There is a huge volume of data generated in the oil and gas industry. These data are sensitive in nature as they are majorly concerned with a national income of many countries. In order to secure these data, software solutions are provided by cloud-based services. The software solutions used in the oil and gas industry is known as oil and gas cloud applications. In these solutions, different aspects are provided by web-hosting services to the companies, which help to integrate technology with world-class infrastructure. They can be used in small as well as large enterprises. Use of oil and gas cloud applications is growing at a significant pace globally.
The global oil and gas cloud application market is segmented into its solution type, deployment model, organization size, and geography. On the basis of the solution type, the global market is divided into CRM, data analytics, collaboration, ECM, ERP, HCM, SCM, project management, core industry applications and GRC. Based on the deployment model, the global market is segregated into a private cloud, public cloud, and hybrid cloud. On the basis of organization size, the global oil and gas cloud application market is classified into small and medium-sized business and large enterprises. Diversification of the market on the basis of the region is seen in North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America.
Adoption of cloud-based technology is increasing in the global oil and gas industry as a result of which there is an acceleration in the market growth. There are various other factors owing to which the global oil and gas cloud application market is growing such as rapid industrialization and increase in the standard of living, massive rise in the demand for crude oil and natural gas and their derivative products and the rising need for cost optimization. An upward trend is visible in the global oil and gas cloud applications market growth. However, there are certain restraining factors in the global market growth such as the security concerns related to the data generated and shared in the cloud raised by business organizations working in the oil and gas domain.
There is a rising demand for oil and gas cloud application in the North American and European regions. The growing demand in these regions can be attributed to the flexibility and scalability of the cloud-based solutions in oil and gas industry in order to meet the increasing competition in the global oil and gas cloud application market. Growth in North America and Europe is followed by Asia Pacific, the Middle East and Africa and Latin America.
Some of the major companies in the global oil and gas cloud application market are Microsoft Corporation, Oracle Corporation, SAP SE, Tableau Software, Accenture PLC, Capgemini S.A., Hewlett-Packard Company, Citrix Systems, IBM Corporation and Cisco Systems Inc.
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