Oil and gas sector deals with a huge volume of data, which is significantly sensitive as it constitutes to the national income of many countries. Cloud applications are solutions based on Software-as-a-Service platform for storing and accessing critical data.
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The software solutions offered by cloud-based service providers specifically for oil and gas industry is termed as oil and gas cloud applications. These solutions consist of different offerings from web hosting services offered by local providers to integrated technologies provided by large enterprises with world-class infrastructure.
There are several drivers, restraints and opportunities shaping the future of cloud application in oil and gas industry. Adoption rate of cloud across oil and gas industry, which is continuously accelerating is expected to drive the market in years to come.
In addition, the rising need for cost optimization also fosters the market growth. However, rising concerns over data security raised by several enterprises active in the oil and gas sector has hindered the market growth.
On the other hand, the rising demands in regions such as North America and Europe would create greater opportunities for the market.
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The world oil and gas cloud applications market is segmented by solution, deployment model, end-customers and geography. The deployment model covered in the market research report consists of hybrid, private and public.
Solution type discussed during the study are CRM, ERP, HCM, project management, data analytics and others. Major end-customers served by the oil and gas cloud- based applications include small and medium business enterprises and large enterprises.
On the basis of geography, the market is segmented into North America, Asia-Pacific, Europe, and LAMEA. Key players discussed in the report includes Tableau Software, Oracle, IBM, Microsoft Corporation among others.
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