According
to a research report "Oil and Gas Cloud Applications Market major
growth drivers include the growing adoption of private cloud for encryption of
data and lower operational costs. Oil and Gas Cloud Applications Market provide
detailed information about key factors influencing the growth of the market
(drivers, restraints, opportunities, and industry-specific challenges). - Global Forecast to 2024" published by MarketsandMarkets. The oil and
gas cloud applications market size to grow from USD 4.9 billion in 2019 to USD
9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.2% during
the forecast period.
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The upstream operation segment to hold the
largest market size during the forecast period
The oil and gas cloud
applications market is segmented by operation into upstream, midstream, and
downstream. The upstream sector is working hard to leverage big data to gain
significant insights from the surge of structured and unstructured data. Hence,
the upstream sector is moving toward cloud adoption at a rapid pace for
achieving cost efficiency and increasing time-to-market.
By service, the training, support, and
maintenance segment to grow at a higher highest CAGR during the forecast period
The oil and gas cloud applications
market by service is segmented into consulting and implementation services, and
training, support, and maintenance services. The training, support, and
maintenance services segment is expected to grow at a rapid pace during the forecast
period, as it helps oil and gas companies choose the most suitable cloud-based
solutions, depending on the requirements of their businesses and end users.
Consulting services assist clients in maximizing their Return on Investment
(RoI) by investing in suitable AI technologies.
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Europe
to hold the largest market size during the forecast period
Europe
is dominating the oil and gas cloud applications market, as it is the
fourth-largest producer of oil and gas and is already on its way to digital
transformation. The oil and gas cloud applications industry in Europe is expected
to witness high growth, owing to the presence of major vendors. These vendors
either have a direct presence through corporate offices and Research and
Development (R&D) centers or an indirect presence through sales and
distribution channel partners.
Major
vendors in the global oil and gas cloud applications market include Microsoft
(US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), AspenTech (US),
Dassault Systèmes (France), Workday (US), ABB (Switzerland), IFS (Sweden),
Infor (US), RiskEdge Solutions (India), Seven Lakes Solutions (US), Bentley
Systems (US), Aucerna (Canada), TIBCO (US), PetroDE (US), Sage Software
Solutions (India), HPE (US), and Quorum Software (US).
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