PUNE, India, November 23, 2017 /PRNewswire/ —
According to a new market research report “Oil and Gas Cloud Applications Market by Type of Application (CRM, ECM and Collaboration, ERP, GRC, Data Analytics, HCM, PPM, SCM), Major Sector (Upstream, Midstream, Downstream), Deployment Model, Business Function – Global Forecast to 2022“, published by MarketsandMarkets™, the market 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%.
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Major drivers of this market are major slump in oil prices and the emergence of big data and advanced analytics for fostering and enhancing operational efficiencies. Growing trends of mobile computing and rapidly increasing adoption of hybrid cloud are the key opportunities that would fuel the market growth.
The data analytics application type is expected to grow at the highest CAGR during the forecast period
This data-rich oil and gas industry depends on data analytics to enhance operational efficiencies, reduce costs, and offer predictive analysis that would help officials in making better managerial decisions. After the steep decline in oil prices, companies are investing a significant share of their revenues in adopting data analytics applications that help them gain insights from the deluge of structured and unstructured data that this industry generates.
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The upstream sector is expected to grow at the highest CAGR during the forecast period
The upstream sector is working hard to leverage big data to gain significant insights from the surge of structured and unstructured data. The sector is rapidly deploying new platforms, mainframe computers, super computers, workstations, and distributed stations to execute high-performance computing, virtualization, and advanced visualizations, to harness maximum insights from the data. Moreover, unlimited computing and storage capacities, superior cost-effective utilization of the public cloud system, and ease of deployment are some of the compelling reasons to deploy cloud services for this cost-sensitive yet data-critical oil and gas industry.
North America is expected to dominate the Oil and Gas Cloud Applications Market during the forecast period
The Oil and Gas Cloud