Uncertainty for M&A Deals amidst COVID-19 Outbreak Fuels Demand for Predictive Analysis
Machine Learning (ML) and Artificial Intelligence (AI) are known for predictive analysis. Hence, companies in the oil & gas analytics market should develop platforms using ML and AI to ease uncertainty pertaining to oil & gas mergers and acquisitions amidst the ongoing coronavirus (COVID-19) era. The pandemic has caused uncertainty for planned mergers & acquisitions (M&A) in the oil & gas sector, as the virus has caused disruptions in the supply and demand across critical industries.
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The oil & gas industry has been plagued with oversupply and declining prices due to the ongoing price war between Saudi Arabia and Russia, thus causing a dilemma for planned M&A agreements. Several hundred M&A deals are at stake due to the COVID-19 pandemic. Hence, companies in the oil & gas analytics market should capitalize on this opportunity to develop software that enable stabilization of supply and demand ratio in the oil & gas industry.
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IoT-enabled Connected Devices Exhibit Data Transformation in Oil & Gas Analytics
The oil & gas analytics market is anticipated to surpass US$ 49 Bn by the end of 2030. Despite having vast data sources, end-users lack the right tools and expertise to track various data points of oil & gas analytics. Hence, companies are upgrading IT (Information Technology) platforms so that end users can seamlessly track the data points of oil & gas analytics.
Bizmetric-a technologically driven company exhibiting data transformation is helping its oil & gas clients deploy IoT (Internet of Things)-driven applications in today’s digitized era. The involvement of connected devices is one of the key factors for the deployment of IoT in oil & gas analytics. Sensor-enabled devices deliver accurate information in data prediction.
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AI-based Platforms Predict Operational Failures Hampering Production Activities
Artificial intelligence is revolutionizing the oil & gas analytics market. However, capitalizing on the data can be potentially challenging for stakeholders in the oil & gas industry. Hence, companies are introducing AI-based solutions to automate end-to-end processes of the upstream sector. Oil & gas analytics is being highly publicized to accelerate the pace of production and ensures site development. Favorable market drivers contribute toward a striking CAGR of ~15% for the oil & gas analytics market during the assessment period.
Production analytics for the energy industry has helped to optimize operational efficiency, where oil & gas companies can gain a competitive edge over other market players. Since multiple operations run parallel in the energy industry, oil & gas analytics have become crucial for stakeholders to predict any occurrences or failures that might hamper production activities.
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