Oilfield Analytics Market Size, Share, and Growth Trends: Forecast Highlights
The oil and gas industry is undergoing a transformative shift, thanks to substantial investments in process automation, remote instrumentation, and the Internet of Things (IoT) across various sectors like retail, manufacturing, and financial services. This technological wave is propelling the oil and gas sector towards a digital future, with a strong emphasis on data-driven decision-making. Oilfield analytics is emerging as a pivotal tool for oil and gas companies seeking real-time actionable insights to optimize equipment performance and predict operational failures.
Rising Demand for Operational Intelligence
Oil and gas companies are increasingly turning to oilfield analytics to minimize downtime and enhance operational efficiency. While many global players in the industry have already adopted oilfield analytics services, there is significant room for growth. As technology continues to evolve, even small- and medium-sized oil and gas companies are expected to join the adoption trend.
Boosting Productivity and Stability
Declining crude oil and natural gas prices have forced oil and gas companies to seek ways to make their operations more economically viable. This downward price trend, which began around mid-2014, has put pressure on profit margins for exploration and production (E&P) companies. To counteract this, the industry is increasingly focused on optimizing operations while reducing capital and operating costs.
Unlocking Unconventional Resources
The oil and gas industry has witnessed a surge in extraction and production from unconventional resources like shale (tight) oil and gas, oil sands, and subsea oil and gas. Oilfield analytics services are proving invaluable in optimizing drilling and production processes for these unconventional resources while minimizing costs and risks. This trend is expected to drive the adoption of oilfield analytics services in the coming years.
Preference for Oilfield Analytics in Upstream Operations
Oilfield analytics encompasses both hardware and software packages, and its applications vary across different segments of the oil and gas industry. In upstream operations, it is used for asset maintenance, E&P optimization, risk and H&SE management, drilling optimization, and finance commissioning assessment. Midstream operations benefit from transportation optimization, supply chain management, pipeline risk assessment, and storage optimization. Downstream operations see improvements in refining processes, liquefaction and regasification assessment, demand and supply optimization, trade optimization, price optimization, risk management, personnel safety assessment, market analysis, and marketing and sales assessment.
Leaders in the Field
The United States leads the global oilfield analytics market in terms of both supply and demand. The country is a major consumer of oilfield analytics services and is also a leading provider. Adoption of these services is also expected to grow in Canada and Mexico. In Europe, the oil and gas production is limited, with countries like the UK, Norway, Russia, and the Commonwealth of Independent States (CIS) being exceptions. The Middle East & Africa region, including countries such as Saudi Arabia, UAE, Kuwait, Oman, Iran, Qatar, Nigeria, and South Africa, is also actively embracing oilfield analytics services.
The global oilfield analytics market is characterized by a few major players operating worldwide. Key differentiators in this market include design, technology, engineering of systems, aftersales support, and relevant experience. Ongoing innovations and operational streamlining continue to shape the market. Notable players in the global oilfield analytics market include Microsoft Corporation, Oracle Corporation, IBM Analytics, SAP SE, Accenture, SAS Institute Inc., Deloitte Development LLC., KPMG International Cooperative, Teradata Corporation, Capgemini S.A, Hitachi Data Systems Corporation, Cognizant Technology Solution Corporation, and TIBCO Software Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/oilfield-analytics-market
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This press release first seen on Brilad