The global oil & gas analytics market size is expected to reach USD 51.18 billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The prominent factors for market growth are the increasing number of favorable government policies and incentives, and growing investment in the R&D activities are surging the global market demand. Additionally, frequent product launches, integration of novel technologies, and effective allocation of resources also act as catalyzing factors for market growth. Furthermore, constantly increasing demand for energy and reduction in crude oil prices are also offering lucrative opportunities to the market growth over the forthcoming years.
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Based on the deployment, the on-premises segment is dominating the global market with the highest revenue shares owing to the increasing investment in R&D activities for developing advanced solutions to offer competent project planning & execution, coupes with the growing needs for effective real-time data analysis. Whereas the hosted segment is showing the highest CAGR rate that leads the market demand. Factor such as hosted deployment type aids in boosting the business productivity improves capabilities, and cost-saving may foster the market demand in the approaching years.
The demand for oil & gas is exponentially growing owing to industrial development and rapid globalization. The emerging economies such as India, China, and Australia are exhibiting very high per capita oil & gas consumption because of the rising investment by the market players to develop and promote the adoption of the analytics solution. The aggravated demand leads to the draining of oil and gas reserves, which forces companies to boost higher manufacturing volumes from aging oil fields. Accordingly, it may accelerate the market demand worldwide.
Market participants such as Northwest Analytics, Inc., Hewlett Packard Enterprise Development LP, Accenture, IBM Analytics, TABLEAU SOFTWARE, LLC, Hitachi, Oracle Corporation, SAP SE, SAS Institute, and Microsoft Corporation are some of the key players operating in the global market.
Polaris Market Research has segmented the oil & gas analytics market report on the basis of service, deployment, application, and region:
Oil & Gas Analytics, Service Outlook (Revenue - USD Billion, 2018 - 2030)
Oil & Gas Analytics, Deployment Outlook (Revenue - USD Billion, 2018 - 2030)
Oil & Gas Analytics, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Oil & Gas Analytics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)