Europe Oil & Gas Analytics Market size is estimated to increase exponentially from 2021 to 2027 on account of technological advancements along with ongoing investments toward oil & gas industry. Oil & gas analytics is a technique that includes observation of field data and its analysis by using certain tools to generate recommendations, stimulate in-depth information, and making predictions for efficient business operations. In addition, increasing CAPEX across the oil & gas sector coupled with adoption of analytics solutions to promote cost-effectiveness and efficient labor productivity will boost the market demand.
Europe Market, By Deployment
The on-premise oil & gas analytics segment will witness substantial rise through 2027, owing to an upsurge in reservoir & production process optimization in line with rapid development of data analysis applications. Ongoing investments in R&D to develop advanced solutions for effective project planning & execution along with escalating requirements for cost-effectiveness on account of low crude oil prices will further stimulate the market revenue. Moreover, a rising surge for effective real-time data analysis coupled with the growing demand for advanced solutions, offering smooth operations and low uptime will drive the industry growth.
Europe Market, By Service
The cloud analytics segment is expected to grow significantly during the forecast period, due to its ability to access unlimited storage, provide rapid data recovery, and data management flexibility. The integration of software across oil & gas operations will allow immense data storage and analytics capabilities, thereby aiding the industry in minimizing the management burden on on-premises platforms. Furthermore, several companies are adopting new integrated generation 3 of business intelligence (Gen 3 of BI) for data analytics in their process workflows to enable efficient data analysis and management.
Europe Market, By Application
Data analytics have a huge potential in the upstream oil & gas sector including optimizing the drilling process, managing seismic data, improved reservoir modeling & simulation, and efficient reservoir production operations. For instance, in 2020, Malliance, a French start-up company, launched its production optimization solution - oilfield.ai, which is a cloud-based solution for reservoir modeling and simulation operations, to enable real-time efficient decisions. The product has the ability in field development and reservoir management along with a combination of geophysics, geoscience & AI-based analytics.
Adoption of cloud analytics solutions for reservoir & production data handling and analysis to ensure efficient production rates along with production forecast of producing wells. Several companies across France are leveraging cloud techniques to expand their flexible data sharing capacity, data storage capacity, and improved security. For instance, in 2021, Kayrros, a predictive analytics company in Paris, offers an analysis solution, which is a combination of machine learning and quantitative finance of petroleum engineering to integrate unstructured data with a large field and financial data. This solution will help O&G companies in better management and planning.
The COVID pandemic brought a paradigm shift in businesses such as the adoption of cloud analytics and computing. Cloud analytics in the oil & gas domain increases efficiency and improves productivity. Major companies are focusing on digitizing field activities for sustainable production processes along with better visualization of reservoirs. Furthermore, advanced digital solutions also combine built-in communication tools, allowing access to real-time information and strategy control rules.
Competitive Industry Landscape
Eminent players operating in the Europe oil & gas analytics market include Accenture, Cisco Systems Inc., Cognizant, Deloitte, Microsoft, Oracle, SAP SE, Tableau Software, TIBCO Software Inc., Teradata, IBM, Hitachi, SAS Institute Inc., Capgemini, and Hewlett Packard Enterprise Development LP.