This market is multiplying due to several factors like the increasing need for cost optimization and the growing adaption rate of cloud in the oil & gas industry.However, increasing concerns over the security of data are restraining the growth of the market.As the oil and gas industry is becoming more demanding and more complex, cloud computing technologies help in improving efficiency, lower costs and enable new opportunities leading to the growth of the market.There are several benefits of cloud computing in the oil & gas industry such as improved speed & skill, transforming the economics of IT, delivering IT without boundaries, and building an endurable customer relationship.

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Market Dynamics

To improve the efficiency of operations in the oil & gas industry, data analytics plays a significant role, reduces costs, and predicts the industry. It also helps analyze the sector thereby helping in making better decisions.Many companies started investing in adopting data analytics applications mainly after oil prices declined.The upstream sector will grow during the forecast period as it is creating new platforms using big data analytics. They use these analytics to get more insights into unstructured and structured data.Also, more storage capacity and unlimited computing with cost-effectiveness are pushing this sector to deploy new cloud services.

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Segment Analysis

The Global Oil & Gas Cloud Application market is segmented by important sectors into Upstream, Midstream, and Downstream.Based on the Solution, the market is segmented into Data Analytics, Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Human Capital Management (HCM), and Others.By End-User, the market is segmented into Small & Medium Enterprises and Large Enterprises.Further, based on Deployment, the market is segmented into Public, Hybrid, and Private.

Competitive Landscape

The report profiles companies like IBM, SAP, Microsoft, HP, Cisco, TIBCO, Seven Lake Technologies, PetroCloud, WellEz, Tableau, Aspen Technology, and SAS Institute.

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