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Oil and Gas Cloud Applications Market Overview
The Oil and Gas Cloud Applications Market was valued at USD 14.3 Billion in 2030 and is expected to register a CAGR of 14.7% during the forecast period.The oil and gas industry has seen tremendous adoption of various advanced technologies from super and mainframe computers to distributed systems and workstations.
Oil and gas companies are highly impacted by the digital technology used for exploration, production, and gathering data and gaining insights from the data. The oil and gas industry generates huge volumes of data. The cloud applications are used for storage and easy access to critical data stored over the cloud. Cloud applications are software solutions offered by the cloud service providers, especially for the oil and gas companies.
Figure1: Oil and Gas Cloud Applications Market, 2018 - 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The major driving factors for the growth of the oil and gas cloud applications are the growing adoption of cloud across the oil and gas industry and increasing adoption of private cloud for lowering operational costs and the cost of encrypting data. The adoption of cloud across the oil and gas industry is increasing due to the reduced capital expenditure and overall operating expenses of the companies. The increasing investments to create digital oilfields is expected to create a significant opportunity for the market during the forecast period. However, data security and privacy concerns are expected to hamper the market growth during the forecast period.
Market Segmentation
The Oil and Gas Cloud Applications Market has been segmented based on Component, Deployment Type, Organization Size, Operation, and Region/Country.
By Component, the global oil and gas cloud applications market have been divided into solution and service. The solution segment has been further broken down into enterprise asset management, enterprise resource planning, customer relationship management, security, others. The services segment has been further broken down into three sub-segments consulting, implementation and training, support, and maintenance.
Based on Deployment Type, the global oil and gas cloud applications market has been divided into a private cloud and public cloud.
Based on organization size, the global oil and gas cloud applications market have been divided into small- and medium-sized enterprises (SMEs) and large enterprise segments.
On the basis of operation, the global oil and gas cloud applications market has been divided into upstream, midstream, and downstream.
The global oil and gas cloud applications market have been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Regional Analysis
The Global Oil and Gas Cloud Applications Market is estimated to register a CAGR of 14.7% over the forecast period. The geographic analysis of the global oil and gas cloud applications market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Europe has the largest market share due to the increasing demand for oil and gas cloud applications and the increasing need for digital transformation by the large as well as small- and medium-sized enterprises. The UK leads the market in the European market due to the early adoption of cloud technology followed by Denmark, Italy, and Spain.
The Middle East and Africa region is expected to be the fastest-growing regional market during the forecast period due to the migration of the oil and gas enterprises to the cloud-based infrastructure. North America is expected to be the second-largest market in the global oil and gas cloud applications market during the forecast period. The markets in countries such as the US and Canada are expected to increase at a fast pace in the coming years.
Competitive Analysis
The Global Oil and Gas Cloud Applications Market is expected to register high growth due to the increasing adoption of private cloud for lowering operational costs and encrypting data. Major players are partnering with enterprises as a part of their inorganic strategy and new product development as their key organic growth strategy to enhance their position in the market and cater to the demands of the oil and gas industry. For instance, in July 2019, IBM Corporation acquired Red Hat. With this acquisition, IBM will accelerate innovation by offering a hybrid multi-cloud platform. In November 2019, Microsoft partnered with Baker Hughes BKR and C3.ai, to bring the digital transformation to the oil and gas industry. With this digital transformation, the oil and gas enterprises are looking to improve safety and efficiencies with reduced environmental impact.
Key Players
The Key Players in the Global Oil and Gas Cloud Applications Market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include IBM Corporation (US), Oracle Corporation (US), Microsoft Corporation(US), SAP SE(Germany), Salesforce (US), Aspentech (US), Bentley Systems (US), Dassault Systèmes (France), HPE(US), ABB (Switzerland), Infor (US), Sage Software Solutions (India), Risk Edge Solutions(India), Workday (US), Quorum Software (US). The key strategies adopted by most of the players are partnerships, agreements, and collaborations.
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