As the use of technology has significantly increased in oil and gas in recent years, it is fuelling demand of oil and gas analytics across the produces and operators, according to Transparency Market Research (TMR)
Increasing demand for oil and gas across the globe is the major driver augmenting the demand in the global oil and gas analytics market. Moreover, to understand the untapped value of big data in the oil and gas industry is also pushing demand for oil and gas analytics.
The global oil and gas analytics market is expected to be moderately fragmented due to the presence of a few global and regional players. Cisco Systems, Hewlett-Packard, Accenture, EMC Corporation, Oracle, IBM Corporation, Microsoft Corporation, and SAP AG are some of the leading players in the global oil and gas analytics market.
In 2014, Oracle Corporation, IBM Analytics, and SAP SE collectively held 23 per cent share in the market. Fluctuating prices of oil and gas globally have resulted in increased pressurised crude extractors and refiners to resolve cost issues by optimising their process and improving their production efficiencies.
The demand for upstream application is higher and dominating the global oil and gas analytics market. Major functions of the upstream application include risk assessment, asset maintenance, production optimisation and drilling optimisation. All these factors are in high demand in the crude industry, due to which this segment is rising at a rapid rate. However, stringent regulations and compliances over the oil and gas industry, price volatility in oil and gas market, increasing competition and harsh climatic conditions might restrict the growth in the global oil and gas analytics market.
Middle East and Africa to lead oil and gas analytics market
Based on regional growth, the Middle East and Africa are leading the global oil and gas analytics market. In the forthcoming years as well, these regions are likely to lead the global oil and analytics market.
Major countries in the Middle East including Iran, the UAE, Saudi Arabia and Iraq have huge oil reserves, which makes them the leaders in the global oil and gas market. Therefore, players in these regions require advanced solutions and techniques to analyse their oil reserves, which will further drive the demand in the global oil and gas analytics market.
Besides these regions, oil and gas reserves are also found in the USA, Canada, Russia, the UK, India, Brazil and Mexico, where crude oil players can deploy oil and gas analytics to get systematic analysis. North America and Asia-Pacific are the other two important regions where the demand for oil and gas analytics market is increasing at a significant rate.