Oil and gas cloud applications market is expected to register a CAGR of 14.6% during the forecast period 2027
The Oil and Gas Cloud Applications Market was valued at USD 4.84 Billion in 2019 and is expected to register a CAGR of 14.6% during the forecast period.
According to Market Research Future, the Global Oil and Gas Cloud Applications Market has been segmented based on Component, Deployment Type, Organization Size, Operation, and Region/Country. Cloud applications offer various benefits to the oil and gas companies in upstream, midstream, and downstream operations. The oil and gas industry is a process-intensive industry, where the companies monitor large volumes of data, which cost a high amount. Cloud applications help in monitoring and analyzing the data and providing efficient process handling to the oil and gas companies.
Key Players
The Key Players in the Global Oil and Gas Cloud Applications Market are IBM Corporation (US), Oracle Corporation (US), Microsoft Corporation(US), SAP SE(Germany), Salesforce (US), Aspentech (US), Bentley Systems (US), Dassault Systems (France), HPE(US), ABB (Switzerland), Infor (US), Sage Software Solutions (India), Risk Edge Solutions(India), Workday (US), Quorum Software (US).
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Segmentation:
By Component, the Global Oil and Gas Cloud Applications Market has been divided into solution and service. The solution segment is expected to have a higher market share during the forecast period, due to the growing demand for effective management of various assets and applications and for uninterrupted uptime in the oil and gas industry. The service segment has been further sub-segmented into consulting, implementation and training, and support and maintenance. The service segment is expected to steadily grow due to the increasing need for the consistent performance of cloud applications.
Based on organization size, the global oil and gas cloud applications market have been divided into small- and medium-sized enterprises (SMEs) and large enterprises. The large enterprise segment holds the largest market share during the forecast period. This is due to the large data generating a significant amount of critical data that needs to handle and analyse more securely. The SME segment is expected to be the fastest-growing during the forecast period due to the cost-effective nature of the cloud applications.
Based on Deployment Type, the global oil and gas cloud applications market has been divided into a private cloud and public cloud. The private cloud segment holds the largest market share during the forecast period since it provides a high level of encryption and security thereby enabling the oil and gas companies to process the critical data within the organization network. The public cloud segment is expected to be the fastest-growing during the forecast period due to its cost-effectiveness.
On the basis of operation, the global oil and gas cloud applications market has been divided into upstream, midstream, and downstream. The downstream segment holds the largest market share during the forecast period owing to the increasing technological advancements and growing digitalization in downstream operations.
Regional Analysis
By region, the Global Oil and Gas Cloud Applications Market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The Middle East and Africa are expected to be the fastest-growing region due to the growing adoption of the latest digital technologies in the oil and gas industry.
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