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The global oil demand is on an exponential rise due to rapid globalization and industrial growth. The developed economies in the west show very high per capita oil consumptions. The BRICS economies excluding Russia import large quantities of crude oil due to low domestic oil and gas production and huge demand in the country. The exhausting oil and gas reserves have aggravated the oil demands forcing oil companies to maintain higher production volumes from aging oil fields.
The oil companies have undertaken exploration drives to discover new oil reserves in order to supply greater production volumes to meet the global demand. These production and operational expansions of the oil and gas industry have led to new explorations into the remote regions with adverse frontiers across the globe. The extraction units have to sustain the harsh conditions and environment in deserts and deep ocean waters. The maintenance costs of the oil companies are sky rocketing in order to sustain environmental challenges. Billions of dollars are spent annually over the repairs and maintenance of offshore and deepwater oilrigs. The aging production infrastructure often results in oil explosions and oil spills which is responsible for hazardous ecological consequences like loss of marine wealth and acid rains.
The global production of oil and gas swings across every day and it is under heavy political scrutiny and influence. The oil and gas market is an oligopoly where a few strong market players control the entire market space. The rising oil demand and the fluctuating supply have made the crude oil prices very volatile. The heavy rise and falls in the oil market have kept away hefty investments for the technological advancements of the oil fields. The oil industry thus operates inefficiently with low oil production by conventional techniques resulting in heavy operational losses.
Oracle, SAP AG, Accenture, and SAS are some of the prominent players which are providing reliable oil and gas analytics software. MarketsandMarkets forecasts the global oil and gas analytics market to grow from $4.29 in 2014 to $19.65 by 2019. Over the next 5 years, this market is expected to experience high traction in Asia-Pacific (APAC), North America (NA), and the Middle East and Africa (MEA) regions.
The report will help the market leaders/new entrants in this market in the following ways:
1. This report will provide a comprehensive look in the global oil and gas analytics market in terms of software used in upstream operations, midstream operations and downstream operations. Market numbers are further split across deployment platform, services and regions.
2. The report will provide insights to the vendors about positioning themselves and their competitors and will help them to understand opportunities in other regions.
3. The report helps the vendors to understand the pulse of the market. It provides information on key market drivers, restraints, challenges, and opportunities.
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