Oil and Gas Cloud Application Market Size $ 10.9 Billion
New York, United States, October 26, 2021 (GLOBE NEWSWIRE) – Market Snapshot:
According to a comprehensive research report from Market Research Future (MRFR), “Oil and Gas Cloud Applications Market information by type of deployment, by component, by operation and by region – forecast to 2027Was valued at USD 4.84 billion in 2019 and is expected to register a CAGR of 14.6% during the forecast period.
The Market Research Future (MRFR) report on the Oil and Gas Cloud Application Market follows the increased exploration and production activity of the oil and gas industry. The transformation of processes as well as the focus on remote working to reduce labor costs are explored in detail in the report. It contains the outlook and hurdles players will face during the forecast period (2020-2027). The COVID-19 pandemic and its effects are also included in the report.
The major key players in the covered oil and gas cloud applications market are:
- Oracle Corporation
- Dassault Systèmes
- Sage software solutions
- IBM Company
- Working day
- Selling power
- SAP SE
- Microsoft Corporation
- Quorum software
- Bentley Systems
- Risky solutions
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USP market exclusively encompassed:
The goals of developed and developing countries to increase food production by 70% by 2050 can significantly boost market demand. The introduction of farmer subsidies and loan programs for adapting modern methods may bode well for the market. Agricultural mechanization which refers to the use of modern vehicles for irrigation and harvesting of crops can promote the market. This can increase production while keeping labor costs low. Government efforts to bring farmers into the industrial fold by ensuring timely assistance with fertilizers, seeds and fair prices for their crops can greatly influence farmers. This is exemplified by the release of funds to the States by the Central Government of India through its agricultural mechanization sub-mission program for the establishment of agricultural machinery banks, machinery distribution centers and rental centers. personalized.
Lack of arable land, the need for fresh water and climate change are challenges for the market.
Browse the in-depth market research report (111 pages) on the Oil and Gas Cloud Applications Market:
Market segmentation covered by research:
By component, the global oil and gas cloud applications market has been divided into solutions and services. The Solutions segment has been subdivided into Enterprise Asset Management, Enterprise Resource Planning, Customer Relationship Management, Security, etc. The services segment has been subdivided into three sub-segments: consulting, implementation and training, support and maintenance.
Based on the type of deployment, the global oil and gas cloud application market has been divided into private cloud and public cloud.
Based on organization size, the global oil and gas cloud applications market has been divided into small and medium enterprises (SMEs) and large enterprises segments.
On the basis of operation, the global oil and gas cloud applications market has been divided into upstream, middle, and downstream.
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APAC is believed to dominate the global market due to the increased demand for food from the large population residing in China and India coupled with the need for sustainable practices. Government support to enable modern equipment for resident farmers and increased grain exports from the region can strengthen market demand. Indonesia has also vouched for the local production of agricultural equipment, with the government setting aside a fund to increase yields and invest in rice science. The huge demand for tractors and investments to reduce crop losses can boost the market.
North America has assumed the second position in the oil and gas cloud application market due to the huge demand for tractors. Used farm equipment is another emerging niche segment in the region due to the assurance on these products given by certified used programs. Additionally, leasing equipment to farmers in Canada and the United States can also increase market income.
Impact of COVID-19 on the Global Oil and Gas Cloud Applications Market
The COVID-19 outbreak has affected the agricultural equipment supply chain, largely thwarting plans to purchase additional arable land for cultivation. The emphasis by companies on local production and sale to agricultural outlets is expected to significantly stimulate market demand. New agricultural laws that allow companies to partner with large farmers to build viable crop stocks based on customer demand may be appropriate in the market. This is manifested by the creation of centers housing fresh farm produce.
LYTT has entered into a collaboration with Baker Hughes to respond to efforts to digitize the oil and gas sector to meet the challenges posed by the COVID-19 pandemic.
The introduction of smart equipment capable of providing accurate measurements of soil quality and other parameters vital for a good harvest may disrupt the market for oil and gas cloud application. This is illustrated by the launch of compact loaders by Caterpillar with room for attaching other equipment for multitasking. Machine tools can recognize new equipment and assign commands accordingly.
Farm monitoring platforms have grown in importance with the evolution of the Internet of Things and the use of data to improve farming practices. Recently, FarmMicro launched an agricultural control monitoring system, SmartFarm, to allow farmers to comprehensively control their equipment. Examples of applications are livestock monitoring and control of irrigation valves, rain gauges and farm gates. The company has even partnered with John Deere to provide real-time data to provide information on operations.
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