The growing exploration and initial production activities in the oil gas industry are positively influencing the oil gas analytics market. Such processes produce huge datasets that require notable processing and analysis infrastructure for businesses to drive rapid and more accurate decisions. Big data analytics enable firms to digitise and automate the analysis of obtained geological data and charts. This enables the identification of possible problems such as equipment wear.
Additionally, it improves occupational safety, analyses seismic data in exploration, optimises drilling operations and reservoir engineering and ensures best-in-class maintenance programs. Meanwhile, real-time machine learning and anomaly detection techniques prevent any security threat or cyber-attack ensuring the safety of guard personnel and machinery, hence reducing the probability of mishaps. Against this backdrop, the oil gas analytics market is projected to reach sound maturity.
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Rising AI Tool Integration Oil Gas Industry to Bolster Oil Gas Analytics Market Growth
With businesses seeking to improve the productivity and efficiency of the exploration and production processes, AI has found multiple applications in industry. These include production optimization with computer vision for rapid analysis of subsurface data, reservoir understanding, downtime minimization for oil and gas equipment, and modelling oil corrosion risks to cut-down maintenance costs. Apart from that, AI tools are also aiding firms to mitigate their carbon footprint. AI technology performs proactive maintenance on specific equipment or entire systems which, in turn, enhances sustainability. Therefore, the rising penetration of AI tools is expected to bode well for the oil gas analytics market.
Growing Adoption of Cloud Analytics Services to Create Positive Dynamics in Oil Gas Analytics Market
Cloud analytics services will play an eminent role in facilitating the expansion of the oil gas analytics market. Businesses are leveraging analytics services to gather and analyse information to make better investment choices and implement cost-cutting measures. Moreover, cloud services offer a single solution for the smooth management of data and analytics, connected and remote operations, and curtailing environmental impact. Therefore, it is expected to benefit the unstructured operations, diverse ecosystems, and significant resource waste of the industry. Furthermore, the cloud deployment paradigm supports low-cost operations allowing firms to employ analytics services without having to establish a digital infrastructure. Additionally, it offers the flexibility to scale up operations and has better reliability with less downtime.
Asia Pacific’s Oil Gas Analytics Market to Surge Ahead with Strong Presence of AI Software and System Suppliers
The growing adoption of AI technologies among oilfield operators and service providers enables the Asia Pacific to get an edge in the global oil gas analytics market. The region also has a solid presence of AI software and system suppliers. A rise in funding and combined investment by government and private organisations to support RD opportunities is also providing impetus to the market. During the study period, all these factors are expected to boost the market in Asia Pacific.
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Prominent Market Players
Some of the major players in the global oil gas analytics market include Oracle, Microsoft Corporation, SAS Institute, Inc., IBM, Teradata, Cisco Systems, Inc., TIBCO Software, Inc., SAP SE, Deloitte, Tableau Software, Capgemini, Cognizant, Hitachi Ltd., Accenture, and Hewlett Packard Enterprise Development LP.
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