According to the report by Expert Market Research (EMR), the global oil and gas analytics market is projected to grow at a CAGR of 14.80% between 2024 and 2032. Aided by the increasing complexity of hydrocarbon exploration and the growing necessity for optimising operational performance, the market is expected to grow significantly by 2032.
Oil and gas analytics encompass the utilisation of data analytics solutions for deriving actionable insights from the massive data volumes generated in the oil and gas sector. These insights aid companies in enhancing exploration, drilling efficiency, production, and distribution.
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The analytics solutions range from descriptive analytics that give an overview of past operations to predictive analytics that forecast future trends, and prescriptive analytics that offer specific recommendations for ways to handle potential future scenarios.
The burgeoning need for efficiency and sustainability in the oil and gas sector acts as the primary catalyst for the oil and gas analytics market growth. As the world grapples with volatile oil prices, political instability in key oil-producing regions, and growing environmental concerns, oil and gas companies are increasingly turning to analytics to optimise exploration, reduce operational costs, improve asset management, and ensure safety and compliance.
The evolution of digital technology and the advent of the Industrial Internet of Things (IoT) have significantly impacted the oil and gas analytics market demand. Advanced sensors and data connectivity now allow real-time monitoring and analytics of drilling operations and machinery health. The resultant data analytics can prevent costly machinery failures, reduce downtime, and improve the allocation of human and capital resources.
Additionally, the analytics solutions are increasingly being utilised in supply chain and inventory management. As per the oil and gas analytics market analysis, accurate forecasting and inventory optimisation through analytics reduce waste and storage costs, enhancing the overall profitability and efficiency of operations. This is especially crucial in the context of the complex and often global supply chains that characterise the oil and gas industry.
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The integration of artificial intelligence (AI) and machine learning technologies with analytics solutions is another factor that increases the oil and gas analytics market size. These technologies offer advanced pattern recognition and predictive capabilities that can identify new exploration opportunities or potential risks, thus driving informed decision-making.
Oil and Gas Analytics Market Segmentation
The market can be divided based on component, deployment model, organisation size, and region.
Market Breakup by Component
- Software
- Service
Market Breakup by Deployment Model
- Cloud-based
- On-premises
Market Breakup by Organisation Size
- Small and Medium Businesses
- Large Enterprises
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global oil and gas analytics market. Some of the major players explored in the report by Expert Market Research are as follows:
- SAS Institute Inc.
- Oracle Corporation
- Accenture Plc
- IBM Corporation
- SAP SE
- TIBCO Software Inc.
- Northwest Analytics, Inc.
- Others
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