PUNE, India, November 23, 2017 /PRNewswire/ --
According to a new market research report "Oil and Gas Cloud Applications Market by Type of Application (CRM, ECM and Collaboration, ERP, GRC, Data Analytics, HCM, PPM, SCM), Major Sector (Upstream, Midstream, Downstream), Deployment Model, Business Function - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to grow from USD 3.33 Billion in 2017 to USD 5.68 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.3%.
Browse 70 Market Data Tables and 33 Figures spread through 142 Pages and in-depth TOC on "Oil and Gas Cloud Applications Market"
Early buyers will receive 10% customization on this report
Major drivers of this market are major slump in oil prices and the emergence of big data and advanced analytics for fostering and enhancing operational efficiencies. Growing trends of mobile computing and rapidly increasing adoption of hybrid cloud are the key opportunities that would fuel the market growth.
The data analytics application type is expected to grow at the highest CAGR during the forecast period
This data-rich oil and gas industry depends on data analytics to enhance operational efficiencies, reduce costs, and offer predictive analysis that would help officials in making better managerial decisions. After the steep decline in oil prices, companies are investing a significant share of their revenues in adopting data analytics applications that help them gain insights from the deluge of structured and unstructured data that this industry generates.
Ask for PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=246803500
The upstream sector is expected to grow at the highest CAGR during the forecast period
The upstream sector is working hard to leverage big data to gain significant insights from the surge of structured and unstructured data. The sector is rapidly deploying new platforms, mainframe computers, super computers, workstations, and distributed stations to execute high-performance computing, virtualization, and advanced visualizations, to harness maximum insights from the data. Moreover, unlimited computing and storage capacities, superior cost-effective utilization of the public cloud system, and ease of deployment are some of the compelling reasons to deploy cloud services for this cost-sensitive yet data-critical oil and gas industry.
North America is expected to dominate the Oil and Gas Cloud Applications Market during the forecast period
The Oil and Gas Cloud Applications Market is segmented by major geographic regions: North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America has always been a frontrunner in adopting innovative technologies and disruptive practices. The primary reason for adopting cost-effective and scalable cloud solutions is to ensure that the cost of operations for oil and gas processes remains minimal. The other reason is to significantly drive the operational efficiency. Moreover, the region is expected to become the world's largest producer of oil, and thus it is expected that the technologically rich region would invest in new paradigms involving mobility, cloud, and other digital innovations.
The growing partnerships, agreements, and strategic alliances also testify that North America will be at the forefront in the adoption of digital technologies. For instance, Microsoft and Halliburton have forged a strategic alliance to foster digital transformations across the oil and gas sector. Similar developments have also been undertaken by Schlumberger, a global provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Schlumberger unveiled DrillPlan, a digital well construction planning solution that would leverage the benefits of Microsoft Azure and Azure Stack hybrid cloud solution in the oil and gas industry.
Major vendors in the Oil and Gas Cloud Applications Market include IBM (US), Oracle (US), SAP (Germany), Microsoft (US), SAS Institute (US), HPE (US), TIBCO (US), Tableau (US), Cisco (US), Seven Lake Technologies (US), PetroCloud (US), and WellEz (US).
Enquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=246803500
Browse Related Reports
Cloud Applications Market by Type (Analytics, CRM, Finance and Accounting, Content management, Collaboration, eCommerce, HCM, ERP, PPM, Procurement and Distribution, Legal and Risk Management, Other Applications) - Global Forecast to 2019
Energy Cloud Market by Solution (Customer Management, Reporting and Analytics Enterprise Asset Management), Service, Service Model (SaaS, PaaS, and IaaS), Deployment Model, Organization Size, and Region - Global Forecast to 2021
Know More About our Knowledge Store @ http://www.marketsandmarkets.com/Knowledgestore.asp
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
630 Dundee Road
Northbrook, IL 60062
Visit Our Blog @ http://www.marketsandmarketsblog.com/market-reports/telecom-it
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets