The latest report on Oil and Gas Analytics Market by Infinium Global Research gives complete coverage of the Oil and Gas Analytics Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Oil and Gas Analytics such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Untapped Value of Big Data in the Oil and Gas Industry is the Factor Driving the Growth of the Oil and Gas Analytics Industry
Oil and gas is a data-driven industry where data form an integral part of the exploration and drilling program, or in using smart metering and supervisory control and data acquisition (SCADA) systems in midstream, the industry heavily depends on IT and data analytics to increase the speed of finding oil, enhance oil recovery, and reduce health, safety, and environmental risks that arise due to equipment failure or operator error. Oil and gas companies exist in a rapidly changing environment.
There are many external challenges which an oil and gas company can face such as new methods for extracting energy, alternative forms of energy that can enter the market and create an oversupply, and so on. Moreover, political disturbances too can create shortages. While facing such uncertainty, many companies place emphasis on better asset management and control.
Apart from maintaining effective and efficient oil and gas exploration, it is important to have a favorable environment track record and maintain good public and government relations. In addition, gaining government approval for new exploration and production remains top priorities for good business scope. The potential for Big data and analytics lies in accessing the amount of new and untapped data, thereby enabling the use of data across disciplines.
Untapped value of big data in the oil and gas industry is the factor driving the growth of the oil and gas analytics market. In addition, an increase in demand for oil & gas, and advancements in technology to lower the operation and maintenance cost are the factors fuelling the growth of the oil and gas analytics market. Strict government regulation to ensure safety during operation will further complement the industry growth.
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Evolutions of Digital Oilfields and Cloud Analytics are Anticipated to Create Immense Growth Opportunities
However, harsh climatic conditions and communication links and price volatility in the oil and gas market is likely to restrain the growth of the oil and gas analytics market. Furthermore, Evolutions of digital oilfields and cloud analytics are anticipated to create immense growth opportunities for the key players in the oil and gas analytics market. The continuous adoption of advanced analytics solutions among energy companies has helped the key production. This is a key factor boosting the uptake of oil and gas analytics.
Among the geographies, North America dominated the oil and gas analytics market.The majority of share is held by the U.S owing to the high process rate of oil and gas exploration and production. North America is also one of the regions where the oil price slump has triumph the hardest and has been a major enabler of analytics implementation. This region is showing a major demand in upstream analytics, due to a rapid increase in exploration and production of unconventional oil and shale gas. As for the Asia Pacific, oil and gas analytics, a rapidly strengthening, the IT industry is gaining necessity from the region’s oil and gas sector.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Oil and Gas Analytics .
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.