• The market valuation of global oil & gas cloud application market stood at USD xx million in 2018. The forecasted cost in 2025 is USD xx million. The expected CAGR is xx% during the forecasting period (2019-2026).
Growth factors of global Oil & Gas Cloud Application Market
• This market is multiplying due to several factors like increasing need for cost optimization and growing adaption rate of cloud in oil & gas industry.
• However, increasing concerns over the security of data are restraining the growth of the market.
• As the oil and gas industry is becoming demanding and more complex, the cloud computing technologies help in improving efficiency, lower costs and enable new opportunities are leading to the growth of the market.
• There are several benefits of cloud computing in the oil & gas industry such as improved speed & skill, transforming the economics of IT, delivering IT without boundaries and building an endurable customer relationship.
The Scope of the Oil & Gas Cloud Application Market Report
• The report covers factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
• The report profiles companies like IBM, SAP, Microsoft, HP, Cisco, TIBCO, Seven Lake Technologies, PetroCloud, WellEz, Tableau, Aspen Technology, and SAS Institute.
Oil & Gas Cloud Application Market Segmentation
• The Global Oil & Gas Cloud Application market is segmented by important sector into Upstream, Midstream, and Downstream.
• Based on Solution, the market is segmented into Data Analytics, Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Human Capital Management (HCM), and Others.
• By End-User, the market is segmented into Small & Medium Enterprises and Large Enterprises.
• Further, based on Deployment, the market is segmented into Public, Hybrid, and Private.
Category Insights
• To improve the efficiency of operations in the oil & gas industry, data analytics plays a significant role, reduces the costs and predicts the industry. It also helps analyze the sector thereby helping in making better decisions.
• Many companies started investing in adopting data analytics applications mainly after oil prices declined.
• The upstream sector will grow during the forecast period as it is creating new platforms using big data analytics. They use these analytics to get more insights into unstructured and structured data.
• Also, more storage capacity, unlimited computing with cost-effectiveness are pushing this sector to deploy new cloud services.
Regional Insights
• Geographically, the report segments this market into North America, Asia-Pacific, Europe, South America, and RoW.
• North America dominates the oil & gas cloud application market due to increasing development of innovative technologies and being the largest producer of oil, thus creating new opportunities.
• Also, increasing use of cloud applications due to lower cost and better efficiency for oil & gas industry operations is driving the growth of the market.
Some recent developments in oil & gas cloud application market
• In Aug 2017, Microsoft and Halliburton entered into a strategic alliance to drive digital transformations across the oil and gas industry sector.
• In Sept 2017, Schlumberger announced 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.
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