Yahoo Finance Oil and Gas Cloud Application Market Size USD 10.9 Billion by 2025 at 14.6% CAGR - Report by Market Research Future (MRFR)
New York, US, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Oil and Gas Cloud Application Market information by deployment type, by components, by operation and region – forecast to 2027” was Valued at USD 4.84 Billion in 2019 and is Expected to Register 14.6% CAGR During Forecast Period.
Market Scope:
Market Research Future’s (MRFR) report on the oil and gas cloud application market comes on the heels of increasing exploratory and production activities of the oil & gas sector. The transformation of processes as well as focus on remote work to curb on labor expenses are explored in high detail in the report. It contains prospects and hurdles to be faced by players over the forecast period (2020-2027). The COVID-19 pandemic and its effects are also included in the report.
Dominant Key Players on Oil and Gas Cloud Application Market Covered are:
Aspentech
HPE
Oracle Corporation
Dassault Systèmes
ABB
Sage Software Solutions
Infor
IBM Corporation
Workday
Salesforce
SAP SE
Microsoft Corporation
Quorum Software
Bentley Systems
Risk Edge Solutions
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Market USP Exclusively Encompassed:
Market Drivers
Goals of developed and developing nations to increase food production by 70% by 2050 can drive the market demand significantly. Introduction of subsidies to farmers and loan schemes for adapting modern methods can bode well for the market. Farm mechanization that refers to use of modern vehicles for irrigation of and harvesting of crops can favor the market. This can increase the output while keeping labor costs low. Government efforts to bring in farmers to the industrial fold by assuring timely assistance with fertilizers, crop seeds, and right prices for their crops can influence farmers greatly. This is exemplified by release of funds to states by the central government of India through its Sub-Mission on Agricultural Mechanisation scheme for establishment of farm machinery banks, distribution centers for machines, and custom hiring centers.
Lack of arable land, need of fresh water, and climate change are challenges posed to the market.
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Segmentation of Market Covered in the Research:
By component, the global oil and gas cloud applications market have been divided into solution and service. The solution segment has been further broken down into enterprise asset management, enterprise resource planning, customer relationship management, security, others. The services segment has been further broken down into three sub-segments consulting, implementation and training, support, and maintenance.
Based on deployment type, the global oil and gas cloud applications market has been divided into a private cloud and public cloud.
Based on organization size, the global oil and gas cloud applications market have been divided into small- and medium-sized enterprises (SMEs) and large enterprise segments.
On the basis of operation, the global oil and gas cloud applications market has been divided into upstream, midstream, and downstream.
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Regional Analysis
APAC is touted to lead the global market owing to increased demand for food by the large population residing in China and India coupled with need for sustainable practices. Government support for enabling modern equipment for resident farmers and rising export of cereals from the region can bolster market demand. Indonesia has also vouched for local production of farm equipment with the government setting aside a fund for increasing yields and investing in rice science. Huge demand for tractors and investments to reduce harvest losses can drive the market.
North America has assumed the second position in the oil and gas cloud application market owing to huge demand for tractors. Used farm equipment is another niche segment sprouting in the region owing to assurance on these products given by certified preowned programs. In addition, leasing of equipment to farmers in Canada and the U.S. may also bolster market revenues.
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COVID-19 Impact on the Global Oil and Gas Cloud Application Market
The COVID-19 outbreak has affected the supply chain of agriculture equipment which has in extent foiled the plans of procurement of additional arable land for cultivation. Focus of companies for producing crops locally and sell to farm outlets is expected to drive the market demand significantly. New farm laws enabling companies to tie-up with large farmers to gain stocks of viable crops in respect to customer demand may be suitable to the market. This is evident by establishment of centers housing fresh farm produce.
Industry Update
LYTT has entered into a collaboration with Baker Hughes to cater to digitization efforts of the oil & gas sector to tackle challenges posed by the COVID-19 pandemic.
Industry Trends
Introduction of smart equipment capable of providing accurate metrics on soil quality and other parameters vital for a good harvest can disrupt the oil and gas cloud application market. This is exemplified by Caterpillar launching skid-steer loaders with room for attachment for other equipment for multi-tasking purposes. The tools in the machine can recognize new equipment and assign controls accordingly.
Farm monitoring platforms have gained prominence with the evolution of internet of things and use of data for improving farming practices. Recently, FarmMicro has launched a farm control monitoring system, SmartFarm, for allowing farmers overall control of their equipment. Examples of applications are livestock monitoring and control of irrigation gates, rain gauges, and farm gates. The company has even partnered with John Deere to provide real-time data for proving insights into operations.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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