2 days Ago By [email protected] (MENAFN)
( MENAFN - Straits Research) Introduction Oil and gas cloud-based applications are specialized software solutions for the industry's requirements. These apps use cloud computing technology to deliver services ranging from data storage and analytics to process optimization and collaboration. With the increased demand for oil and gas, the market share of oil and gas cloud applications is predicted to expand at a 14.
4% CAGR. Rising data storage and access demand also add to the expansion of the oil and gas cloud application industry. Market Dynamics Cost Efficiency Propels Market Growth Traditional oil and gas IT infrastructure involves large upfront investments in hardware, data centers, and software licenses.
Cloud computing moves these costs to OpEx, letting firms pay only for what they use. Companies can use Amazon Web Services (AWS) or Microsoft Azure instead of buying and maintaining on-premises servers, thus eliminating costly hardware purchases. Cloud computing has decreased costs for BP, a major oil and gas company.
Amazon Web Services (AWS) has been utilized for data analytics and HPC. BP reduced data storage and processing expenses by moving some processes to the cloud. The oil and gas cloud application market insights show that the industry's requirement for cost-effective solutions in a volatile market mixes the ability to transition from capital-intensive expenditures to a more flexible, pay-as-you-go cloud model.
Integration of IoT Sensors Creates Tremendous Opportunities IoT sensors and gadgets are helping oil and gas companies remotely monitor and manage equipment. These real-time sensors measure temperature, pressure, and vibration. Offshore oil rig sensors monitor pumps and pipelines.
Anomalies can be reported to maintenance workers for preventive maintenance and downtime reduction. World-leading oil company Shell has adopted digital transformation. They use cloud-based technologies and IoT sensors to monitor equipment health and safety on their oil rigs.
These digital initiatives reduced operational costs by 10% and increased equipment uptime by 20% for Shell. Cloud-based data analytics and IoT help reduce maintenance expenses via predictive maintenance. IBM claims predictive maintenance may reduce unscheduled downtime by 50% and maintenance costs by 25%.
Digital transformation can increase the oil and gas industry's operating efficiency, safety, cost, and environmental effects. Regional Insights Europe has the greatest market share due to rising demand for oil and gas cloud applications and digital transformation by large and small organizations. The U.
K. leads the European market due to early cloud adoption, followed by Denmark, Italy, and Spain. Cloud computing is projected to cut costs and boost efficiency in the region.
The Norwegian belt and the North Sea have huge oil and gas deposits. European oil and gas business Equinor uses cloud applications. They optimized North Sea drilling through cloud-based data analytics and machine learning.
Using cloud technology to analyze distant drilling data improved drilling accuracy, downtime, and cost for Equinor. In addition, Europe has severe data privacy rules like the GDPR. These restrictions forced European oil and gas companies to check their cloud solutions, resulting in the broad use of secure and compliant cloud services.
European oil and gas firms also cared about the environment. Through data analytics and monitoring, cloud apps helped firms optimize operations, reduce emissions, and meet sustainability goals. Asia-Pacific oil and gas cloud application market growth is projected due to its big population in China and India and the need for sustainability.
Asia-Pacific oil and gas companies deploy cloud applications differently. China, India, and Australia are among the first to adopt cloud technologies due to their large and complicated energy operations. Smaller countries in the region are also interested in cloud solutions.
The Asia-Pacific oil and gas cloud applications market was competitive with multinational cloud service providers, regional IT firms, and niche competitors offering specialized solutions. Alibaba Cloud, Tencent Cloud and regional providers expanded. Market demand can rise with government help to local farmers for new equipment and cereal exports.
The Indonesian government maintains a fund to boost yields, fund rice science, and help create indigenous agricultural equipment. The market may be driven by tractor demand and harvest loss reduction investments. Key Highlights The key players in the global Oil and Gas Cloud Applications market are Citrix Systems, Microsoft Corporation, Accenture PLC, Cisco Systems Inc.
, Oracle Corporation, SAP SE, Capgemini S.A., Hewlett-Packard Company, and IBM Corporation.
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