The global oil and gas analytics market is anticipated to garner $50 billion while expanding at a cumulative annual growth rate (CAGR) of 22.6 percent between now and 2032, according to Future Market Insights. The market is estimated currently at $6.5 billion in 2022. A paradigm shift toward the search for mature oil fields along with the increasing exploration of unconventional wells will boost industry growth.
Big data allows better asset management, manufacturing, operations, and worker safety. The oil and gas analytics industry has observed a noteworthy shift toward the deployment of hosted services for gathering real-time data at a lower cost and augmenting production efficiency. The oil and gas analytics market is dominated by the cloud segment, accounting for nearly 55 percent share, owing to increasing demand for reduced cost of operations and soaring demand for resource optimization.
Prominent players are investing significantly in R&D to surge digitalization in their business, which is set to offer optimum exploration and production methods. Consequently, the production of unconventional fuels is expected to augment the global oil and gas analytics market shortly.
Key Takeaways from the Market Study
- By deployment type, the hosted segment of the Oil and Gas Analytics segment expanded at a 22 percent CAGR
- Based on Application, the upstream segment of Oil and Gas Analytics is estimated to record a 23 percent CAGR
- North America region is likely to account for the majority share of nearly 39 percent during the forecast period
- Europe region is estimated to gain significant traction in the market for Oil and Gas Analytics, Germany is likely to hold the majority share.
“Augmenting mining activities have compelled the major oil and gas companies to minimize their operational cost and optimize their resources, thereby the adoption rate of cloud-based services for analyzing the bulk data has witnessed a significant rise in recent years.” said the research analyst of Future Market Insights. These insights are based on a report on Oil and Gas Analytics Market by Future Market Insights