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Oil & Gas Analytics Market (Application - Upstream, Midstream, Downstream) - Global Industry Analysis Forecast 2016 - 2024
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Oil & gas analytics services aid in minimizing the risks and improving safety across all the processes in the oil & gas industry. Oil & gas production output can also be enhanced with the assistance of oil & gas analytics services. Oil & gas analytics can also be used for assessing risky operations, and preventive measures can be undertaken to avoid accidents. Oil & gas analytics provides insights into logistics and supply chain and optimizes processes with integration of data across the entire supply chain. Oil & gas analytics also aids in monitoring of market sentiment, including potential opportunities, brand health, and competitor information. Declining oil & gas prices have encouraged adoption of oil & gas analytics services in the oil & gas industry. Increasing production from unconventional oil & gas resources has also boosted the adoption of oil & gas analytics services.
The global oil & gas analytics market has been broadly segmented on the basis of application into upstream, midstream, and downstream. Upstream application was the largest application segment of the global oil & gas analytics market, accounting for more than 50% of the global share in 2015. Adoption of oil & gas analytics services in upstream application has increased owing to rising drilling and production costs and associated risks. Upstream application segment includes oil & gas analytics services such as asset maintenance, exploration and production optimization, risk and Health, Safety & Environment (H&SE) management, drilling optimization, and finance commissioning assessment.
Midstream application segment includes oil & gas analytics services such as transportation optimization (vessels and ships), supply chain management, pipeline risk assessment, and storage optimization. Downstream application segment includes oil & gas analytics services such as refining and separation processes optimization, liquefaction and regasification assessment, demand and supply optimization, trade optimization, price optimization, risk management, personnel safety assessment, market analysis, and marketing and sales assessment. The downstream application segment is expected to grow at a fast rate during the forecast period owing to increasing utilization in refineries and corporate functions.
The global oil & gas analytics market was analyzed for North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. North America accounted for more than 40% of the global market share in 2015. However, the Middle East and Africa (MEA) oil & gas analytics market is expected to grow at the fastest rate during the forecast period. Asia Pacific is anticipated to be the second-fastest growing market for oil & gas analytics services. Europe, Asia Pacific, and Middle East & Africa held the second-largest, third-largest and fourth-largest market share, respectively, of the global oil & gas analytics market in 2015.
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Some of the leading companies in the global oil & gas analytics market include SAP SE, Oracle Corporation, IBM Analytics, Drillinginfo Inc., Accenture Plc, Microsoft Corporation, SAS Institute Inc., Deloitte Development LLC, KPMG International Cooperative, Teradata Corporation, Capgemini S.A., Hitachi Data Systems Corporation, Cognizant Technology Solution Corporation, TIBCO Software Inc., and Tableau Software Inc. The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, and recent developments. The global oil & gas analytics market has been segmented as follows:
Global Oil & Gas Analytics Market: Application Analysis
Upstream
Midstream
Downstream
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