Global Oil and Gas Analytics Industry share is expected to hit USD 21 billion by 2024

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Oil and Gas Analytics Market Outlook Increasing
petroleum product demand along with growing
digitization to augment the industry growth
Wo rth 25.5bn by 2024
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oil and gas analytics market
Oil and Gas Analytics market size estimated at
USD 4 billion in 2015, is expected to be driven
by its wide applications in exploration
drilling, storage optimization, asset
performance, refining, and fleet. Moreover,
rise in the number of oil and gas exploration
activities across the globe will boost the global
market trends over the coming years. Furthermore,
the growing popularity of digital technology
among the oil gas firms has enhanced the
workforce cost efficiency and this in turn has
fueled the oil gas analytics industry size.
Oil and gas analytics market growth is
expected to be catalyzed by the firms which are
expanding their refining capacities to fulfill
the heavy demand for petroleum. For instance,
ExxonMobil has decided to expand the refining
capacity of its refinery at Texas in U.S. to
40,000 barrels by 2018. As per Global Market
Insights, Inc., research study Oil and Gas
Analytics Industry share is expected to hit USD
21 billion by 2024.
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Continued

• Hosted oil gas analytics market is projected to
  gain significant popularity over 2016-2024
• Taking into consideration the deployment trends,
  oil and gas analytics are installed via on
  premise and hosted deployments. On premise oil
  gas analytics deployment industry size is
  expected to witness a substantial growth over the
  next few years. Hosted deployment will grow at a
  rate of 20 over the coming seven years, driven
  by increased productivity and cost efficiency.
  Bakken Shale exploration production unit has
  deployed hosting for oil gas sector.
• Based on the services the global oil and gas
  analytics market is segmented into cloud
  services, professional services, and integrated
  services. Integrated services segment is expected
  to contribute significantly towards the overall
  industry revenue over 2016-2024.
• Geographically, Norway exploration and drilling
  analytics market which was valued at USD 50
  million in 2015, is expected to contribute
  significantly towards Europe oil and gas
  analytics market share over the coming years.
  Rising acceptance of digital technology to
  minimize operating and production costs is
  expected to influence the regional growth.

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U.S. Oil And Gas Analytics Market size, by
services 2013-2024 (USD Million)

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Key insights from the Report include

• U.S. oil and gas analytics market size for hosted
  deployment segment, was valued over USD 800
  million in 2015, and will grow at a CAGR of over
  19 from 2016 to 2024.  Bakken Shale exploration
  and production activity have deployed hosting for
  oil and gas industry.
• Professional services in France and gas
  analytics market size are likely to reach over
  USD 300 million by 2024. Rising adoption of big
  data platform in France for improving
  operationally efficient production will drive the
  oil and gas analytics market share.
•  
• Field surveillance and monitoring for India is
  projected to reach over USD 100 million by 2024.
  Analytics helps upstream sector to obtain real
  time data at low cost which also manage
  operations in better way with new capabilities
  and by reducing risk factors. 
• Cloud services were valued at over USD 1.2
  billion in 2015 and is expected to witness gains
  of over 20 during the forecast period. Angola
  on-premise deployment demand was USD 17.50
  million in 2015, growing at a CAGR of 25.8.

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