Oil and Gas Cloud Applications Market
It is estimated for the global oil and gas cloud applications market to reach USD 9.7 billion by 2024 from that of USD 4.11 billion in 2019 registering a CAGR of 14.4% during the forecast period of 2019 to 2024. The growing adoption of private cloud for encryption of data and lower operational costs are the factors influencing the growth of the market during the forecast period.
It is estimated for the enterprise asset management segment to be the fastest-growing segment of the market.
By solution, the oil and gas cloud applications market can be segmented into enterprise asset management, enterprise applications, Environmental, health, and safety, security and others that include, simulation and modelling, and operational analytics. It is estimated for the enterprise asset management segment to be the fastest-growing segment of the market during the forecast period. With the right enterprise asset management EAM solution, the oil and gas companies, before they may hamper any crucial operations can not only keep their assets operating and reduce energy usage but also increase their efficiency and proactively identify problems.
Large enterprises to make use of the private cloud segment due to higher spending capacity.
Public cloud and private cloud are the segmentation for the oil and gas cloud applications market based on deployment type. A private cloud enables the end-users to store and process their critical data within the firewall of organizations through its secured cloud-based environment that provides high levels of security and encryption. More than the SMEs, private clouds are been preferred by large enterprises. The ability of the large enterprises to spend more on the hardware and storage options is the reason behind large enterprises’ inclination toward the private cloud.
Europe to dominate the global oil and gas cloud applications market during the forecast period.
Europe is likely to dominate the global oil and gas cloud applications market during the forecast period with the Middle East and Africa is expected to grow at the highest CAGR. The high growth rate in MEA can be attributed to cloud-enabled technologies gaining unprecedented traction. MEA is the largest producer and exporter of oil and gas.
Europe is the fourth-largest producer of oil and gas and is already on its way to digital transformation and thus dominating the market. The region is expected to embrace the cloud computing technology to achieve cost and operational efficiencies since it has an abundance of oil and gas reserves, especially in the Norwegian belt and North Sea areas.
The following are the major objectives of the study
- To define, describe, and forecast the global oil and gas cloud applications market on the basis of product, application, and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in global oil and gas cloud applications market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global oil and gas cloud applications market and their future potential during next decade?
- How competitive landscape is evolving in global oil and gas cloud applications market?