by A comprehensive study has shed light on the multi-dimensional landscape of the global oil & gas analytics market and the anticipated short-term growth within this dynamic sector. The findings reveal a promising future driven by rapidly increasing upstream operations, the integration of cutting-edge AI tools, and the escalating adoption of analytical services, particularly in the Asia Pacific region.
Rapidly Increasing Upstream Operations Fueling Market Growth
The oil & gas industry is undergoing a transformative shift, driven by the influence of business analytics. The exponential growth of big data in this sector stems from the pressing need to enhance exploration efficiency and production in oil and gas fields. Given the technical challenges and economic risks involved in finding and producing oil & gas, the industry relies heavily on processing vast amounts of data. Developments in seismic acquisition devices, fluid front monitoring geophones, channel counting, and carbon capture and sequestration sites have led to the production of massive datasets. Consequently, the demand for advanced data analytics tools is on the rise, further propelling the oil & gas analytics market.
Big data analytics finds diverse applications in the oil and gas sector, including:
- Enhancing occupational safety and maintenance programs.
- Optimizing upstream operations, from seismic data analysis to drilling and reservoir engineering.
- Streamlining midstream activities related to oil and gas transportation and production.
- Implementing predictive maintenance for downstream operations.
- Addressing security threats and cyber-attacks through real-time machine learning and anomaly detection techniques.
Burgeoning AI Tool Integration Bolsters Market Expansion
Globally, businesses in the oil and gas sector are striving to boost productivity and efficiency in exploration and production processes. AI tools are playing a pivotal role by digitizing records and automating the analysis of geological data and charts. These tools can identify potential issues such as equipment wear and pipeline corrosion. With significant unconventional gas reserves in regions like the United States and China, the adoption of AI is accelerating, with companies like BP and Royal Dutch Shell employing AI for proactive maintenance and reducing their carbon footprint.
AIs applications in the oil and gas sector encompass production optimization, predictive maintenance, reservoir understanding, and corrosion risk modeling. This technology is reshaping the industry, with major players making substantial technology investments to harness its potential.
Escalating Adoption of Analytical Services Drives Market Growth
The oil & gas analytics market is gravitating toward cloud services to address challenges related to data management, analytics, connected operations, remote operations, and environmental impact. Cloud deployment offers a cost-effective and flexible solution for businesses in the sector. It enables the use of analytical services without the need for extensive digital infrastructure, leading to enhanced scalability and reliability.
Rising Adoption of AI Technologies Boosts Asia Pacific Market
Asia Pacific leads in the adoption of oil & gas analytics, with the region expected to experience the fastest growth in the coming years. Factors contributing to this growth include the robust economy, high adoption rates of AI technologies among oilfield operators, and a strong presence of leading AI software and system suppliers. The regions oil and gas industry is poised for significant advancements, driven by increased investment in R&D activities and ambitious production plans, such as ExxonMobils goal of producing over 1 million barrels per day in the West Texas Permian Basin.
Global Oil & Gas Analytics Market: Competitive Landscape
Key players in the global oil & gas analytics market include SAS Institute, Inc., Oracle, Microsoft Corporation, Cisco Systems, Inc., IBM, Teradata, SAP SE, TIBCO Software, Inc., Tableau Software, Deloitte, Cognizant, Capgemini, Accenture, Hitachi Ltd., and Hewlett Packard Enterprise Development LP. These companies are at the forefront of innovation, leveraging advanced technologies to meet the evolving needs of the industry.
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/oil-gas-analytics-market
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This press release first seen on Brilad
COMTEX_442320023/2840/2023-10-23T08:21:12
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.