Middle East would be the biggest industry for oil and gas analytics market by 2019, said MarketsandMarkets report
According to the report, the Middle East market would be followed by Africa and North America in term of growth. The oil and gas analytics industry is also estimated to be worth US$19.65bn by 2019, added the report.
The drivers for this market are global demand for oil and gas, untapped value of big data in the oil and gas industry and the asset intensive nature of the industry.
According to the report, the oil and gas analytics solutions provide the companies with demand forecasts of the current market. The drilling analytics indicates the feasible and appropriate production rates for the company. Big data analytical platforms have revolutionised oil companies by improving exploration, drilling practices, logistics, supply chain management and downstream marketing and trading.
“The restraints for this market are the price volatility in the oil and gas market, stringent regulations and compliances over the industry, harsh climatic conditions and communication links. Cloud analytics and the evolution of digital oilfields have been acknowledged as opportunities in this market, while depleting oil and gas reserves and an aging workforce are the major challenges,” revealed MarketsandMarkets.
Oracle, SAP AG, Accenture and SAS are some of the prominent players, which would provide reliable oil and gas analytics software, concluded the report.
To register for Big Data Analytics for Oil & Gas, please visit: http://www.oilandgasbigdata.com/register
