Global cloud-based applications in oil and gas market is expected to grow from US$2.7bn to US$5.1bn with CAGR of 13.6 per cent by 2019, according to new report by MarketsandMarkets
The adoption of cloud applications is estimated to be high in North America and Europe market, but the adoption rate is expected to be high in emerging regional markets of Asia-Pacific (APAC), Middle East and Africa (MEA) and Latin America. The North America and Europe market sizes are estimated to be high as the cloud adoption rate is high in these regions whereas APAC, MEA and Latin America have shown significant opportunities for cloud adoption, which will in future give rise to cloud applications market.
The reason behind significant growth trend of cloud-based solutions in oil and gas industry is a massive rise in the demand of crude oil and natural gas and their derivative products due to industrialisation and increase in standard of living, noted the report.
Cloud-based applications are the software solutions provided by a number of service providers available in the IT market space. These cloud-based applications are hence also termed as the Software-as-a-Service (SaaS) model applications.
The cloud-based applications market is broadly classified into applications types such as analytics, customer relationship management (CRM), finance and accounting, content management, collaboration, ecommerce, human capital management (HCM), enterprise resource planning (ERP), project and portfolio management (PPM), procurement and distribution, legal and risk management and few other industry specific applications.
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