NEW YORK, Nov. 30, 2017 /PRNewswire/ —
Major slump in oil prices forcing companies to adopt cost-effective cloud solutions is one of the major drivers of the oil and gas cloud applications market
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The oil and gas cloud applications market size is expected to grow from USD 3.33 billion in 2017 to USD 5.68 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. Major slump in oil prices forcing companies to adopt cost-effective cloud solutions and the emergence of big data and advanced analytics are major factors driving the oil and gas cloud applications market. However, increasing data security concerns and regulatory and compliance challenges are major restraints for the growth of oil and gas cloud applications market.
CRM application type is estimated to hold the largest market size in 2017 in the oil and gas cloud applications market
The CRM application type has always been one of the highest deployed tools by any industry, as the software facilitates businesses to increase their sales, automate marketing processes, and offer unparalleled customer services. In the oil and gas industry, the application is deployed intensively, and thus, has a very high market share. The need for real-time access to data is rapidly driving the market for cloud CRM applications. Along with the traditional applications for marketing, and sales intelligence and automation, cloud CRM applications also include advanced applications, such as social media and customer engagement management, and collaborative CRM applications.
Asia Pacific (APAC) is expected to grow at the highest CAGR in the oil and gas cloud applications market by region
Major countries contributing to the growth of the oil and gas cloud applications market in APAC are China, India, Malaysia, Australia, Thailand, Singapore, Japan, and Vietnam. APAC continues to witness rampant urbanization and industrialization, which has significantly increased the overall oil and gas consumption. Home to over 60% of the total global population, APAC is estimated to be consuming approximately 25% of the global oil supply. The region is expected to record the highest growth rate in the oil and gas cloud applications market, as organizations in APAC are looking for new ways to incorporate cloud applications, mostly in upstream and midstream sectors.
The overall trend witnessed in the APAC region is quite favorable for the digitalization of technologies, adoption of IoT, and other smart city projects. Cloud adoption has witnessed an ultra-growth, embraced by diverse