Dublin, Jan. 03, 2024 (GLOBE NEWSWIRE) — The “Global Oil & Gas Analytics Market Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global oil and gas analytics market is estimated to grow at a CAGR of 14.02% to reach US$45.827 billion by 2028 from an initial value of US$18.287 billion in 2021.
Oil and gas analytics enables companies operating in this field to create scenarios-based decisions relating to oil exploration and production. The field is highly data-driven and uses methods such as statistical analysis, machine learning algorithms, and predictive modeling techniques for accuracy. Booming oil & gas demand coupled with growing technological advancements in oil & gas explorations is expected to propel the global oil and gas analytics market.
Increasing demand for oil and gas
The global oil and gas analytics market expansion is primarily propelled by several key factors, including the increasing need for oil and gas, heightened competition within the sector, financial resources, and heightened public oversight. According to the International Energy Agency (IEA), the oil demand in 2023 is anticipated to reach 101.2 million barrels per day and in 2024 it is expected to reach 102.3 million barrels per day. But on the contrary, the supply is expected to remain less signifying a demand-to-supply gap in the supply chain. According to the IEA, the supply in 2021 was 63.9 million barrels per day and a similar trend is anticipated to continue. Furthermore, ongoing investment in oil & exploration activities and project establishments has provided a positive scope for the global oil and gas analytics market growth.
Advancement in technology
The global oil and gas analytics market growth is expected to be driven by the escalating exploration efforts in oil and gas, as well as the global rise in oil and gas prices. The adoption of analytics-powered applications in the industry can additionally aid companies in acquiring valuable insights for investment choices and other critical aspects. The utilization of artificial intelligence and the Internet of Things (IoT) in the global oil and gas analytics industry is seen as a major catalyst for the market’s expansion. Numerous oil and gas firms are prioritizing the enhancement of efficiency and productivity through comprehensive data analysis, a need that is met by oil and gas analytics solutions.
The United States is anticipated to be the fastest-growing country in the North American region
The rising focus on improving the exploration of unconventional wells is expected to impact the oil and gas analytics market growth. The oil and gas industry in the country has witnessed an upward trend with transformation in digitalization over the past few years where focus on analytics has increased manifolds. Further, the increasing levels of awareness related to digital oilfields and the transformation of drilling, exploration, and transportation will drive the United States oil and gas analytics industry during the forecast period.
Additionally, stringent regulatory guidelines from the government such as the US Commercial Building Initiative (CBI) are expected to compel the producers to bring technological advancement and reduce greenhouse energy consumption. This will result in a shift towards the use of analytical platforms and Artificial intelligence tools for better management and analysis of generated data.
Increased natural gas production in the United States
As estimated by the U.S. Energy Information Administration, U.S. natural gas production increased in 2022 by around 4% compared to the previous year, amounting to 4.9 billion cubic feet per day. This highlights favorable prospects for increasing demand for oil and gas analytics in upcoming years as increased production will require real-time data insights for the optimization of operations. Moreover, the demand for data analysis reduces operational costs and enhances labor productivity coupled with customizable security protocols. These factors are anticipated to boost the oil and gas analytics market in the long term.
Market Key Developments
- In July 2023, ABB introduced a new I/O series, known as XIO, designed to meet the digital requirements of oil and gas fields. XIO offers rapid connectivity expansion, which improves production and cuts down expenses linked to conventional equipment upgrades.
- In January 2023, Eyrus, a leading intelligence platform for the oil and gas Industry launched its “Eyrus Evolved” which offers advanced solutions to contractors in the oil and gas sector to arrive at better decision-making for their business.
Report Segmentation:
By Service
- Professional
- Cloud
- Integration
By Deployment Mode
By Application
- Upstream
- Midstream
- Downstream
Company Profiles
- Cognizant
- Rolta India
- Quantzig
- Alteryx
- IBM
- Northwest Analytics
- Teradata
- SAP
- SAS Institue
- Cloud Software Group
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 132 |
| Forecast Period | 2021 – 2028 |
| Estimated Market Value (USD) in 2021 | $18.29 Billion |
| Forecasted Market Value (USD) by 2028 | $45.83 Billion |
| Compound Annual Growth Rate | 14.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/i0lalv
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- Global Oil & Gas Analytics Market
