PUNE, MAHARASHTRA, INDIA, October 21, 2019 /EINPresswire.com/ — Summary:
A new market study, titled “Discover Global Oil & Gas Cloud Application Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Global Oil & Gas Cloud Application Market
The Oil and Gas Cloud Application market is showing rapid growth globally owing to multiple contributing factors like the increasing need and demand for cost optimization and the increasing rate of adoption of cloud in the oil and gas industry. Despite its popularity, the increasing concerns regarding the security of data over the cloud, hinder the market growth.
With the increasing complexity and demands of the oil and gas industry, cloud computing technologies enable improving the efficiency, lowering costs, and introducing new potential opportunities which eventually contribute to the growth of the market. Improved Speed and dexterity, delivering IT without boundaries, transforming the entire economics of IT, and building a durable customer relationship are some of the numerous benefits of cloud computing in the oil and gas industry.
Data Analytics plays a large role in improving the efficiency of operations in the oil and gas industry by lowering costs and using predictions of the industry analytics to help make better decisions. The decline in oil price led several companies to invest in the adoption of data analytics to help get an insight into industry data.
This report provides a detailed analysis of the Global Oil and Gas Cloud Application market including market segmentation, potential regions for growth along with the market share.
The global Oil & Gas Cloud Application market is segmented by major sections, solutions, end users, deployment, and region.
In terms of Major Sections, the market is divided into Upstream, Midstream, and Downstream. Owing to the creation of new platforms using big data analytics for gaining industry insight into structured and unstructured data, the upstream sector is expected to grow during the forecast period. This along with greater storage capacity and unlimited computing with cost effectiveness leads to the deployment of new cloud services.
On the basis of solutions, the market is split into Data Analytics, Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Human Capital Management (HCM), and Others.
With respect to end user, the market is segmented into Small and Medium Enterprises, and Large Enterprises.
Based on Deployment, the market is segmented into Public, Hybrid, and Private.
The report provides a country-wise analysis of the regions the Oil & Gas Cloud Application market. These include:
• North America (U.S.)
• Europe (Germany, France, and the U.K.)
• Asia Pacific (China, Japan, and India)
• Latin America (Brazil)
• The Middle East & Africa
Amongst these regions, North America dominates the oil and gas cloud application market owing to the increasing advent and development of innovative technologies. Growth in North America is closely followed by the growth in Europe. Asia Pacific, the Middle East and Africa, and Latin America are following close behind.
Microsoft and Halliburton entered into a strategic alliance in August 2017 with an aim to drive digital transformations across the oil and gas industry sector.
In September 2017, Schlumberger announced DrillPlan, a digital well construction planning solution meant to leverage the benefits of Microsoft Azure and the Azure Stack hybrid cloud solution in the oil and gas industry.
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Source: EIN Presswire