Dublin, Jan. 02, 2020 (GLOBE NEWSWIRE) -- The "Oil and Gas Cloud Applications Market by Component (Solutions (EAM, Enterprise Applications, EHS, and Security) and Services), Deployment Type (Private and Public Cloud), Operation (Upstream, Midstream, and Downstream), and Region - Global Forecast to 202" report has been added to ResearchAndMarkets.com's offering.

The global oil and gas cloud applications market is estimated to be USD 4.9 billion in 2019 and projected to reach USD 9.4 billion by 2024, at a CAGR of 14.2% during the forecast period.

The oil and gas cloud application industry is driven by the increasing demand for mobility-enabled cloud applications to gain real-time visibility of oil and gas operations, growing adoption of private cloud for encryption of data, and lower operational costs. However, stringent government rules and regulatory compliances may hinder the growth of the oil and gas cloud application market.

Enterprise asset management segment to grow at the highest CAGR during the forecast period

The oil and gas cloud application market by solution is segmented into Enterprise Asset Management (EAM), enterprise applications, Environmental, Health And Safety (EHS), security and, others (simulation and modeling, and operational analytics). The EAM segment is expected to grow at a rapid pace during the forecast period. The growth of this segment can be attributed to demand for high-functioning assets and uninterrupted uptime in the oil and gas industry to drive the growth of EAM solutions.

Upstream operations segment to grow at the highest CAGR during the forecast period

The oil and gas cloud application market by operation has been segmented into upstream, midstream and downstream. The upstream segment is projected to grow at the highest CAGR during the forecast period, as it is working hard to leverage big data for gaining significant insights from the surge of structured and unstructured data. Hence, the upstream sector is moving toward cloud adoption for achieving cost efficiency at a rapid pace.

Middle East and Africa to grow at the highest CAGR during the forecast period

The MEA region is expected to grow at the highest CAGR during the forecast period. The growing focus of the oil and gas companies in the region to boost operational efficiency, reduce downtime, and offer safer operations are expected to drive the growth of the market in the region.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Market
4.2 Europe Oil and Gas Cloud Applications Market, By Operation and Country
4.3 Market Major Countries

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Adoption of Private Cloud for Encrypting Data and Lowering Operational Costs
5.2.1.2 Increasing Demand for Mobility-Enabled Cloud Applications to Gain Real-Time Visibility of Oil and Gas Operations
5.2.2 Restraints
5.2.2.1 Stringent Government Rules and Regulatory Compliances
5.2.3 Opportunities
5.2.3.1 Maximizing Productivity of Assets and Workforce By Leveraging Advanced Technologies
5.2.3.2 Growing Investments in Digital Technologies to Create Digital Oilfields
5.2.4 Challenges
5.2.4.1 Growing Data Security Concerns
5.3 Industry Trends
5.3.1 Use Case 1: Felix Energy Choosen WellEz On-Demand Solution Offered By Quorum Software to Reduce It Costs and Streamline Post Job Performance Reviews of Their Employees
5.3.2 Use Case 2: Petrofac Implemented Aspentech Hysys Solution to Increase the Capacity of the Gas Plant and Minimize Capex
5.3.3 Use Case 3: Petronas Deployed the Aspen Petroleum Scheduler to Increase Alignment Between Planning Ans Scheduling Processes
5.3.4 Use Case 4: Astron Energy Reduces Assay Creation Time By 50% By Implementation of Aveva Unified Supply Chain Soultion
5.4 Regulatory Compliances
5.4.1 International Organization for Standardization 29001 Oil and Gas
5.4.2 Federal Energy Regulatory Commission

