable the companies to search for new oil reserves in remote locations.
Further, infrastructure analytics solutions offer construction insights for drilling and extraction. The large application of analytics in upstream production is anticipated to drive the growth of the segment. The Midstream and Downstream segments are projected to show progressive growth rates in the forecasting years. The mid & downstream production engages in post-production along with transportation and storage services.
The use of analytics has huge potential in this segment as these processes are extremely crucial due to their complex supply chain of combustible materials. The use of video analytics offers a complete surveillance solution for oil pipelines across the supply chain. Further, the adoption of pricing analytics solutions helps in forecasting the price elasticity that fuels the segment growth in the near future.
Geographic Overview
Geographically, North America is accounted with the highest market shares in 2021. This huge market share can be attributed to the increasing investments for the development of shale gas reserves in North America. The presence of key market players in the US, along with the rising focus on the benefits of analytics usage, is anticipated to boost the growth of the market. Major enterprises operating in the region across the sector are utilizing several platforms to promote efficiency while reducing production costs.
Further, the rise in activities pertaining to unconventional fuel production is estimated to stimulate the growth of the industry. The US has a maximum number of strategic oil storage reserves and is further involved in the export of the same. This is projected to present lucrative market growth opportunities. For instance, according to the World Energy Council, in 2018, the US had over 1,161 Tn cubic feet of recoverable unconventional gas and is one of the market leaders in the production of such gas.
Moreover, the Middle Eastern and African market is anticipated to exhibit progressive growth over the forecasting years. The fast growth of the market in this region can be attributed to the rich deposits of oil & gas that lead to huge opportunities for the industry in the region. Further, the increasing prices of oil & gas are anticipated to boost the application of the industry of the region.
The companies are looking out for strategies to improve production efficiency while reducing costs. Moreover, the acceptance of digital technologies by companies in the industry is anticipated to offer huge market growth opportunities. The growing oil & gas exploration activities in the region are further anticipated to drive the growth of the market in the Middle East and Africa.
Competitive Insight
Some of the major players operating in the global market include Accenture, Hewlett Packard Enterprise Development LP, Hitachi, IBM Analytics, Microsoft Corporation, Northwest Analytics, Inc., Oracle Corporation, SAP SE, SAS Institute, and TABLEAU SOFTWARE, LLC.
Oil & Gas Analytics Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 13.20 billion |
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Revenue forecast in 2030 |
USD 51.18 billion |
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CAGR |
17.4% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
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Segments covered |
By Service, By Deployment, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Accenture, Hewlett Packard Enterprise Development LP, Hitachi, IBM Analytics, Microsoft Corporation, Northwest Analytics, Inc., Oracle Corporation, SAP SE, SAS Institute, and TABLEAU SOFTWARE, LLC. |
