Oil and Gas Analytics Market Size to Reach USD 48130 Million by 2027 at CAGR 20.1% - Valuates Reports
BANGALORE, India, Aug. 16, 2021 /PRNewswire/ -- The Oil and Gas Analytics Market is Segmented by Type (Hardware, Software, Services), by Application (Oil Industry, Natural Gas Industry, Other). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Oil & Gas Category.
The global Oil and Gas Analytics market size is projected to reach USD 48130 Million by 2027, from USD 13220 Million in 2020, at a CAGR of 20.1% during the forecast period 2021-2027.
Major factor driving the growth of oil and gas analytics market are:
An oil and gas company's production costs are influenced by a variety of internal and external factors, ranging from well drilling to pipeline operations. Big data analytics may be used to harness this data and apply it in a variety of scenarios to increase production efficiency and lower costs.
Natural language processing of both internal and external sources (including news and social media) is used in unstructured oil and gas data analytics to identify geopolitical, regulatory, customer, competitive, or industry trends that could have a significant impact on a company's reputation, financial standing, shareholder value, capital planning decisions, social responsibility, sustainability, and production.
Companies can use predictive oil and gas analytics like condition-based monitoring and variable analysis to construct scenario-based simulations to identify likely future maintenance events and undertake any necessary maintenance before the equipment is damaged.
Strict government regulation to ensure safety during operation will further complement the industry growth. Workers are always at risk of being harmed by toxic pollutants, either momentarily or permanently. O&G companies today are using big data and predictive analytics to identify new oil and gas sources without having to conduct potentially hazardous operations.
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TRENDS INFLUENCING THE GROWTH OF THE OIL AND GAS ANALYTICS MARKET
The oil and gas analytics market shows positive growth in the prospective years with more oil companies resolving to achieve lower operation and maintenance costs. Companies can use predictive oil and gas analytics like condition-based monitoring and variable analysis to construct scenario-based simulations to identify likely future maintenance events and undertake any necessary maintenance before the equipment is damaged. Predictive maintenance lowers the cost of reactive maintenance and downtime, and when combined with a thorough maintenance plan, it can shorten the time it takes to complete large-scale maintenance projects.
Need for Predictive And Preventive Maintenance is expected to further drive the growth of the oil and gas analytics market. Companies in the oil and gas industry have been able to construct simulations that predict maintenance events because of the use of predictive analytics. Predictive maintenance lowers the costs of reactive maintenance and minimizes downtime. In the long run, these forecasts can help businesses stay ahead of the curve by reducing downtime for large-scale maintenance operations.
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Furthermore, big data analytics services for the oil and gas industry can assist companies in developing effective strategies to target future markets while also lowering the risks connected with oil exploration and drilling.
OIL AND GAS ANALYTICS MARKET SHARE ANALYSIS
Based on region, North America is expected to be most lucrative during the forecast period due to the growing adoption of big data analytics in the oil and gas analytics market.
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Major Players in the Oil and Gas Analytics Market
- Hewlett-Packard
- Hitachi
- IBM
- Northwest Analytics
- Oracle
- SAP
- SAS Institute
- Tableau Software
- Teradata
- Tibco Software
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SIMILAR REPORTS
- The global Big Data in Oil and Gas market size is projected to reach USD 5606 Million by 2027, from USD 2966 Million in 2020, at a CAGR of 9.4% during 2021-2027.
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- Oil and Gas Asset Management Software Market Size, Status and Forecast 2021-2027
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