6 Oil and Gas Cloud Applications Market By Component
6.1 Introduction
6.2 Solutions
6.2.1 Enterprise Asset Management
6.2.1.1 Demand for High-Functioning Assets and Uninterrupted Uptime in the Oil and Gas Industry to Drive the Growth of Eam Solutions
6.2.2 Enterprise Applications
6.2.2.1 Enterprise Resource Planning
6.2.2.1.1 Growing Need for 360-Degree Views on Operations to Drive the Growth of Enterprise Resource Planning Application
6.2.2.2 Customer Relationship Management
6.2.2.2.1 Increasing Focus on Managing Customer Data and Improving Sales and Marketing Processes in Real Time to Drive the Growth of Customer Relationship Management Application
6.2.2.3 Human Capital Management
6.2.2.3.1 Growing Need for a Holistic View of the Entire Workforce Lifecycle to Drive the Growth of Enterprise Applications
6.2.2.4 Supply Chain Management
6.2.2.4.1 Growing Focus of Organizations on a Uniform Scm Framework to Drive the Growth of the Scm Application
6.2.2.5 Business Intelligence
6.2.2.5.1 Need for Improving Operational Processes With Insights Gathered From Quality Data to Drive the Demand for BI Application
6.2.2.6 Project Portfolio Management
6.2.2.6.1 Need to Manage Complex Projects and Reduce Associated Costs and Risks to Drive the Growth of Project Portfolio Management Application
6.2.2.7 Others
6.2.3 Environmental, Health, and Safety
6.2.3.1 Growing Demand to Meet Compliance and Safety Standards for the Betterment of Workforce and Social Community to Drive the Growth of Ehs Solution
6.2.4 Security
6.2.4.1 Growing Focus to Safely Encrypt Enterprise-Wide Data and Mitigate Cyberattack Damage to Drive the Demand for Cloud Security Solutions
6.2.5 Others
6.3 Services
6.3.1 Consulting and Implementation
6.3.1.1 Need for Organizations to Identify the Right Set of Solutions for Improving Business Operations to Drive the Growth of Consulting and Implementation Services
6.3.2 Training, Support, and Maintenance
6.3.2.1 Need to Improve the Skills of Employees Working in Dynamic Environments to Drive the Growth of Training, Support, and Maintenance Services

7 Oil and Gas Cloud Applications Market By Deployment Type
7.1 Introduction
7.2 Private Cloud
7.2.1 Oil and Gas Companies With High Security Concerns to Adopt the Private Cloud Model
7.3 Public Cloud
7.3.1 Organizations With a Focus on Scalability and Cost-Effectiveness to Adopt Public Cloud Model

8 Oil and Gas Cloud Applications Market By Operation
8.1 Introduction
8.2 Upstream
8.2.1 Growing Focus of Organizations to Streamline Operational Workflows and Improve Incident Response Time to Drive the Growth of Cloud Applications in the Upstream Segment
8.3 Midstream
8.3.1 Focus of Oil and Gas Companies to Enhance Operational Efficiency and Safety of Pipelines and Storage Terminals to Drive the Growth of Cloud Applications in the Midstream Segment
8.4 Downstream
8.4.1 Focus of Organizations to Improve Supply and Distribution of Various Oil By-Products to Drive the Cloud Applications in the Downstream Segment

9 Oil and Gas Cloud Applications Market By Region
9.1 Introduction
9.2 North America
9.3 Europe
9.4 Asia Pacific
9.5 Middle East and Africa
9.6 Latin America

10 Competitive Landscape
10.1 Overview
10.2 Competitive Scenario
10.2.1 New Product Launches and Product Enhancements
10.2.2 Business Expansions
10.2.3 Acquisitions
10.2.4 Partnerships and Agreements

11 Company Profiles
11.1 Introduction
11.2 IBM
11.3 Oracle
11.4 Microsoft
11.5 SAP
11.6 Salesforce
11.7 Aspentech
11.8 Dassault Systmes
11.9 Workday
11.10 ABB
11.11 IFS
11.12 Infor
11.13 Risk Edge Solutions
11.14 Seven Lakes Technologies
11.15 Bentley Systems
11.16 Aucerna
11.17 TIBCO
11.18 Petrode
11.19 Sage Software Solutions
11.20 HPE
11.21 Quorum Software
11.22 Right-To-Win

For more information about this report visit https://www.researchandmarkets.com/r/s10bt6

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
         Laura Wood, Senior Press Manager
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470
         For U.S./CAN Toll Free Call 1-800-526-8630
         For GMT Office Hours Call +353-1-416-8900