During the projected period of 2027, the market for oil and gas cloud applications is anticipated to grow at a CAGR of 14.6%

 

The Oil and Gas Cloud Applications Market was estimated to be worth USD 4.84 billion in 2019 and is anticipated to grow at a CAGR of 14.6% during the ensuing five years.

The Global Oil and Gas Cloud Applications Market has been divided into segments based on component, deployment type, organisation size, operation, and region/country, claims Market Research Future. The upstream, middle, and downstream activities of oil and gas businesses can all benefit from cloud applications in various ways. The oil and gas sector is a process-intensive sector where businesses monitor huge amounts of data at a significant expense. Applications on the cloud assist oil and gas firms with data monitoring, analysis, and process handling.

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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).

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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