ALBANY, New York, June 3, 2016 /PRNewswire/ --
Transparency Market Research has released a new market research report titled Oil & Gas Analytics Market, By Application (Upstream, Midstream, Downstream) - Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2016-2024. According to the report, the global oil & gas analytics market stood at US$6,924.4 Mn in 2015 and is likely to reach US$35,786.2 Mn by 2024, expanding at a CAGR of 19.3% between 2016 and 2024.
The global oil & gas analytics market was dominated by North America in 2015. Demand for oil & gas analytics services is anticipated to be high in the region due to the presence of numerous unconventional oil & gas reserves and increasing number of refineries. Oil & gas analytics services aid in minimizing the risks and improving safety across all the processes in the oil & gas industry. Oil & gas production output can also be enhanced with the assistance of oil & gas analytics services.
Oil & gas analytics can also be used for assessing risky operations, and preventive measures can be undertaken to avoid accidents. Oil & gas analytics provide insights into logistics and supply chain and optimize processes with integration of data across the entire supply chain. Oil & gas analytics also aids in monitoring of market sentiment, including potential opportunities, brand health, and competitor information. Declining oil & gas prices have encouraged adoption of oil & gas analytics services in the oil & gas industry. Increasing production from unconventional oil & gas resources has also boosted the adoption of oil & gas analytics services.
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The U.S. is the market leader in North America with largest market share of North America oil & gas analytics market in 2015. Oil & gas industry in the U.S. has been utilizing analytics services on a wide scale, especially in upstream applications. Additionally, Canada oil & gas analytics market is expanding owing to increasing hydrocarbon production. Mexico oil & gas analytics market is also anticipated to grow in the near future owing to increasing oil & gas production and awareness about benefits of oil & gas analytics.
Europe was the second-largest market globally for oil & gas analytics services in 2015. Midstream and downstream application segments dominated the Europe oil & gas analytics market in 2015. Countries such as France, Germany, the U.K., Norway, and others were the major players in Europe oil & gas analytics market in 2015.
Asia Pacific was the third-largest market globally for oil & gas analytics in 2015. Production from refineries in Asia Pacific has increased significantly during the recent years. Growth in number of refineries, crude oil production facilities, and increasing IT prowess are expected to drive the growth of Asia Pacific oil & gas analytics market throughout the forecast period. Countries such as China, India, Japan, South Korea, Australia, Singapore, Malaysia, and Thailand are expected to be the major players in the region during the forecast period.
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Oil & gas analytics market in Middle East & Africa accounted for around 10% of the global market share in 2015. Countries such as Saudi Arabia, the UAE, Qatar, Oman, Nigeria, South Africa, and Iran are expected to drive the market in the region during the forecast period. Middle East & Africa oil & gas analytics market is expected to be the fastest growing market across the globe throughout the forecast period. South & Central America oil & gas analytics market accounted for around 6% of the global market share in 2015. Country such as Brazil, Venezuela, and Argentina are expected to boost the market in the region during the forecast period.
Key participants in the global oil & gas analytics market include SAP SE, Oracle Corporation, IBM Analytics, Drillinginfo Inc., Accenture Plc, Microsoft Corporation, SAS Institute Inc., Deloitte Development LLC, KPMG International Cooperative, Teradata Corporation, Capgemini S.A., Hitachi Data Systems Corporation, Cognizant Technology Solution Corporation, TIBCO Software Inc., and Tableau Software Inc. The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, and recent developments. The global oil & gas analytics market has been segmented as follows:
Global Oil & Gas Analytics Market: Application Analysis
Global Oil & Gas Analytics Market: Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
South & Central America
- Rest of South & Central America
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