Impact of COVID-19 on Oil & Gas Analytics Market : Implications on Business

Oil & Gas Analytics Market

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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Companies Enhance Marketing Strategies to Bolster Adoption of Analytics Platforms

Digital technologies in the oil & gas industry have interconnected devices that benefit stakeholders in the value chain. Likewise, oil & gas analytics has established predictive maintenance and smart drilling activities that result in cost and time efficiency. Smart oilfields are driving profitability for oil & gas organizations. However, the pace of oil & gas analytics adoption is relatively slow, which poses as a hurdle for market growth. Hence, companies in the oil & gas analytics market are bringing significant changes in their marketing, sale, and service strategies to increase the pace of analytics adoption.

Analytics startups in the oil & gas analytics market are increasing their focus in oil exploration for clients. Careful analysis of geological data to choose the best drilling locations has become increasingly important for oil & gas organizations. Oil & gas analytics are now capable of providing intelligent and real-time management of gas hydrates.

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Cloud-based Analytics Tools Empower Users with Enhanced Field Productivity

Digital tools such as robotics, predictive maintenance, and connected work technologies are becoming increasingly mainstream in the oil & gas industry. These trends are fueling the adoption of cloud-based analytics tools in order to achieve cost savings. Hence, companies in the oil & gas analytics market are increasing their R&D activities to innovate in cloud-enabled platforms to meet end-user demands. As such, the success of cloud-based tools relies on the usage of specialized sensors that capture real-time information from physical assets, thus leaving enough scope for innovation.

With the help of cloud-based tools, oil & gas operators can analyze all types of data on the fly to accelerate decision-making and deploy transparency in operations. Companies in the oil & gas analytics market are innovating in platforms that enhance field productivity and empower users with real-time feedback on equipment performance.

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