This market research report presents a detailed segmentation of the global information technology (IT) spending market in the oil and gas industry by category (hardware, software, and IT services) and by geography (the Americas, APAC, and EMEA). The major players in this market are Dell, IBM, Infosys, and SAP.
Technavio’s market research analysts estimate the global IT spending market in the oil and gas industry to grow at a steady CAGR of over 1% between 2016 and 2020. Sophisticated digital optimization technologies such as the slug controller technology solutions in production centers have helped producers to structure the flow of oil and gas and enable production at reduced costs per barrel. Such aids targeted at optimizing the production is expected to boost the growth of this market during the forecast period. In 2015, the Americas dominated the global IT spending in the oil and gas industry by accounting for a market share of almost 44%. The market in this region is expected to flourish owing to the gradual strengthening of oil prices by 2020.
The new market research report from Technavio presents a breakdown and analysis of global IT spending on oil and gas segments by category.
“The latest trend gaining traction in this market is the increased adoption of digital oil field framework. The need to boost production and asset performance is encouraging oil and gas enterprises to automate workflows and integrate business processes across upstream operations to enable better collaboration and real-time operations. For instance, technology-driven solutions help the workforce analyze growing volumes of data generated by engineering technologies,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
The services segment dominated the global IT spending on the oil and gas industry in 2015 with a market share of over 39%. Factors such as the incorporation of cloud-based services, increasing focus on engineering and government initiatives are aimed at achieving seamless, safe, and environment-friendly production systems are expected to contribute to the growth of the services segment of IT spending in the oil and gas industry in the coming years.
The key vendors in the market include Dell, IBM, Infosys, and SAP. This market is highly concentrated and primarily dominated by the large key vendors. Growing rivalry among the existing players and the reduced cost structure of the oil and gas companies has intensified the level of competition in the market. To gain a competitive edge over their peers, several vendors are offering value-added services such as consultancy, solution integration, support and maintenance, and staff training to address various opportunities and risks.
A more detailed analysis is available on the Technavio report, Global IT Spending in the Oil and Gas Industry 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
