Adoption of Oilfield Analytics Gradually Rising as Oil and Gas Companies Seek Performance Optimisation
Growing investments in process automation, remote instrumentation, and the Internet of Things (IoT) in retail, manufacturing and financial services have paved the way for transformation of the oil and gas industry. The industry is experiencing a turning point and has made massive investments in IT and IoT. With digital oilfield spreading its roots wider, companies are now looking forward to a data-driven approach through a connected environment. Oilfield analytics is gaining strong ground as oil and gas companies increasingly seek real-time actionable insights for performance optimisation of equipment and prediction of potential operational failures in future.
As an increasing number of oil and gas companies look for operational intelligence of oilfield analytics to eventually achieve minimum downtime, the demand for oilfield analytics will be on the rise. Although several oil and gas companies across the globe are adopting oilfield analytics services, widespread adoption still has a long way to go. With constantly improving technology and increasing integration of large-scale data, even small- and medium-scale players in the oil and gas industry would be drawn to adopt oilfield analytics services.
High Productivity and Operational Stability to Fuel Adoption; High Initial Investment to Hinder Market Growth
Declining crude oil and natural gas prices create the need for making oil and gas operations more economically viable. Crude oil prices started to decline since the mid-2014 and were the lowest at around US$ 30/barrel. Natural gas prices have also declined considerably over the recent past. This price drop has significantly reduced the profit margins of exploration and production (E&P) companies in the oil and gas industry. Other companies involved in the upstream, midstream, and downstream operations have also experienced falling margins. Thus, companies in the oil and gas industry are showing more interest in optimisation of operations at reduced capital and operating costs.
Extraction and production from unconventional oil and gas wells have increased significantly in the recent years. Shale (tight) oil and gas, oil sands, and subsea oil and gas are the examples of oil and gas from unconventional resources. Oil and gas companies have tools to predict the performance of conventional oil and gas wells. Oilfield analytics services assist in effectual drilling and production of oil and gas from unconventional wells, and further aid in minimising operating costs and risks associated with unconventional oil and gas resources. Thus, increasing E&P activities in unconventional resources of oil and gas are expected to boost the adoption of oilfield analytics services during the forecast period. Although high capital investments remain a longstanding challenge to adoption, more companies are now willing to invest a premium to be able to achieve real-time monitoring of operations, maximum output, safety, and risk management through oilfield analytics.
Preference for Oilfield Analytics Greater in Upstream Oil and Gas Business
Hardware and software packages form an essential part of oilfield analytics. For offshore oil and gas E&P activities, companies utilise advanced analytics and submersible platforms to optimize production settings and raise output. In case of midstream and downstream business, organisations utilise operational data and analytics to optimise production and reserves recovery efforts, as well as promote intra-organisational collaboration. Upstream application of oilfield analytics services includes asset maintenance, E&P optimisation, risk and H&SE management, drilling optimisation, and finance commissioning assessment. Midstream application of oilfield analytics services includes transportation optimisation (vessels and ships), supply chain management, pipeline risk assessment, and storage optimisation. Downstream application of oilfield analytics services includes refining and separation processes optimisation, liquefaction and regasification assessment, demand and supply optimisation, trade optimisation, price optimisation, risk management, personnel safety assessment, market analysis, and marketing and sales assessment.
The US Leads in Terms of Supply and Demand for Analytics in Oil and Gas Industry
The oilfield analytics market in North America is driven by the US, one of the largest consumers of oilfield analytics services across the globe, and the leading provider. Adoption by companies based out of Canada and Mexico is also expected to increase during the forecast period. In North America, increasing activities in shale gas and unconventional oil production have further boosted consumption of oilfield analytics services in upstream application. The oil and gas production in Europe is limited except in countries such as the UK, Norway, Russia, and the Commonwealth of Independent States (CIS). Most of the oil and gas consumed in Europe is imported from other regions or from Russia, and other countries. In Europe, the regulatory framework restricting fossil fuel consumption has been pushing the expanse of renewable energy resources, which is likely to be impeding the growth of the region’s oilfield analytics market. In the Middle East & Africa, countries such as Saudi Arabia, UAE, Kuwait, Oman, Iran, Qatar, Nigeria, and South Africa have already started availing oilfield analytics services.
