According to a recent report by MarketsandMarkets, the oil and gas analytics market will grow from US$ 4.29 billion in 2014 to US$ 19.65 billion in 2019 at a compound annual growth rate (CAGR) of 35.5%.
Human advancements in the fields of lifestyle, travel and transportation are responsible for the resultant need of greater oil consumption, the report indicates. The global oil and gas industry is increasingly challenged by depleting oil and gas reserves worldwide. As a result, new exploration and extraction techniques are on the rise for new types of hydrocarbons. Emerging technologies generate a huge volume of operational and financial data. The use of various analytical engines helps to turn growing amounts of data into insights yielding profitability. The use of advanced business intelligence and analytics tools in the oil and gas industry would lead to efficient and effective operations. The oil and gas analytics market is thus expanding.
The oil and gas analytics markets shows a positive growth in the prospective years with more oil companies resolving to achieve lower operation and maintenance costs. Analytical framework systems such as SAP HANA and Apache Hadoop provide support for various analytical software and technologies. The oil and gas analytics spectrum provides various solutions for upstream, midstream and downstream operations. The geospatial and exploration analytics help oil companies search new oil reserves in remote geographies. The infrastructure analytics solutions provide construction insights for extraction drilling infrastructure and oil pipelines. It also provides data insights for predictive maintenance and repairs to avoid financial and ecological damages.
Video analytics provides a complete surveillance solution for oil pipelines across the oil and gas supply chain. Product analytics solutions provide oil refineries with product analysis and standard chemical composition of the end products. The crude oil prices are one of the major influencers for the global stock markets. Various pricing analytics solutions process financial big data of the company to forecast the market dynamics and price elasticity of supply and demand.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/10092014/oil-and-gas-analytics-market-1261/