Market Highlights
The data experts at Market Research Future Reports (MRFR) have analyzed the global oil and gas cloud applications market. The experts have anticipated that the market is estimated to record a CAGR of 14.6% during the assessment period. The massive investments made in digital oilfields is likely to bring immense opportunities for the global oil and gas cloud applications market 2020. The oil and gas industry is witnessing an exponential adoption of several advanced technologies which is further propelling the market. The introduction of digital technology is another pivotal factor leading to market growth. The digital technology is used for the purpose of production, exploration, collecting the data and protracting the insights. The most substantial factor influencing the growth of oil and gas cloud applications is the fast adoption of cloud across the oil and gas industry. The adoption of cloud applications in oil and gas industry helps in lessening the costs of operations and data encryption. The adoption of cloud is increasing due to the reduced capital expenditure and expenses of operation of the companies. However, security threats and privacy concerns are anticipated to impede market growth during the assessment period.
Also, the outbreak of COVID-19 has resulted in changing market dynamics. The data analysts at MRFR are evaluating the impact of COVID-19 on the global oil and gas cloud market.
Segmentation:
The oil and gas cloud applications industry can be classified into deployment type, component, organization size, type, operation, and geography.
On the basis of deployment type, the global oil and gas industry market can be classified into the private cloud and public cloud.
On the basis of component, the global oil and gas industry market can be classified into solution and service.
On the basis of organization size, the global oil and gas industry market can be classified into small- and medium-sized enterprises (SMEs) and large enterprise segments.
On the basis of operation, the global oil and gas industry market can be classified into upstream, midstream, and downstream.
On the basis of geography, the global oil and gas industry market can be classified into North America, Asia-Pacific, Europe, the Middle East & Africa, and South America.
Regional Analysis
A thorough analysis of North America, Asia-Pacific, Europe, the Middle East & Africa, and South America has been accomplished. The global market is estimated to record a CAGR of 14.6% during the review period. According to the analysis, Europe owns the largest market share. The region is excelling due to the growing demand for oil and gas cloud applications. The small and medium-sized companies are adopting cloud applications. The UK dominates the region owing to the fast adoption of cloud technology. After the UK, Denmark, Italy and Spain make the maximum contribution. On the other hand, the MEA is estimated to be the fastest-growing regional market. The oil and gas organizations are integrating cloud-based infrastructure. North America is estimated to be the second-largest market during the assessment period. Among all, the US and Canada are estimated to make the most substantial contribution to expanding the regional market.
However, the market dynamics are estimated to change due to the spread of COVID-19.
Key Players
The established players of the global oil and gas cloud applications market are Oracle Corporation (US), BM Corporation (US), Microsoft Corporation(US), Salesforce (US), SAP SE(Germany), Aspentech (US), Dassault Systèmes (France), Bentley Systems (US), HPE(US), ABB (Switzerland), Sage Software Solutions (India), Infor (US), Risk Edge Solutions(India), Workday (US), Quorum Software (US), and a few others.
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