North America Oil & Gas Analytics Market size is anticipated to show tremendous growth through 2027 on account of ongoing investments along with technological advancements in the oil and gas business spectrum.O&G analytics is a data analysis technique which includes observation of field data using certain tools to stimulate in-depth information, generate recommendations, and make predictions for efficient operations in business spectrum. Rapid surge for efficient real time data analytics systems along with rising demand for advanced solutions providing low uptime and smooth operations will drive the industry outlook.
The upsurge in reservoir and production optimization coupled with significant development of analytical application will augment the North America oil & gas analytics market growth. The escalating requirement for cost feasibility on account of pertaining low crude oil price along with rapid investments in R&D to design advanced solutions for better project planning and execution. Paradigm shift toward digitizing industrial outlook to promote efficient labor productivity with reduced operating costs will enhance the market demand.
North America Market, By Service
Cloud service segment is set to dominate North America oil & gas analytics market share through 2027, owing to its ability to provide rapid data recovery, access to unlimited storage and flexibility of data management. Integration of software across the operations will allow businesses to scale data storage and analytics capabilities in turn advancing business to reduce the management burden on on-premises platforms. For instance, major companies are including integrating generation 3 of business intelligence (Gen 3 of BI) and data analytics in their workflows.
North America Market, By Application
Data analytics have huge potential in upstream, mid-stream and downstream sectors of oil and gas industry. The rising demand to examine large data repositories built from production data augments business growth. The O&G industry have great untapped potential across the entire value chain, where data analytics is in its emerging stage of development. For instance, mid-stream sector tends to adopt big data platforms and sensors to record various types of data along with analyzing flow of oil through pipelines.
Adaptation of cloud analytics has been strong in upstream sector allowing reservoir and production data handling and analysis to ensure efficient production rates coupled with forecast of producing wells. Businesses are leveraging cloud technique to expand its data storage capacity, flexible data sharing, and improved security. The continued exploration for new shale deposits in the U.S. combined with increasing emphasis on data analysis to optimize drilling and production operations will fuel the market expansion.
Competitive Industry Landscape
The prominent players involved in the North America oil & gas analytics market include Enverus, Hewlett Packard Enterprise, Accenture, Capgemini, Cisco Systems, SAS Institute, Cognizant, Hitachi, Tableau Software, IBM, Microsoft, Teradata, Oracle, TIBCO Software Inc., and SAP SE.