DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Cloud Applications Market by Component (Solutions (EAM, Enterprise Applications, EHS, and Security) and Services), Deployment Type (Private and Public Cloud), Operation (Upstream, Midstream, and Downstream), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Oil and Gas Cloud Application Market Size is Projected to Grow from USD 4.9 Billion in 2019 to USD 9.4 Billion by 2024, at a CAGR of 14.2%
The oil and gas cloud application industry is driven by the increasing demand for mobility-enabled cloud applications to gain real-time visibility of oil and gas operations, growing adoption of private cloud for encryption of data, and lower operational costs. However, stringent government rules and regulatory compliances may hinder the growth of the oil and gas cloud application market.
Enterprise asset management segment to grow at the highest CAGR during the forecast period
The oil and gas cloud application market by solution is segmented into Enterprise Asset Management (EAM), enterprise applications, Environmental, Health And Safety (EHS), security and, others (simulation and modeling, and operational analytics). The EAM segment is expected to grow at a rapid pace during the forecast period. The growth of this segment can be attributed to demand for high-functioning assets and uninterrupted uptime in the oil and gas industry to drive the growth of EAM solutions.
Upstream operations segment to grow at the highest CAGR during the forecast period
The oil and gas cloud application market by operation has been segmented into upstream, midstream and downstream. The upstream segment is projected to grow at the highest CAGR during the forecast period, as it is working hard to leverage big data for gaining significant insights from the surge of structured and unstructured data. Hence, the upstream sector is moving toward cloud adoption for achieving cost efficiency at a rapid pace.
Middle East and Africa to grow at the highest CAGR during the forecast period
The MEA region is expected to grow at the highest CAGR during the forecast period. The growing focus of the oil and gas companies in the region to boost operational efficiency, reduce downtime, and offer safer operations are expected to drive the growth of the market in the region.
Market Dynamics
Drivers
- Growing Adoption of Private Cloud for Encrypting Data and Lowering Operational Costs
- Increasing Demand for Mobility-Enabled Cloud Applications to Gain Real-Time Visibility of Oil and Gas Operations
Restraints
- Stringent Government Rules and Regulatory Compliances
Opportunities
- Maximizing Productivity of Assets and Workforce By Leveraging Advanced Technologies
- Growing Investments in Digital Technologies to Create Digital Oilfields
Challenges
- Growing Data Security Concerns
Industry Trends
- Use Case 1: Felix Energy Chooses WellEz On-Demand Solution Offered By Quorum Software to Reduce It Costs and Streamline Post Job Performance Reviews of Their Employees
- Use Case 2: Petrofac Implemented Aspentech Hysys Solution to Increase the Capacity of the Gas Plant and Minimize Capex
- Use Case 3: Petronas Deployed the Aspen Petroleum Scheduler to Increase Alignment Between Planning Ans Scheduling Processes
- Use Case 4: Astron Energy Reduces Assay Creation Time By 50% By Implementation of Aveva Unified Supply Chain Solution
Regulatory Compliances
- International Organization for Standardization 29001 Oil and Gas
- Federal Energy Regulatory Commission
The major vendors are
- ABB
- Aspentech
- Aucerna
- Bentley Systems
- Dassault Systmes
- HPE
- IBM
- IFS
- Infor
- Microsoft
- Oracle
- Petrode
- Quorum Software
- Right-To-Win
- Risk Edge Solutions
- Sage Software Solutions
- Salesforce
- SAP
- Seven Lakes Technologies
- TIBCO
- Workday
For more information about this report visit https://www.researchandmarkets.com/r/95gbug
