Pune, India, May 12, 2022 (GLOBE NEWSWIRE) —

The global oil and gas analytics market size is expected to witness healthy growth over the forecast period as notable investments in the oil and gas industry have significantly increased exploration and production activities . However, these activities generate significant costs for companies, forcing them to opt for services that can help them analyze the cost of producing gas and oil from conventional and unconventional sources. Below is a list of key trends driving the growth of the global industry:

  • Asia-Pacific: Moving from on-premises to cloud-based solutions

Role of oil and gas analysis in upstream applications:

The upstream segment will capture a significant portion of Asia-Pacific Oil and Gas Analytics Market by 2028 due to increasing corporate focus on improving their asset management activities. Oil and gas analysis software will help companies utilize assets, manage risk, reduce safety events and reduce maintenance costs.

Organizations will also use AI, predictive analytics and machine learning to increase their daily production capacity and drilling operations. Additionally, the role of oil and gas analytics in forecasting, planning, and asset management will further drive their adoption by end users.

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Integrated analytical services are gaining ground:

The regional Integration Services industry size will exhibit a stable CAGR till 2028, as these services can effectively handle data in terms of volume, size, speed, and diversity. The integration services offered by oil and gas analysis tools can consume data from a variety of types and protocols. Additionally, performance management, business intelligence (BI), and analytics tools are among the integration services that facilitate seamless interoperability by integrating solutions, such as forecasting and revenue calculation.

The benefits of cloud analytics are driving their demand:

Cloud analytics is used by customers from a wide range of industries as it offers several advantages, such as unlimited storage capacity, efficient data retrieval, and great flexibility. This form of oil and gas analysis can combine one or more analytical components and allow companies to expand their data storage capacity and improve their analytical capabilities, thereby avoiding the need to operate on-site platforms.

  • Europe: Large-scale investments in E&P projects

On-premises deployment model highly preferred by end users:

The on-premises deployment model will hold a significant portion of European Oil and Gas Analytics Market by 2028. One of the main reasons for this is the growing demand for the optimization of production processes. Governments are increasing their investments to encourage companies to conduct R&D activities and develop innovative solutions for effective project planning and execution. Additionally, the need for advanced solutions that provide higher availability and smoother operations will fuel the adoption of an on-premises deployment model.

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The market value of Norway increases:

Norway’s share of oil and gas analysis industry will grow at a commendable rate as large-scale E&P activities are carried out across the country. For example, in 2021, Norwegian energy companies Aker BP and Equinor announced plans to create 4 oil and gas fields that would cost around $1.69 billion. Such initiatives will strengthen the use of oil and gas analysis tools.

Data analytics will have huge potential:

Data analytics will find major use in the upstream oil and gas industry, as these tools can improve the drilling process, improve reservoir modeling and simulation, manage seismic data, and effectively monitor reservoir production operations. . For example, in 2020, French start-up Malliance launched its own cloud-based production optimization solution called oilfield.ai for reservoir modeling and simulation operations. The solution will integrate AI analysis, geoscience and geophysics capabilities.

  • North America: vast potential for fresh shale exploration

U.S. Oil & Gas Analytics Market Share Grows:

the US Industry Outlook will be positively affected by the presence of large reserves of shale gas and crude oil. For example, according to the EIA, proven reserves of crude oil jumped to 367 million barrels in 2019. Additionally, large-scale exploration of new shale reserves and increasing use of data analytics to increasing production and drilling operations will accelerate the adoption of oil and gas analysis.

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Cloud analytics services are gaining momentum:

Cloud analytics services will hold a dominant share of North American market by 2027, as these solutions offer rapid data recovery, flexibility in data management, and access to unlimited data storage. Using this software in oil and gas exploration and production activities will help companies increase their data storage and analysis capabilities, thereby driving customer adoption of these services.

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