About Global IT Spending in the Oil and Gas Industry
The oil and gas industry includes processes of hydrocarbon exploration, extraction, refining, and transportation. The finished product is transported by tankers and pipelines and is subsequently marketed. The industry's largest volume products are fuel oil and gasoline. Products such as petroleum are often used as the raw material to manufacture fertilizers, solvents, pharmaceuticals, plastics, and pesticides. The overall industry is divided into three major components, upstream, midstream, and downstream operations. The oil and gas industry has exerted significant efforts to boost operational efﬁciency and reduce costs. To that end, information technologies have emerged as a core component of almost all industry operations, from extraction to logistics and sales.
Technavio’s analysts forecast the Global IT Spending in Oil and Gas Industry to generate revenues of USD 48.54 billion during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the Global IT Spending in Oil and Gas Industry for 2016-2020.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global IT Spending in Oil and Gas Industry 2016-2020
Technavio recognizes the following companies as the key players in the Global IT Spending in Oil and Gas Industry: Dell, IBM, Infosys, and SAP.
Other Prominent Vendors in the market are: ABB, Alcatel-Lucent, Capgemini, CGI Group, Cisco Systems, CSC, GE Oil and Gas, Hitachi, Huawei Technologies, Indra Sistemas, HCL Technologies, Oracle, Siemens, TCS, Tech Mahindra, and Wipro.
Commenting on the report, an analyst from Technavio’s team said: “A noteworthy trend is the development of digital oil field frameworks. The need to boost production and asset performance has enabled oil and gas enterprises to automate workflows and integrate business processes across upstream operations. It has prompted the integration of information technologies that enable better collaboration and real-time operations. The digital oil field basically comprises technology-centric solutions that help enterprises to leverage limited resources.”
According to the report, a key growth driver is the enhanced efficiency of resources. The adopted methodologies for consistent monitoring generate more than a terabyte of data by a single field per day. This has created a requirement for reliable and consistent data access and analysis. Data is collected to measure pump performance, pressure changes, fluid composition, and temperature changes. Such data is complex and voluminous and the transferring of such forms of data across unconnected, disparate architecture often slows down interdepartmental communications. However, an IT-enabled approach helps deliver business value by enabling companies to turn raw data into actionable information.
Further, the report states that one challenge that could hamper market growth is the increased complexity of the operations process. "
Dell, IBM, Infosys, SAP, ABB, Alcatel-Lucent, Capgemini, CGI Group, Cisco Systems, CSC, GE Oil and Gas, Hitachi, Huawei Technologies, Indra Sistemas, HCL Technologies, Oracle, Siemens, TCS, Tech Mahindra, Wipro.
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