According to a new market research report “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″, published by MarketsandMarkets, the global oil and gas cloud applications market size is expected to grow from USD 4.9 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period.
Major factors fueling the market growth include the growing adoption of private cloud for encryption of data and lower operational costs, and increasing demand for mobility-enabled cloud applications to gain real-time visibility of oil and gas operations.
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123 – Tables
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The upstream operation segment to hold the largest market size during the forecast period
The oil and gas cloud applications market is segmented by operation into upstream, midstream, and downstream. The upstream sector is working hard to leverage big data to gain significant insights from the surge of structured and unstructured data. Hence, the upstream sector is moving toward cloud adoption at a rapid pace for achieving cost efficiency and increasing time-to-market.
By service, the training, support, and maintenance segment to grow at a higher highest CAGR during the forecast period
The oil and gas cloud applications market by service is segmented into consulting and implementation services, and training, support, and maintenance services. The training, support, and maintenance services segment is expected to grow at a rapid pace during the forecast period, as it helps oil and gas companies choose the most suitable cloud-based solutions, depending on the requirements of their businesses and end users. Consulting services assist clients in maximizing their Return on Investment (RoI) by investing in suitable AI technologies.
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Europe to hold the largest market size during the forecast period
Europe is dominating the oil and gas cloud applications market, as it is the fourth-largest producer of oil and gas and is already on its way to digital transformation. The oil and gas cloud applications industry in Europe is expected to witness high growth, owing to the presence of major vendors. These vendors either have a direct presence through corporate offices and Research and Development (R&D) centers or an indirect presence through sales and distribution channel partners.
Major vendors in the global oil and gas cloud applications market include Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), AspenTech (US), Dassault Systèmes (France), Workday (US), ABB (Switzerland), IFS (Sweden), Infor (US), RiskEdge Solutions (India), Seven Lakes Solutions (US), Bentley Systems (US), Aucerna (Canada), TIBCO (US), PetroDE (US), Sage Software Solutions (India), HPE (US), and Quorum Software (US).
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