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Introducing new technologies and identifying the root cause which stands as a barrier in obtaining good profits, are the two important factors for any company to grow. As companies involved in exploration, supply chain and delivery of hydrocarbons want solutions to avoid the operational and maintenance cost. Oil and gas analytics provide solutions based on the history and recent trends which helps in reducing errors and increasing efficiency. Analytics also helps in integrating the workforce and data which can be accessed to predict further actions to be taken.
On the basis of their services, the oil and gas analytics market can be segmented into professional, integration and cloud services. On the basis of the deployment platform, global oil and gas analytics can be segmented into on-premise and hosted. Hosted analytics has grown in recent years as compared to on-premise. On the basis of its application, oil and gas analytics market can be segmented into upstream, downstream and downstream. Oil and gas analytics have been most used in upstream applications that involve exploration activities.
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The major market driver for the Global Oil and Gas Analytics Market is the ever increasing demand for energy all over the world. Lowering of the crude oil price in recent years has also helped the oil and gas analytics market to grow. Companies aiming to reduce the operation and maintenance cost take the help of analytics which also acts as a market driver for the oil and gas analytics market.
The factor which stands as a restraint for the global oil and gas analytics market is the volatility in the price of crude oil which is unpredictable. Also, the stringent regulations and compliances over the oil and gas industry act as market restraint for global oil and gas analytics market.
Some of the major companies that are present in the market for oil and gas analytics are Accenture, KPMG, IBM, Infosys, L&T InfoTech(LTI), TCS, Tech Mahindra, Wipro, Capgemini, EY, CGI, Deloitte, PwC, Rolta, TIBCO, and SAS.
By Deployment Platform
· On Premise
· North America (The USA and Canada)
· Europe (UK, Germany, France, Russia, Italy and Rest of Europe)
· Asia Pacific (China, Japan, Korea India, and Southeast Asia)
· Latin America (Brazil, Argentina, Mexico and Rest of Latin America America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
The global oil and gas analytics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Middle East region is rich in oil deposits and oil and gas analytics finds a huge opportunity in this region. The USA has the maximum strategic oil storage reserves, and now it is involved in exporting these strategic reserves to other countries. This requires a good analytical study, therefore, the oil and gas analytical market is expected to grow in this region. In Europe countries like the UK, France, Italy, Germany, and Russia are the leaders in oil and gas analytics market. In the Asia Pacific as the energy demand is increasing mainly in countries like China and Japan and India, Asia Pacific Region is set to see a growth in oil and gas analytics market in the coming years.
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