Oil and Gas Analytics Market (By Offering: Hardware, Software, Service; By Deployment Platform: On-premises, Cloud; By Application: Upstream, Midstream, Downstream; By User: Small & Medium Enterprises, Large Enterprises) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global oil and gas analytics market size was exhibited at USD 7.2 billion in 2022 and is projected to hit around USD 54.61 billion by 2032, growing at a CAGR of 22.46% during the forecast period 2023 to 2032.

Key Pointers:

• By geography, North America contributed the maximum revenue share in 2022.
• By offering, the software segment captured the largest revenue share of the market in 2022.
• By deployment platform, the cloud segment dominates the global market in 2022.
• By application, the upstream segment is predicted to boost the market from 2023 to 2032.
• By use, the large enterprise segment is dominating the global market.

Oil and Gas Analytics Market Report Scope

The global oil and gas industry is at a crossroad over the depleting oil and gas reserves worldwide. New challenges arise and are addressed through conventional technologies. The rising global demand for fuel, increasing competition, financial capital and public scrutiny and regulations are a few of the severe challenges faced today. The falling crude oil reserves and the dynamic supply and demand are responsible for the price volatility of crude oil. New exploration and extraction techniques are on the rise for new types of hydrocarbons. The emerging technologies in the oil and gas industry generate a huge volume of operational and financial data. The use of various analytical engines helps to turn growing amounts of data into insights yielding profitability. The use of advanced business intelligence and analytics tools in the oil and gas industry would lead to efficient and effective operations. The Oil and Gas Analytics market thus shows a growing trend with many oil companies transforming their conventional practices into an analytical performance-powered approach.

Today, the oil and gas companies have swiftly turned towards the use of advanced information and communication technologies (ICT) to face the challenges gripping the industry. Huge data volumes (Big Data) are generated in the operations of the upstream, midstream and downstream segments of oil and gas companies. This data could be transformed into crucial information and insights yielding greater efficiency, productivity and profitability to the companies. The advanced solutions like business intelligence and big data management and analytics have transformed the conventional management into fact-based decision driven management. The oil companies face organizational data challenges like poor data quality, data integration, data irrelevancies, data ownership and limited visibility. The new-age big data analytics solutions have overcome the fragmented framework into unified data architecture to address the organizational data challenges.

The oil and gas analytics market shows a positive growth in the prospective years with more oil companies resolving to achieve lower operation and maintenance costs. Analytical framework systems such as SAP HANA and Apache Hadoop provide support for various analytical software and technologies. The oil and gas analytics spectrum provides various solutions for upstream, midstream and downstream operations. The geospatial and exploration analytics solutions help oil companies search new oil reserves in remote geographies. The infrastructure analytics solutions provide construction insights for extraction and drilling infrastructure and oil pipelines. It also provides data insights for predictive maintenance and repairs to avoid financial and ecological damages.

The midstream and downstream operations in the oil industry are extremely crucial due to the complex supply chain and retail of the combustible materials and products. Video analytics provides complete surveillance solution for the oil pipelines across the oil and gas supply chain. Product analytics solutions provide oil refineries with product analysis and standard chemical composition of the end products. The crude oil prices are one of the major influencers for the global stock markets. Various pricing analytics solutions process the financial big data of the company to forecast the market dynamics and price elasticity of supply and demand in the oil and gas analytics market. The social media market has for long remained untapped by the oil and gas companies. The oil companies could now enhance their customer relation management with the help of customer big data analytical tools.

The oil and gas analytics solutions provide the companies with demand forecasts of the current market. The drilling analytics indicates the feasible and appropriate production rates for the company. Big data analytical platforms have revolutionized modern-day oil companies by improving exploration and drilling practices, logistics and supply chain management and downstream marketing and trading.

The research report includes key market drivers, the current global trends adopted for oil and gas analytics, market size of the industry and the forecasts for the market segments and upcoming technologies. The report further analyzes the future potential growth of the market in the oil and gas sector, the competitive analysis of major market players, the opportunities prevailing before the key companies and the best market practices.

The report gives a comprehensive study about the current global market and their in-depth analysis with respect to regional market space, revenue flows, future prospects and evolving industry verticals. The report encompasses the business potentials of regions such as North America (NA), Europe, Asia-Pacific (APAC), Latin America (LA) and Middle-East and Africa (MEA). The major global providers included in the report are Accenture, Cisco Systems, EMC Corporation, Hewlett-Packard, IBM Corporation, Microsoft Corporation, Oracle, SAP AG, SAS Institute and Teradata.

The human advancements in the fields of lifestyle, travel and transportation are responsible for the resultant need of greater oil consumption. The staggering oil productions in the previous century have intensified the global issue of exhaustion of fossil fuels. The rapid depletion of oil and gas reserves has brought the global oil and gas authorities to a crossroad. The oil companies have to transmute their current operational techniques to tackle the productivity losses from the limited oil resources. The field of oil and gas analytics provides a solution to alchemize the organizational data into the most valuable assets for the company. The market shows a tremendous future potential for global oil companies offering a visionary solution

World economy is driven by the exchange of goods and services. Exchange of goods heavily depends on the intermodal transportation service. The immense growth in the transportation sector is an outcome of the expanding world economies. The global transportation machinery and fleet urges for a colossal demand for oil and gas.

The global oil demand is on an exponential rise due to rapid globalization and industrial growth. The developed economies in the west show very high per capita oil consumptions. The BRICS economies excluding Russia import large quantities of crude oil due to low domestic oil and gas production and huge demand in the country. The exhausting oil and gas reserves have aggravated the oil demands forcing oil companies to maintain higher production volumes from aging oil fields. This fact drives solutions and systems available in the market on global level.

The oil companies have undertaken exploration drives to discover new oil reserves in order to supply greater production volumes to meet the global demand. These production and operational expansions of the oil and gas industry have led to new explorations into the remote regions with adverse frontiers across the globe. The extraction units have to sustain the harsh conditions and environment in deserts and deep ocean waters. The maintenance costs of the oil companies are sky rocketing in order to sustain environmental challenges. Billions of dollars are spent annually over the repairs and maintenance of offshore and deepwater oilrigs. The aging production infrastructure often results in oil explosions and oil spills which is responsible for hazardous ecological consequences like loss of marine wealth and acid rains.

The global production of oil and gas swings across every day and it is under heavy political scrutiny and influence. The oil and gas market is an oligopoly where a few strong players control the entire market space. The rising oil demand and the fluctuating supply have made the crude oil prices very volatile. The heavy rise and falls in the oil market have kept away hefty investments for the technological advancements of the oil fields. The oil industry thus operates inefficiently with low oil production by conventional techniques resulting in heavy operational losses.

Some of the prominent players in the Oil and Gas Analytics Market include:

• Hitachi
• IBM
• Tibco Software
• Tableau Software
• Northwest Analyst
• Teradata 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Oil and Gas Analytics market.

By Offering

• Hardware
• Software
• Service

By Deployment Platform

• On-premises
• Cloud

By Application

• Upstream
• Midstream
• Downstream

By User

• Small & medium Enterprises
• Large Enterprises

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)