Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The Oil and Gas Cloud Applications industry are experiencing such trends, which are the consequence of the changing oil and gas environment and increasing cloud technologies adoption. A significant aspect of the movement is the increasing development of cloud-based applications in different spheres of the oil and gas industry. Among these are the tools for exploitation and production, reservoir management, supply chain optimization, and asset maintenance. The industry is making use of the cloud to enhance division, improve access to data, and simplify operations while at the same time, fostering greater efficiency and reducing the cost factor.
Data analysis and artificial intelligence (AI) are important a part of developments in The Oil and Gas Cloud Applications market. Large quantities of data get generated in the oil and gas industry and cloud based applications are now integrating AI and advanced analytics to extract actionable insights. Such technologies lead to predictive maintenance, drain optimization and better decision making, in turn to higher efficiency production and less downtime.
Digital twin technology is driving the trends in the Oil and Gas Cloud Applications space. Digital twin technology through cloud applications helps to create a virtual replica of the physical assets that may include wells, pipelines, and platforms. Such monitoring allows for monitoring, simulating and analyzing of assets in real time leading to better asset performance, predictive maintenance and the overall operational visibility improvement.
Security issues are taxing in the Oil and Gas Cloud Applications market, too. With the switchover to cloud-based solutions, there is a much higher level of concern regarding cybersecurity that helps in guarding data andcritical infrastructure. Cloud applications in the oil and gas sector have strong security mechanisms integrated, including encryption, access control and threat detection, to fight against cyber attacks and meet regulations of this field.
The transition to remote and mobile workforces is shaping patterns in the cloud applications in the Oil and Gas sector. With cloud applications, data and applications are easily accessible from remote corners for field personnel, engineers, as well as decision makers, and despite their physical location, they can collaborate and make sound decisions. This forecasting is in accordance with the industries' trend towards more flexible and adaptable operations.
The integration of IoT devices is the main trend in the oil and gas cloud application market. The IoT devices and sensors provide live data from the tools, machines, and assets operating in the field. Software-as-a-Service applications use this data to track the condition of the equipment, find anomalies, and make plans for maintenance routines. Such integration increases assets efficiency, reduces downtime and facilitates asset management that is proactive.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | 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. |
Oil Gas Cloud Applications Market Highlights:
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.
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
