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The global oil and gas analytics market value is expected to grow at a CAGR of 14.80% from 2024-2032.
Oil and gas analytics, often known as oilfield analytics, is the use of big data analytical approaches in oil and gas operations. Oil and gas analytics are utilised to reduce downtime, increase output, lower maintenance costs, improve asset management, maintain human safety, and predict offshore operations. Big data analytics are used to collect and interpret enormous amounts of data created in oil and gas applications, then use the data to improve reservoir output and find preventive measures and projected outcomes which drive the growth of the oil and gas analytics market.
Oil and gas firms are working to shift from traditional methodologies to mobility-based ways to increase performance and operational efficiency, which is driving demand for oil and gas analytics.
The oil and gas analytics market dynamics and trends are being boosted by emerging technologies, such as seismic data. While oil drilling, analytics can study seismic data to provide risk insights, boosting the rate of success while saving time and money. When paired with past data, they can also help determine the level of oil in the reservoir.
According to the BP Statistical Review of World Energy, North America's primary energy consumption in 2021 reached 113.70 exajoules, up from 108.79 exajoules in 2020. The United States led with 92.97 exajoules, an increase from 88.54 exajoules the previous year. U.S. oil consumption rose to 35.33 exajoules from 32.52 exajoules. Canada's total energy consumption increased to 13.94 exajoules in 2021 from 13.82 exajoules in 2020, with oil consumption rising slightly to 4.17 exajoules and natural gas consumption increasing to 4.29 exajoules. Mexico's energy consumption saw a small rise, reaching 6.79 exajoules in 2021 from 6.43 exajoules in 2020, with natural gas usage growing to 3.18 exajoules.
The primary energy consumption in Asia Pacific countries reached 272.45 exajoules in 2021, up from 260.45 exajoules in 2020. China led the region with 158.97 exajoules in 2021, increasing from 150.73 exajoules the previous year, mainly driven by coal (82.44 exajoules) and oil (32.69 exajoules). India's energy consumption rose to 35.43 exajoules in 2021 from 31.98 exajoules in 2020, largely fuelled by coal (18.34 exajoules) and oil (8.36 exajoules). Japan's consumption remained steady at 17.93 exajoules, with significant contributions from natural gas (4.63 exajoules) and oil (6.42 exajoules). South Korea's energy use increased to 12.91 exajoules in 2021 from 12.40 exajoules in 2020, with notable inputs from oil (5.16 exajoules) and natural gas (3.77 exajoules) influencing the oil and gas analytics industry growth.
Further, in 2021, Africa's primary energy consumption experienced changes, reaching 38.45 exajoules, up from 37.46 exajoules in 2020. South Africa led with 6.18 exajoules, rising from 5.92 exajoules in 2020, mainly due to coal (3.93 exajoules) and oil (1.62 exajoules). Egypt's energy consumption increased to 6.16 exajoules from 5.92 exajoules, driven by natural gas (4.74 exajoules) and oil (1.12 exajoules). Nigeria's total energy use edged up to 4.78 exajoules from 4.52 exajoules, primarily fuelled by oil (1.76 exajoules) and natural gas (1.58 exajoules).
In summary, rising global energy consumption, specifically in the oil and gas sectors, highlights the essential need for advanced analytics solutions to enable effective and sustainable energy production and management. This trend creates considerable potential opportunities for the global oil and gas analytics market, owing to the industry's requirement for improved decision-making capabilities and operational efficiencies prompting the growth in oil and gas analytics market revenue.
“Global Oil and gas analytics Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Component
Market Breakup by Deployment Model
Market Breakup by Organisation Size
Market Breakup by Region
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The use of unconventional drilling methods and production procedures has increased the requirement for data management in the oil and gas industry. The increasing volumes of data obtained because of increased operational activity are driving up the growth of the oil and gas analytics market.
The major dynamics and trends in the oil and gas industry is the increasing adoption of the digital technologies to improve operational efficiency and reduce costs.
These companies are significant players in the software and consulting industries across the world. They offer a variety of products, including advanced analytics, enterprise resource planning (ERP) systems, business intelligence, data management, cloud computing, and IT consulting services.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Component |
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Breakup by Deployment Model |
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Breakup by Organisation Size |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Oil and Gas Analytics Market Size
Oil and Gas Analytics Market Growth
Oil and Gas Analytics Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global oil and gas analytics market value is projected to grow at a CAGR of 14.80% between 2024 and 2032.
The major market drivers include increasing demand for energy, reduced maintenance cost, and improvements in oil and gas operations.
The key trends of the market include adopting to a mobility-based approach, emerging technologies, and generation of high volumes of data.
The competitive landscape consists of SAS Institute Inc., Oracle Corporation, Accenture Plc, IBM Corporation, SAP SE, TIBCO Software Inc., Northwest Analytics Inc., among others.
Oil and gas analytics, also known as oilfield analytics, are the usage of big data analytical methods to operations in the oil and gas sector.
The global oil and gas analytics market is segmented based on component, deployment mode, organisation size, and region.
The deployment model in the market is cloud based and on-premises.
Big data analytics is used for collecting and processing data generated by oil and gas companies, providing them with insights for improved decision making.
Based on the component, market segmentations include software and service.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The market is bifurcated into small and medium businesses and large enterprises.
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+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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