U.S oil & gas analytics market to record significant gains as oil companies leverage data analytics to foster business growth

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With the on-going IoT revolution, numerous industries in the world are recognizing the value of data. The U.S oil & gas analytics market is might see a flourishing period of growth due to increasing use of data analytics practices in the field.Immense data is generated across the country’s growing oil & gas industry. It is one of the most vital factors promoting adoption of data analytics. Moreover, the need for production optimization and risk assessment in the country’s highly-volatile oil and gas industry has further highlighted the importance of advanced analytics tools.

The U.S oil and gas analytics market would likely witness promising growth on account rising adoption of data gathering devices. Increasing use of IoT as well as IIoT is further supporting this growth. The American oil and gas industry is looking to transform its value chain entirely and data gathering and IoT devices are effectively supporting these efforts.

Key players in the region are focusing on effective management of operation and cost and advanced data analytics software are likely to contribute significantly towards these efforts.

Increasing upstream oil and gas investment, increasing adoption data collection devices, and robust investment towards infrastructure are some of the prominent factors that are stimulating the market growth.

Moreover, increasing stringency of cybersecurity regulations in the country would likely foster use of advanced data analysis software solutions in the coming timeframe.

Increased spending on O&G infrastructure would also considerably increase the adoption of analytics tools across numerous verticals. Increasing volumes of oil and gas supplies have instigated the need for additional infrastructure across the United States with Southwest and Northeast regions contributing over 36% and 19% of total infrastructure investments in the country.

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According to a 2017 API report, the refining as well as the gathering & processing divisions accounted for around USD 5.2 billion and USD 4.9 billion respectively.

The ample availability of proven oil and gas resources supplemented with an exploration of unconventional reserves would positively impact the business growth over the forecast period.

According to the U.S Department of Energy, proven gas reserves increased by 85%, which is more than 450 Tcf, in 2019. Moreover, the growing need for production optimization along with the current deployment of IoT and IIoT across drilling and production assets could drive industry landscape over the forecast period.

Meanwhile, with several technological advancements, the companies are now able to generate real-time information from production platforms and reservoirs. This enables companies to make an early prediction regarding equipment failures. With recent enhancements in cloud computing capabilities, advanced network security, unlimited storage, and cost saving the requirement of data analytics has further escalated.

The industry has seen a shift from on-premise applications towards hosted. This shift is being supported by key benefits such as easy data sharing and integration, reduced cost, and automatic system updates. High maintenance and upgradation cost, hardware deterioration, and probability of permanent data loss associated with on-premise applications have further restrained their adoption in the industry.

Current business partnerships to attain a leading position in the industry is a key growth strategy followed by the companies. Constant spending on technology innovation is bringing advanced analytics solutions in the industry.

The companies are also involved in mergers and acquisitions to gain technological excellence. Furthermore, they and are also investing heavily to bring innovations in the industry.

Major players operating in the U.S oil and gas analytics market include Accenture, IBM, Cognizant, and Microsoft Corporation.  These industry leaders are actively seeking strategic collaborations with technology providers for product innovation to gain competitive advantage. Global Market Insights, Inc. anticipates that the U.S. oil and gas analytics market could likely grow more than 14.5% by 2025.

Author Name : Abhijeet Kakade

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