Oil and Gas Analytics Market is projected to expand at a CAGR of 14.02%, reaching a value of US$45.827 billion by 2028

oil and gas analytics market

The global oil and gas analytics market is expected to grow at a CAGR of 14.02% during the forecasted period, with a market valuation of US$18.287 billion in 2021 and is expected to reach US$45.827 billion by 2028.

The escalating demand for oil and gas, technological advancements, and the incorporation of artificial intelligence and the Internet of Things (IoT) are recognized as significant drivers contributing to the growth of the global oil and gas analytics industry.

As per the report, the oil and gas analytics market is expected to grow significantly.

Oil and gas analytics empower companies in the industry to make decisions based on scenario analyses related to oil exploration and production. This sector heavily relies on data-driven approaches, employing techniques like statistical analysis, machine learning algorithms, and predictive modelling for precision. The anticipated surge in demand for oil and gas, combined with continuous technological advancements in exploration within the oil and gas sector, is likely to drive the growth of the global oil and gas analytics market.

The growth of the global oil and gas analytics market is primarily driven by various key factors, including the rising demand for oil and gas, heightened competition in the industry, financial resources, and increased public oversight. According to the International Energy Agency (IEA), the projected oil demand for 2023 is expected to reach 101.2 million barrels per day, with an anticipated increase to 102.3 million barrels per day in 2024. However, in contrast, the supply is projected to remain insufficient, indicating a demand-supply gap in the supply chain. According to the IEA, the supply in 2021 was 63.9 million barrels per day, and a similar trend is expected to persist. Additionally, continued investments in oil exploration activities and project developments have created a favourable environment for the growth of the global oil and gas analytics market.

Based on service, the market can be segmented into professional, cloud, and integration. In terms of deployment platforms, the worldwide oil and gas analytics market is categorized into on-premises and cloud. Numerous enterprises have embraced the use of cloud platforms for analysing their business operations. Cloud-based services provide improved reliability and reduced downtime. Furthermore, handling large sets of data has become more straightforward through cloud services. The convenience of remote and connected operations is also offered by cloud services, benefiting oil and gas companies. In July 2023, ABB unveiled a new Input/Output (I/O) series named XIO, specifically crafted to address the digital needs of oil and gas fields. XIO facilitates swift connectivity expansion, leading to enhanced production and reduced costs associated with traditional equipment upgrades.

Categorized by application, the global oil and gas analytics market is divided into upstream, midstream, and downstream segments. To mitigate potential risks linked to logistics and transportation, oil and gas enterprises employ analytics. Conversely, there is promising growth potential in the downstream segment for the forthcoming years, which oversees the distribution and sales processes to consumers. Predictive oil and gas analytics are utilized by companies in the oil and gas sector for managing the distribution and sales procedures in this segment.

The United States is anticipated to show significant growth in the oil and gas analytics market. The increasing emphasis on enhancing the exploration of unconventional wells is anticipated to influence the growth of the oil and gas analytics market. The country’s oil and gas sector has experienced an upward trajectory, undergoing significant digitalization in recent years, with a substantial rise in the emphasis on analytics. Moreover, the growing awareness regarding digital oilfields and the evolution of drilling, exploration, and transportation are expected to propel the oil and gas analytics industry in the United States throughout the forecast period.

Major players in this market are Cognizant, Rolta India Limited., Quantzig, Alteryx, IBM, Northwest Analytics, Inc., Teradata, SAP, SAS Institue Inc.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-oil-and-gas-analytics-market

This analytics report segments the potassium citrate market on the following basis:


  • By Service
    • Professional
    • Cloud
    • Integration
  • By Deployment Mode
    • On-premises
    • Hosted
  • By Application
    • Upstream
    • Midstream
    • Downstream
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Others