Global Oil and Gas Cloud Applications Market was valued US$ 4.20Bn in 2019 and is expected to reach US$ 10.80 Bn by 2027, at a CAGR of 14.44 % during a forecast period.
The report study has analyzed revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers and market disrupters in the report and same is reflected in our analysis.
Cloud is an elastic delivery model that enables businesses to become more adaptable and interconnected. An ideal combination of technology and services are encouraging Oil and Gas industry key players to turn their cloud strategy into reality. Technology is a game changer in the oil and gas industry, which is deeply impacted and notably improved by the software solutions in an array of applications like risk management, seismic interpretation, discovery, well placement, reservoir modeling, plant management and production control.
Global Oil and Gas Cloud Applications Market, Dynamics:
Oil and Gas services, software providers and organizations in the industry have quickly realized the benefits of cloud computing because it helps to reduce infrastructure cost and offer ubiquitous access to business applications and flexible business model. Oil and gas companies across the globe are adopting cloud as a powerful enabler, which assist to increase the lifespan, uptime and reliability of plant and infrastructure and ultimately increases returns. However, despite the popularity of the cloud in some applications, cloud computing has still not insistently penetrated the oil and gas industry relative to the pace of adoption that is expected to limit the growth of the global oil and gas cloud applications market.
Global Oil and Gas Cloud Applications Market, Segment Analysis:
Oil and Gas companies are adopting innovative technologies and moving their IT infrastructure out to the Cloud, which is result in a leaner, more agile organizational model at a significant cost savings. The Oil and Gas industry has transformed, with geo political forces that is creating a highly volatile, rapidly fluctuating crude oil and gas market, and the competition for depleting resources. Main oil and gas cloud applications business drivers include lowering operating costs and increase in recovery rates. Advanced and innovative technology are assisting in the reduction in the uncertainty and increasing success of exploration and production.
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There are several methods to adopt the Public/Private clouds using virtualization. The oil and gas industries are experencing rapid growth in spending for virtual machines. Virtualization has brought cloud computing opportunities to the forefront and adopting virtualization strategy are better positioned for configuring, protecting data and automatically provision for a cloud strategy. Many end users are selecting different deployment models for different types of applications and data, which is depending on their business requirements and other considerations.
The upstream application in the oil and gas cloud applications industry was valued at US$ XX Mn by 2019 and is projected to register A XX% growth rate during the forecast period. The growth in the market can be attributed to factors like rising in the prevalence of unconventional and offshore drilling activities. Many of the oil and gas key players are focusing on the implementation of the cloud computing to find out real-time data at minimized cost and adoption of the digital technologies with a focus on better understanding a reservoir’s resource and production potential.
Global Oil and Gas Cloud Applications Market, Regional Analysis:
North America region held the dominant position in the Global oil and gas cloud applications market and is projected to continue its dominant position in the global oil and gas analytics market. The U.S. contributes the majority of share in the market because of the high process rate of oil and gas exploration and production. The region is a major enabler of cloud based technologies and analytics implementation. The rapid increase in the exploration and production of unconventional oil and shale gas in the region is driving the growth in the market. The United States is expected to increase liquid hydrocarbon production with the help of shale oil, development of deep-water shelf, and growth in NGL production that is expected to propel the regional market growth.
Global Oil and Gas Cloud Applications Market, Competitive Analysis:
The Cloud computing makes sense for small- to medium-sized oil and gas producers to develop a broader strategy toward effective digital innovation. Cloud computing is the perfect platform for AI, big data, and IoT, which is also facilitating unprecedented mobility in the oilfield. The oil and gas companies are concentrating on the production strategies and operational models to transform their businesses. Multiple analytics and software start-ups have upraised funding to increase energy production by adopting a cloud based platform.
The objective of the report is to present a comprehensive analysis of the Global Oil and Gas Cloud Applications Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Oil and Gas Cloud Applications Market dynamics, structure by analyzing the market segments and projects the Global Oil and Gas Cloud Applications Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Oil and Gas Cloud Applications Market make the report investor’s guide.
Scope of the Global Oil and Gas Cloud Applications Market
Global Oil and Gas Cloud Applications Market, By Component
Enterprise Asset Management (EAM)
Environmental, Health and Safety (EHS)
Others (Simulation and Modeling, and Operational Analytics)
Consulting and Implementation
Training, Support and Maintenance
Global Oil and Gas Cloud Applications Market, By Deployment
• Private Cloud
• Public Cloud
Global Oil and Gas Cloud Applications Market, By Operation
Global Oil and Gas Cloud Applications Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Oil and Gas Cloud Applications Market
• Dassault Systèmes
• Risk Edge Solutions
• Seven Lakes Technologies
• Bentley Systems
• Sage Software Solutions
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