Asia Pacific Oil & Gas Analytics Market size is predicted to gain remarkable momentum between 2022 and 2028, on account of the high cost involved in the exploration & production of unconventional & conventional resources. Analytical tools reduce maintenance & downtime costs of the refining equipment, thus improving asset management. It also increases drilling safety and reduces drilling time. Increasing exploration & production in line with strict government regulations to maintain operational safety will augment the industry outlook.
Increasing investments in digital technology by oil & gas companies to boost employee productivity will fuel the market share. A growing focus on reservoirs and the optimization of production coupled with significant developments in analytical applications across the O&G industry will drive the market growth.
The COVID-19 has hindered the overall industry operations as the pandemic resulted in ceased industry operations, supply chain disruptions, manpower shortages. Several developing and underdeveloped nations were severely impacted by the virus which further resulted in imposing lockdowns and other measures taken by the respective governments. However, introduction of numerous vaccination drives, social distancing measures and protocols by the governing authorities have led the industry operations back to normalcy.
The upstream application segment will witness a significant growth during the forecast period, owing to the growing focus on asset management. It aids in risk management, asset utilization, maintenance cost reduction, and safety event reduction. Companies utilize predictive analysis, advanced AI, and machine learning to improve their daily production and drilling operations. In addition, their use in planning, forecasting, and asset management will further result in major operational improvements.
The capability to manage data, in terms of size, volume, velocity & diversity, coupled with the ability to consume data from a range of protocols & types will drive the adoption of integrated analytical services. Business Intelligence (BI), performance management, and analytical tools are included in the analytics platform and facilitates interoperability by combining services including revenue calculation, forecasting, and the development of marketing strategy models & algorithms on the same platform which will fuel the product adoption.
The prevailing move from oil to gas along with increasing investments in pipeline infrastructure expansion will foster the market growth. Firms are focusing on innovative pipeline monitoring and remote management solutions that have drastically decreased leaks, spills, and early damage identification while also reducing downtime. Furthermore, prevailing industry difficulties, such as pipeline ownership changes, aging infrastructure, and daily petroleum supply tracking, necessitate analytical expenditure to keep track of pipeline operations.
Analytical tools aid the upstream industry to obtain real-time data at a lower cost and manage operations will influence the market expansion. Increasing offshore and unconventional drilling in line with a reduction in downtime & maintenance costs and the prevention of corrosion will boost the market size.
India oil & gas analytics market will see massive growth through 2028, due to the expanding refinery capacity coupled with an increasing number of refineries. The adoption of digital technology to optimize operations and production costs will drive the market revenue. The increasing use of sensors and big data platforms to collect various types of data from numerous sources will positively sway the industry outlook.
Some of the leading companies involved in the Asia Pacific market include Hewlett Packard Enterprise Development LP, Accenture, Cognizant, Cisco Systems, Inc., Deloitte, Microsoft, Enverus, Oracle, SAP SE, Teradata, IBM, Hitachi, Ltd., SAS Institute, Inc., Capgemini, and TIBCO Software Inc.