By Credence Research
The value of the global oil and gas analytics software market was US $ 2.34 billion in 2017 and will increase from the CAGR of 17.5% during the forecast period from 2018 to 2026.
During the forecast period of 2018 to 2026, the annual growth rate (CAGR) of 17.5% of the oil and gas analytics software market is expected to increase. The size of the market stood at $ 2.34 billion in 2017. To focus on data analytics to generate growth, part of oil and gas companies is one of the most prominent factors in the development of the oil and gas analytics software market. In recent years, the growing number of oil and gas companies is implementing analytics aimed at increasing revenue. The advent of large data has led to the development of the oil and gas analytics software market. Oil and gas companies have created a humble amount of data over the years, with the improvement in the data collection process, these companies have been able to efficiently use data and improve business processes. The fact is that applying data analytics helps oil and gas companies reduce costs, it is encouraging adoption in companies further. In addition, real-time analytics continues to provide prominence and data as well as to provide significant growth opportunities, During the forecast, there is a significant increase in the oil and gas analytics software market. However, data privacy and ownership concerns are major market development inhibitors. Apart from this, the need to comply with legal and regulatory regulations for companies is another major challenge affecting the market’s growth negatively.
North America was the largest market for oil and gas analytics software in 2017 and was expected to remain an attractive market for investment during the forecast period of 2018 to 2026. This area was more than 35% of the overall market value. Growing discoveries and production activities in this area are important factors in the development of oil and gas analytics software market in North America. In recent years, the discovery and production of non-conventional oil and shell gas in the field has been high, which positively affects the development of the oil and gas analytics software market.
Some of the key players working in the oil and gas analytics software market include Hitachi, Hewlett-Packard, IBM, Oracle, Northwest Analytics, SAS Institute, SAP AG, Teradata and Cisco Systems.
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