Oil & Gas Analytics Market

As per the GMI Research report, the Oil & Gas Analytics market is anticipated to witness a CAGR of 20.5% during the forecast period. Factors such as, the intensified investment in digital technology by oil and gas companies to raise the productivity of workforce and decrease cost will strengthen the Oil & Gas Analytics market growth.

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Oil & Gas Analytics Market Dynamics

Oil and gas analytics will help to analyse the data produced by the resources to effectively handle the remaining resources. For example, Baker Hughes entered in an agreement, in 2021, to encourage the use Lytt’s analytics software. The partnership will merge Lytt’s fibre-optics data analytics and cloud-based software with Baker Hughes completion and well intervention hardware. Also, the Oil & Gas Analytics Market report asserts that the growth in the oil and gas market is bolstered by an intensified increase in the investments in oil and gas sector. These investments are attributed to digitalize and urbanize the sector in several nations. For instance, Prime Minister Mr. Narendra Modi, in 2021, declared that the Indian government plans to invest Rupees 7.5 trillion in oil and gas infrastructure in the next five years.

Further, the depletion of oil and gas reserves and the growing demand for fuel has strengthened the oil and gas market size. However, rigorous government norms on the production of oil and gas due to the ejection of innocuous gases like carbon dioxide and carbon monoxide may restrain the Oil & Gas Analytics Market size.

Application Segment Drivers

The upstream oil and gas analytics market is projected to dominate the market with the highest share over the forecast period. This is because of the growing offshore and unconventional drilling. For instance, as per the Baker Hughes, on an average number of oil rig count across the U.S. in 2021, is 533, which is 264 more than 2020. Analytics tool allows the upstream sector to acquire real-time data at a reduced cost and handle the operation in an enhanced way through new capabilities, which will raise analytics demand in an upstream application. For instance, Schlumberger and AVEVA, in 2021, entered an agreement to incorporate edge, AI, and cloud digital solutions to support operators encourage oil and gas production. The companies will work together to facilitate how energy operators adopt, process, and action field data for better wellsite performance

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