Oil and Gas Cloud Applications Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2028

  • Report ID : 100056
  • Category : Technology and Communication
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  • Reporting status : Published Jan, 19
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Cloud Computing technologies are well-suited for oil and gas companies seeking for a proactive approach to meet the industry challenges, including the need for workforce collaboration within the industry and with industry partners and the need for improving production operations in high-risk drilling locations. Oil and gas industry comprises of huge data and information which is substantially sensitive as is associated to the national income of various economies. Cloud computing are solutions on Software-as-a-Service (SaaS) platform for storing and retrieving critical data. Oil and gas cloud applications are the software solutions offered by cloud-based service providers,  comprises of web hosting services offered by indigenous providers to integrated technologies delivered by large enterprises with world-class infrastructure.

Oil & gas industry is considered to be one of the many benefactors of cloud computing applications. The sector comprises of intensive field work, and requisite data sharing from field instrumentation, regulators, contractors, and other stakeholders in almost real time become vital for a profitable enterprise. The stakes are very high in oil and gas exploration and hence, it becomes imperative for the business to operate in a secure and timely manner.

Oil and gas cloud applications enables the field workforces to access sophisticated data of rig and fleet tracking, land and water management, site engineering data, regulatory compliance, and, supervisory control. It also allows pay-per-user modules certifying optimized expenditure on technological infrastructure and supplementary security measures are better than client-server infrastructure, delivering an additional safety net for the industry.

Cloud based human resource (HR) management systems offer dynamic solutions such as employee management and various other communications over the industry. The capability to build shared work environments is another advantage offered by the technology in oil & gas industry. Documentation, data access, and other processes can be managed easily at remote locations in real time, empowering field workforce to focus on the work. Furthermore, cloud based mapping has reduced the load off oil and gas operations, facilitating employees with easy accessibility via smart phones. Additional data security, operational scalability, flexibility, and alliances in real time, are few instances of cloud computing being essential part of oil and gas operations across the globe.

Major decline in oil prices compelling companies to implement cost-effective cloud solutions and the advent of big data along with analytical advancements are major factors spurring the global market. Cloud-based solutions in oil & gas industry reduces the overall cost and also offer no-maintenance models and labor engagement. However, growing data security issues with regulations compliances are major restraints for the market growth.

The global oil & gas cloud application market has been segmented by application and major sectors. On the basis of application, the market has been segmented as Customer Relationship Management (CRM), Enterprise Content Management (ECM) and Collaboration, Enterprise Resource Planning (ERP), Governance Risk and Compliance (GRC), Data Analytics, Human Capital Management (HCM), Project Portfolio Management (PPM), and Supply Chain Management (SCM). Based on major sector, oil & gas cloud application market has been bifurcated as upstream, midstream, and downstream.

The upstream sector is continuously deploying new platforms, super computers, mainframe computers, distributed stations, and workstations to execute high-performance computing and advanced visualizations coupled with maximum data insights. Furthermore, unlimited computing & storage capacities, ease of deployment, and cost-effective utilization of public cloud system are some of the compelling factors for cloud services deployment in oil and gas industry.

North America region has been anticipated to lead the global market share owing to escalating adoption of cost-effective and scalable cloud solutions for oil and gas processes. Another significant reason for highest growth is the region expected to become the world’s largest producer of oil along with technological implementation involving cloud, mobility, and other digital inventions.

Mounting partnerships, strategic alliances and agreements has also led to the adoption of digital technologies in oil & gas in North America For instance, Halliburton and Microsoft have brought a strategic alliance to nurture digital transformations through oil and gas industries.

Major players in the oil & gas cloud applications markets are IBM, WellEz, Seven Lake Technologies, Oracle, Microsoft, SAP, Cisco Systems, SAS Institute, Hewlett-Packard Company, PetroCloud, TIBCO, and Tableau Software.

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