Oil & Gas Analytics Market Companies Look for High-efficiency with 19.5% CAGR from 2016 to 2024

Oil and gas companies are moving through a phase that could prove to be highly beneficial to the global oil and gas analytics market. With the current oil prices slump showing very few signs of relief, crude extractors and refineries are looking to resolve their cost issues through optimizing their processes and increasing their production efficiencies. The global oil and gas analytics companies can help crude players do just that; the companies can improve their ROI though making decisions and strategies based on these analytics, says Transparency Market Research.

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TMR’s new study reveals that the key players in the global oil and gas analytics market are highly oriented towards providing software services. This can be concluded through the fact that software sales are increasing and have brought about major growth spurts in the global oil and gas analytics market over the recent past. The top three players – IBM Analytics, Oracle Corporation, and SAP SE – have collectively held around 23% of the market in 2014.

The research provided by seasoned TMR analysts can help shed a brighter light on the global oil and gas analytics market and all its current dynamics, with the oil prices slump in view.

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Upstream Applications Will Continue Oil and Gas Analytics Dominance

“High risk has always been a part and parcel of oil and gas core functions,” stated a TMR analyst. “The priority that risk-management holds in the oil and gas exploration and production’s core functions has consistently made upstream oil and gas analytics exceptionally important.” The report also discusses how and why the upstream applications segment – with the highest market value of roughly US$2.89 bn in 2014 – will be the fastest-growing segment in the global oil and gas analytics market for the report’s forecast period from 2016 to 2024. This is a segment that includes key functions such as asset maintenance, risk assessment, drilling optimization, and production optimization. All the above factors are in high demand in the crude industry, enabling this segment as a whole to progress at a rapid rate.