Global Oil and Gas Analytics Market Report and Forecast 2024-2032

Global Oil and Gas analytics Market Size

The global oil and gas analytics market value is expected to grow at a CAGR of 14.80% from 2024-2032.

Global Oil and Gas analytics Market Growth

Oil and gas analytics, often known as oilfield analytics, is the use of big data analytical approaches in oil and gas operations. Oil and gas analytics are utilised to reduce downtime, increase output, lower maintenance costs, improve asset management, maintain human safety, and predict offshore operations. Big data analytics are used to collect and interpret enormous amounts of data created in oil and gas applications, then use the data to improve reservoir output and find preventive measures and projected outcomes which drive the growth of the oil and gas analytics market.

Oil and gas firms are working to shift from traditional methodologies to mobility-based ways to increase performance and operational efficiency, which is driving demand for oil and gas analytics.

Global Oil and Gas analytics Market Analysis

The oil and gas analytics market dynamics and trends are being boosted by emerging technologies, such as seismic data. While oil drilling, analytics can study seismic data to provide risk insights, boosting the rate of success while saving time and money. When paired with past data, they can also help determine the level of oil in the reservoir.

Global Oil and gas analytics Industry Outlook

According to the BP Statistical Review of World Energy, North America's primary energy consumption in 2021 reached 113.70 exajoules, up from 108.79 exajoules in 2020. The United States led with 92.97 exajoules, an increase from 88.54 exajoules the previous year. U.S. oil consumption rose to 35.33 exajoules from 32.52 exajoules. Canada's total energy consumption increased to 13.94 exajoules in 2021 from 13.82 exajoules in 2020, with oil consumption rising slightly to 4.17 exajoules and natural gas consumption increasing to 4.29 exajoules. Mexico's energy consumption saw a small rise, reaching 6.79 exajoules in 2021 from 6.43 exajoules in 2020, with natural gas usage growing to 3.18 exajoules.

The primary energy consumption in Asia Pacific countries reached 272.45 exajoules in 2021, up from 260.45 exajoules in 2020. China led the region with 158.97 exajoules in 2021, increasing from 150.73 exajoules the previous year, mainly driven by coal (82.44 exajoules) and oil (32.69 exajoules). India's energy consumption rose to 35.43 exajoules in 2021 from 31.98 exajoules in 2020, largely fuelled by coal (18.34 exajoules) and oil (8.36 exajoules). Japan's consumption remained steady at 17.93 exajoules, with significant contributions from natural gas (4.63 exajoules) and oil (6.42 exajoules). South Korea's energy use increased to 12.91 exajoules in 2021 from 12.40 exajoules in 2020, with notable inputs from oil (5.16 exajoules) and natural gas (3.77 exajoules) influencing the oil and gas analytics industry growth.

Further, in 2021, Africa's primary energy consumption experienced changes, reaching 38.45 exajoules, up from 37.46 exajoules in 2020. South Africa led with 6.18 exajoules, rising from 5.92 exajoules in 2020, mainly due to coal (3.93 exajoules) and oil (1.62 exajoules). Egypt's energy consumption increased to 6.16 exajoules from 5.92 exajoules, driven by natural gas (4.74 exajoules) and oil (1.12 exajoules). Nigeria's total energy use edged up to 4.78 exajoules from 4.52 exajoules, primarily fuelled by oil (1.76 exajoules) and natural gas (1.58 exajoules).

In summary, rising global energy consumption, specifically in the oil and gas sectors, highlights the essential need for advanced analytics solutions to enable effective and sustainable energy production and management. This trend creates considerable potential opportunities for the global oil and gas analytics market, owing to the industry's requirement for improved decision-making capabilities and operational efficiencies prompting the growth in oil and gas analytics market revenue.

The global oil and gas analytics market is determined by the industry's growing demand for data-driven decision-making and operational efficiencies.

• The oil and gas industry are seeing an increase in demand for advanced analytics solutions to improve exploration and production efficiency, optimise resource management, and minimise operational costs.

• Analytics technologies such as big data, machine learning, and artificial intelligence are constantly changing and supporting the growth of the oil and gas analytics industry.

High implementation costs and complex regulatory compliance limits the market expansion.

• Implementing sophisticated analytics solutions necessitates significant investments in technology and qualified staff.

• The oil and gas business are subject to severe rules and compliance standards, which can make it difficult to adopt and employ analytics solutions.

Expanding potential in emerging markets and increasing investment in digital transformation offer growth opportunities.

• As emerging countries invest in oil and gas infrastructure, there is a growing demand for analytics solutions to boost operational efficiency and competitiveness.

• The continuing digital transformation of the oil and gas industry is driving growing investment in analytics technology which creates new oil and gas analytics market opportunities and enhance customer engagement.

Increasing cyber threats and geopolitical issues pose significant threat.

• Increasing cyber threats and data breaches jeopardize the security and privacy of analytics data, potentially resulting in financial losses and reputation damage.

• Oil and gas price fluctuations caused by global economic instability might have an impact on industry investment.

Key Players in the Global Oil and gas analytics Market and Their Key Initiatives

SAS Institute Inc.

• Launched advanced AI-driven analytics for predictive maintenance and operational efficiency.

• Partnered with leading oil companies for real-time data integration and enhanced decision-making to meet the demand of the oil and gas market.

Oracle Corporation

• Expanded its global cloud footprint, introducing new cloud regions to support mission-critical workloads and enhance disaster recovery capabilities.

• Launched advanced predictive analytics for maintenance, leveraging Industry 4.0 capabilities to anticipate asset failures and optimise operational efficiency.

Accenture Plc

• Introduced the “Reinvention Reset” report to guide oil and gas companies in balancing energy security with low-carbon initiatives, aiming for a more resilient and sustainable future.

• Collaborated with Bharat Petroleum to create an AI-powered digital platform for optimizing sales and distribution networks, enhancing operational efficiency and service quality.

IBM Corporation

• Collaborated with Schlumberger to enhance oilfield data analytics and streamline decision-making processes.

• Launched advanced AI-driven analytics solutions to optimize upstream and downstream operations in order to capture the growing global oil and gas analytics market opportunities.

Global Oil and gas analytics Industry Segmentation

“Global Oil and gas analytics Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Software

• Service

Market Breakup by Deployment Model

• Cloud-based

• On-premises

Market Breakup by Organisation Size

• Small and Medium Businesses

• Large Enterprises

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Oil and gas analytics Market Share

The use of unconventional drilling methods and production procedures has increased the requirement for data management in the oil and gas industry. The increasing volumes of data obtained because of increased operational activity are driving up the growth of the oil and gas analytics market.

The major dynamics and trends in the oil and gas industry is the increasing adoption of the digital technologies to improve operational efficiency and reduce costs.

Leading Companies in the Oil and gas analytics Market

These companies are significant players in the software and consulting industries across the world. They offer a variety of products, including advanced analytics, enterprise resource planning (ERP) systems, business intelligence, data management, cloud computing, and IT consulting services.

• SAS Institute Inc.

• Oracle Corporation

• Accenture Plc

• IBM Corporation

• SAP SE

• TIBCO Software Inc.

• Northwest Analytics Inc.

Key Highlights of the Report

Oil and Gas Analytics Market Report Snapshots

Oil and Gas Analytics Market Size

Oil and Gas Analytics Market Growth

Oil and Gas Analytics Market Analysis

Oil and Gas Analytics Market Share

Oil and Gas Analytics Companies