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The global oil and gas cloud application market size to grow at a CAGR of 14.2% during the forecast period
The global oil and gas cloud application market size is projected to grow from USD 4.9 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. The oil and gas cloud application industry is driven by the increasing demand for mobility-enabled cloud applications to gain real-time visibility of oil and gas operations, growing adoption of private cloud for encryption of data, and lower operational costs. However, stringent government rules and regulatory compliances may hinder the growth of the oil and gas cloud application market.
Enterprise asset management segment to grow at the highest CAGR during the forecast period
The oil and gas cloud application market by solution is segmented into Enterprise Asset Management (EAM), enterprise applications, Environmental, Health And Safety (EHS), security and, others (simulation and modeling, and operational analytics). The EAM segment is expected to grow at a rapid pace during the forecast period. The growth of this segment can be attributed to demand for high-functioning assets and uninterrupted uptime in the oil and gas industry to drive the growth of EAM solutions.
Upstream operations segment to grow at the highest CAGR during the forecast period
The oil and gas cloud application market by operation has been segmented into upstream, midstream and downstream. The upstream segment is projected to grow at the highest CAGR during the forecast period, as it is working hard to leverage big data for gaining significant insights from the surge of structured and unstructured data. Hence, the upstream sector is moving toward cloud adoption for achieving cost efficiency at a rapid pace.
Middle East and Africa to grow at the highest CAGR during the forecast period
The MEA region is expected to grow at the highest CAGR during the forecast period. The growing focus of the oil and gas companies in the region to boost operational efficiency,reduce downtime, and offer safer operations are expected to drive the growth of the market in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the oil and gas cloud applications market.
- By Company: Tier I: 38%, Tier II: 42%, and Tier III: 20%
- By Designation: C-Level Executives: 40%, Directors: 35%, and Others: 25%
- By Region: North America: 35%, APAC: 15%, Europe: 40%, RoW: 10%
The report includes the study of the key players offering oil and gas cloud application solutions and services. The major vendors are IBM (US), Oracle (US), Microsoft (US), SAP (Germany), Salesforce (US), AspenTech (US), Dassault Syst?mes (France), Workday (US), ABB (Switzerland), IFS (Sweden), Infor (US), RiskEdge Solutions (India), Seven Lakes Technologies (US), Bentley Systems (US), Aucerna (Canada), TIBCO (US), PetroDE (US), Sage Software Solutions (India), HPE (US), and Quorum software (US). It further includes an in-depth competitive analysis of key players in the oil and gas cloud application market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the oil and gas cloud application market across segments. It aims at estimating the market size and the growth potential of this market, across segments, such as component, deployment mode, organization size, application, vertical, and region. The study further includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall oil and gas cloud application market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.