This study intends to unfurl the multiple facets of global oil & gas analytics market and thereby examine how the short-term growth of the oil & gas analytics market will unfold during the stipulated time span.
Rapidly Increasing Upstream Operations to Fuel Growth of Oil & Gas Analytics Market
Business analytics is influencing the oil & gas industry. The reason behind the popularity of big data in the oil and gas industry is the need to improve oil and gas exploration and efficiency in production. Finding and producing oil & gas fields is technically challenging, and economically risky. This requires processing of large amount of data and the firms need to integrate and interpret this data to drive faster and more accurate decisions. Data analytics has become popular due to the ever-increasing amount of data produced in the oil and gas industry. This is mainly because of developments in seismic acquisition devices, fluid front monitoring geophones, channel counting, and carbon capture and sequestration sites that produce huge datasets which require out-of-the-ordinary processing and analysis infrastructure. This will continue to push the prospects of oil & gas analytics market.
Some of the ways in which big data analytics is used in the oil and gas industry include -
Moreover, an important aspect of this industry is the impending security threat or cyber-attack to guard their personnel and machinery safe - using real-time machine learning and anomaly detection techniques and reduce the probability of mishaps. This also will hold its influence over the growth of oil & gas analytics market.
Burgeoning AI Tool Integration Bolsters Oil & Gas Analytics Market Expansion
Globally, businesses are working to improve productivity and efficiency of the exploration and production processes. The primary variables influencing the use of AI in oil and gas firms are the operations in this sector. AI tools can aid oil and gas firms in digitizing records and automating the analysis of obtained geological data and charts, which may identify possible problems like equipment wear or pipeline corrosion. The United States contains 1,161 trillion cubic feet of theoretically recoverable unconventional gas, according to The World Energy Council. Unconventional gas reserves total 1,115 trillion cubic feet in China. In terms of abnormal gas production in 2018, the U.S. was the top nation. 22 trillion cubic feet of unconventional gas were produced annually in 2018. The same year, China's production output reached 10 trillion cubic feet.
With the integration of AI software, oil and gas firms get vital insights that will help cheesiness outcomes in their upstream processes. During this process, the software may be fed curated data records and information from data sources, such as structured papers, PDFs, handwritten notes, audio, or video. Companies like BP and Royal Dutch Shell are under increased pressure to reduce their carbon footprint to comply with the Paris Agreement and their commitment to achieving net-zero carbon emissions by 2050. To lessen its carbon footprint, Shell uses AI technology to perform proactive maintenance on specific equipment or entire systems. This enables businesses to anticipate and address any equipment failures before they arise. AI has multiple applications in the oil and gas sector, including production optimization with computer vision to analyse subsurface data more quickly, downtime minimization for oil and gas equipment predictive maintenance, reservoir understanding, and modelling oil corrosion risks to lower maintenance costs. Additionally, the sector has seen many technology expenditures from significant firms. Unmatched application potential will thus continue to drive the growth of oil & gas analytics market.
Escalating Adoption of Analytical Services to Drive Growth for Oil & Gas Analytics Market
The oil & gas analytics market is anticipated around cloud services. Employing analytical services in the oil and gas sector aids businesses in gathering and analyzing information regarding investment choices and cost-cutting measures. The industry is leaning toward using analytical services due to diverse eco-systems, unstructured operations, and significant resource waste. The management of data and analytics, connected operations, remote operations, and environmental impact are some of the primary pain points in the business to which cloud services offer a single solution and mitigation approach. The industry can employ analytical services without establishing a digital infrastructure thanks to the cloud deployment paradigm, which supports low-cost operations. Additionally, it permits increased flexibility to scale up operations and better reliability with less downtime. Oil and gas businesses must comply with numerous regulations to reduce greenhouse gas emissions. Because virtualization significantly improves server efficiency, less electricity and energy are used.
Rising Adoption of AI Technologies to Drive Growth of Asia Pacific Oil & Gas Analytics Market
Asia Pacific is the largest user of Oil & Gas Analytics and is expected to grow at the fastest rate throughout the forecast period. It is rising due to the rising adoption of AI technologies among oilfield operators and service providers and the substantial presence of leading AI software and system suppliers, particularly in the United States and Canada. The region's demand for AI in the oil and gas industry is anticipated to be driven by elements including the region's robust economy, the high adoption rate of AI technologies among oilfield operators and service providers, a strong presence of leading AI software and system suppliers, and combined investment by government and private ooorganizationsor the development and growth of R&D activities. One of the largest oil producers in the nation, ExxonMobil, recently revealed its plans to enhance production in the West Texas Permian Basin by producing more than 1 million barrels per day (BPD) of oil equivalent as early as 2024. Compared to the current production capacity, this capacity represents a nearly 80% increase.
Additionally, owners and operators in the US are aware of how IT-based automation may successfully handle the particular difficulties faced by the upstream oil and gas industry. Baker Hughes, for instance, employs the InForce surface control system, which combines hydraulic power to operate downhole tools and control logic to manage an intelligent well system. For more complicated completion setups, PLC controls system operations. It is primarily utilized when current SCADA must be used for remote functions. AI is anticipated to substantially impact the region's oil and gas industry among all the enabling technologies. Due to the rising frequency of fire incidents at gas stations in North America, it has also been utilized to strengthen the safety of gas stations for preventive maintenance.
Global Oil & Gas Analytics Market: Competitive Landscape
In August 2021, One of the top integ world's leading integrated energy and chemical companies, Aramco, installed edge-powered computer vision systems based on the FogHorn Lightning Edge AI platform at several locations to enhance security and paid proactiveipment failure monitoring and enable automation of drilling machinery and procedures. On the other hand, In November 2021, Infosys introduced its first solution for energy clients in partnership with Shell. The answer uses artificial intelligence, allowing businesses to tailor warehouse inventory levels depending on previous consumption. This creative technique lowers the time and workforce needed to conduct maintenance tasks and operating costs by enhancing demand planning.
A few of the players in global oil & gas analytics market include SAS Institute, Inc., Oracle, Microsoft Corporation, Cisco Systems, Inc., IBM, Teradata, SAP SE, TIBCO Software, Inc., Tableau Software, Deloitte, Cognizant, Capgemini, Accenture, Hitachi Ltd., and Hewlett Packard Enterprise Development LP.
Global Oil & Gas Analytics Market is Segmented as Below:
Key Elements Included In The Study: Global Oil & Gas Analytics Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.Read more