Global Oilfield Analytics Market: Competitive Landscape
The oilfield analytics market is a fragmented market with a few major players operating across the globe. Design, technology, engineering of systems, aftersales, and relevant experience are the key differentiating factors. Innovations and streamlining of operations continue to dominate the market. Some of the key players in the global oilfield analytics market include Microsoft Corporation, Oracle Corporation, IBM Analytics, SAP SE, Accenture, SAS Institute Inc., Deloitte Development LLC., KPMG International Cooperative, Teradata Corporation, Capgemini S.A, Hitachi Data Systems Corporation, Cognizant Technology Solution Corporation, and TIBCO Software Inc.
Regional Classification of the Global Oilfield Analytics Market is Listed Below:
North America
- U.S.
- Canada
Europe
- Germany
- France
- Spain
- U.K.
- Italy
- Russia
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East and Africa
- GCC
- South Africa
- Rest of Middle East & Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Oilfield Analytics Market
- Oilfield Analytics Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value, 2018 - 2022
- Market Value at Regional and Country Level, 2023 - 2030
- Market Dynamics and Economic Overview
- Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
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1. Executive Summary
1.1. Global Oilfield Analytics Market: Snapshot
1.2. Future Projections, 2023 - 2030, (US$ Mn)
1.3. Key Segment Analysis and Competitive Insights
1.4. Premium Insights
2. Market Overview
2.1. Market Definitions and Segmentation
2.2. Market Dynamics
2.2.1. Driver
2.2.2. Restraint
2.2.3. Industry Challenges & Opportunities
2.3. Market Forces Analysis
2.3.1. Value Chain Analysis
2.3.2. Porters Five Forces Analysis
2.4. Challenges and Solutions
2.5. Supply Chain Impact Analysis
2.6. COVID-19 Impact Analysis
2.6.1. Pre and Post Covid-19 Analysis
2.7. Regulatory Scenario
2.8. Economic Analysis
3. Global Oilfield Analytics Market Outlook, 2018 - 2030
3.1. Global Oilfield Analytics Market Outlook, by Services, Value (US$ Mn), 2018 - 2030
3.1.1. Key Highlights
3.1.1.1. Cloud
3.1.1.2. Professional
3.1.1.3. Integration
3.1.2. Market Attractiveness Analysis
3.2. Global Oilfield Analytics Market Outlook, by Deployment, Value (US$ Mn), 2018 - 2030
3.2.1. Key Highlights
3.2.1.1. On-premises
3.2.1.2. Hosted
3.2.2. Market Attractiveness Analysis
3.3. Global Oilfield Analytics Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
3.3.1. Key Highlights
3.3.1.1. Upstream
3.3.1.2. Midstream
3.3.1.3. Downstream
3.3.2. Market Attractiveness Analysis
3.4. Global Oilfield Analytics Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
3.4.1. Key Highlights
3.4.1.1. North America
3.4.1.2. Europe
3.4.1.3. Asia Pacific
3.4.1.4. Latin America
3.4.1.5. Middle East & Africa
3.4.2. Market Attractiveness Analysis
4. North America Oilfield Analytics Market Outlook, 2018 - 2030
4.1. North America Oilfield Analytics Market Outlook, by Services, Value (US$ Mn), 2018 - 2030
4.1.1. Key Highlights
4.1.1.1. Cloud
4.1.1.2. Professional
4.1.1.3. Integration
4.2. North America Oilfield Analytics Market Outlook, by Deployment, Value (US$ Mn), 2018 - 2030
4.2.1. Key Highlights
4.2.1.1. On-premises
4.2.1.2. Hosted
4.3. North America Oilfield Analytics Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
4.3.1. Key Highlights
4.3.1.1. Upstream
4.3.1.2. Midstream
4.3.1.3. Downstream
4.4. North America Oilfield Analytics Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
4.4.1. Key Highlights
4.4.1.1. U.S.
4.4.1.2. Canada
5. Europe Oilfield Analytics Market Outlook, 2018 - 2030
5.1. Europe Oilfield Analytics Market Outlook, by Services, Value (US$ Mn), 2018 - 2030
5.1.1. Key Highlights
5.1.1.1. Cloud
5.1.1.2. Professional
5.1.1.3. Integration
5.2. Europe Oilfield Analytics Market Outlook, by Deployment, Value (US$ Mn), 2018 - 2030
