Oil and Gas Analytics Market (Upstream, Midstream, and Downstream) Expected to Reach $19.65 Billion & to grow at a CAGR of 35.5% by 2019 - New Report by MarketsandMarkets
(PRWEB) November 14, 2014 -- The research report "Oil and Gas Analytics Market by Software (Upstream, Midstream, and Downstream), by Deployment Model, by Services, and by Regions - Forecasts and Analysis (2014 - 2019)", segments the global market to define the market size for in-depth analysis and forecasting for the next few years. The Oil and Gas Analytics Market is estimated to reach $19.65 Billion in 2019 from $4.29 Billion in 2014. The market is estimated to grow at a projected Compound Annual Growth Rate (CAGR) of 35.5% from 2014 to 2019.
Browse 75 market data tables and 39 figures spread through 139 pages and in-depth TOC on "Oil and Gas Analytics Market- Forecasts and Analysis (2014-2019)"
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Oil and gas companies have to advance their analytics potential in order to compete in the market where decisions have to be taken faster. With the increase in number of affordable sensors that gather and transmit data—as well as launch of new analytic tools and improved storage capacity are bringing more potential in this industry. Now oil producers can collect more detailed data in real time that was not possible earlier from unreachable areas at reduced cost with the help of these analytics tools. It is expected that oil and gas analytics software contribute to improve 6% to 8% productivity of a company.
The oil and gas analytics market report is segmented on the basis of software, deployment platform, and services. Software segmentation includes software used in upstream operations, midstream operations and downstream operations.
The report analyzes trends, key drivers, restraints and challenges, opportunities, future growth potentials, and vendor analysis for the oil and gas analytics market. The report provides forecast about the expected market sizes of various software used in upstream operations, midstream operations and downstream operations. The report also provides the opportunity analysis in terms of deployment platform, and services.
As per the report, the oil and gas analytics market in regions such as Middle-East and Africa (MEA) and North America (NA) and is expected to grow at faster rate. Regions such as Europe, and Asia-Pacific (APAC) are the emerging markets. In terms of services, cloud services and integration services will be the services with the largest revenue contribution to the global market size. In terms of software, software used in upstream operations is contributing highest revenue followed by software used in downstream and midstream operations. Whereas, in terms of deployment platform hosted will be the platform with the largest revenue contribution.
In terms of software used in upstream operations, exploration and drilling analytics, asset performance analytics and equipment maintenance management analytics has the largest market share in the oil and gas analytics market and is expected to remain the largest by the year 2019. Also it is expected to have the highest Compound Annual Growth Rate (CAGR) compared to other expanding software such as field surveillance and monitoring analytics, production planning and forecasting analytics, and workforce management analytics.
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