5.2.1. Key Highlights
5.2.1.1. On-premises
5.2.1.2. Hosted
5.3. Europe Oilfield Analytics Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
5.3.1. Key Highlights
5.3.1.1. Upstream
5.3.1.2. Midstream
5.3.1.3. Downstream
5.4. Europe Oilfield Analytics Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
5.4.1. Key Highlights
5.4.1.1. Germany
5.4.1.2. France
5.4.1.3. U.K.
5.4.1.4. Norway
5.4.1.5. Turkey
5.4.1.6. Russia
5.4.1.7. Rest of Europe
5.4.2. BPS Analysis/Market Attractiveness Analysis
6. Asia Pacific Oilfield Analytics Market Outlook, 2018 - 2030
6.1. Asia Pacific Oilfield Analytics Market Outlook, by Services, Value (US$ Mn), 2018 - 2030
6.1.1. Key Highlights
6.1.1.1. Cloud
6.1.1.2. Professional
6.1.1.3. Integration
6.2. Asia Pacific Oilfield Analytics Market Outlook, by Deployment, Value (US$ Mn), 2018 - 2030
6.2.1. Key Highlights
6.2.1.1. On-premises
6.2.1.2. Hosted
6.3. Asia Pacific Oilfield Analytics Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
6.3.1. Key Highlights
6.3.1.1. Upstream
6.3.1.2. Midstream
6.3.1.3. Downstream
6.4. Asia Pacific Oilfield Analytics Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
6.4.1. Key Highlights
6.4.1.1. China
6.4.1.2. India
6.4.1.3. Singapore
6.4.1.4. Malaysia
6.4.1.5. Australia
6.4.1.6. Rest of Asia Pacific
6.4.2. BPS Analysis/Market Attractiveness Analysis
7. Latin America Oilfield Analytics Market Outlook, 2018 - 2030
7.1. Latin America Oilfield Analytics Market Outlook, by Services, Value (US$ Mn), 2018 - 2030
7.1.1. Key Highlights
7.1.1.1. Cloud
7.1.1.2. Professional
7.1.1.3. Integration
7.2. Latin America Oilfield Analytics Market Outlook, by Deployment, Value (US$ Mn), 2018 - 2030
7.2.1. Key Highlights
7.2.1.1. On-premises
7.2.1.2. Hosted
7.3. Latin America Oilfield Analytics Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
7.3.1. Key Highlights
7.3.1.1. Upstream
7.3.1.2. Midstream
7.3.1.3. Downstream
7.4. Latin America Oilfield Analytics Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
7.4.1. Key Highlights
7.4.1.1. Brazil
7.4.1.2. Mexico
7.4.1.3. Rest of Latin America
7.4.2. BPS Analysis/Market Attractiveness Analysis
8. Middle East & Africa Oilfield Analytics Market Outlook, 2018 - 2030
8.1. Middle East & Africa Oilfield Analytics Market Outlook, by Services, Value (US$ Mn), 2018 - 2030
8.1.1. Key Highlights
8.1.1.1. Cloud
8.1.1.2. Professional
8.1.1.3. Integration
8.2. Middle East & Africa Oilfield Analytics Market Outlook, by Deployment, Value (US$ Mn), 2018 - 2030
8.2.1. Key Highlights
8.2.1.1. On-premises
8.2.1.2. Hosted
8.3. Middle East & Africa Oilfield Analytics Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
8.3.1. Key Highlights
8.3.1.1. Upstream
8.3.1.2. Midstream
8.3.1.3. Downstream
8.4. Middle East & Africa Oilfield Analytics Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
8.4.1. Key Highlights
8.4.1.1. Saudi Arabia
8.4.1.2. UAE
8.4.1.3. Qatar
8.4.1.4. Iran
8.4.1.5. Nigeria
8.4.1.6. Rest of Middle East & Africa
8.4.2. BPS Analysis/Market Attractiveness Analysis
9. Competitive Landscape
9.1. Company Market Share Analysis, 2022
9.2. Competition Matrix (By Tier and Size of companies)
9.3. Strategic Collaborations
9.3.1. Joint Ventures
9.3.2. Mergers & Acquisitions
9.4. Company Profiles
9.4.1. Microsoft Corporation
9.4.1.1. Company Overview
9.4.1.2. Product Portfolio
9.4.1.3. Financial Overview
9.4.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
9.4.2. Oracle Corporation
9.4.3. IBM Analytics
9.4.4. SAP SE
9.4.5. Accenture
9.4.6. SAS Institute Inc.
9.4.7. Deloitte Development LLC.
9.4.8. KPMG International Cooperative
9.4.9. Teradata Corporation
9.4.10. Capgemini S.A
9.4.11. Hitachi Data Systems Corporation
9.4.12. Cognizant Technology Solution Corporation
9.4.13. TIBCO Software Inc.
10. Appendix
10.1. Acronyms and Abbreviations
10.2. Research Scope & Assumptions
10.3. Research Methodology and Information Sources
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