Oil and Gas Cloud Applications Global Market Report 2024

The global oil and gas cloud applications market has grown rapidly in recent years. It will grow from $6.84 billion in 2023 to $7.76 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth seen in the historic period can be attributed to several factors, including an emphasis on operational efficiency, adherence to regulatory standards, investments in disaster recovery and security measures, modernization of legacy systems, and the implementation of remote asset management solutions.

The global oil and gas cloud applications market is expected to see rapid growth in the next few years. It will grow to $12.9 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The anticipated growth in the forecast period stems from several factors, including an increased need for real-time insights, initiatives toward energy transition, geopolitical influences, burgeoning growth in emerging markets, and an intensified focus on sustainability. Noteworthy trends expected in this period encompass the adoption of hybrid cloud solutions, predictive maintenance tools, integration of edge computing, adherence to data sovereignty regulations, and the rise of subscription-based service models.

The rising adoption of private cloud systems for data encryption is poised to drive the growth of the oil and gas cloud application market. Cloud encryption involves converting data into unreadable formats, significantly enhancing cybersecurity measures. Encryption renders data useless and incomprehensible without access to encryption keys, even if the data is misplaced or accessed by unauthorized individuals. This move towards private cloud encryption has surged, particularly in the Middle East, where the adoption of encryption for private cloud infrastructure increased by 8% in June 2021. With more data transitioning to the cloud, the demand for robust cloud security solutions in the oil and gas sector is escalating, propelling the market's growth.

Moreover, the mounting demand for oil and gas is set to be a key driver in the expansion of the oil and gas cloud application market. Oil and gas demand plays a pivotal role in fulfilling energy needs across various industries like transportation, manufacturing, and power generation. Cloud applications tailored for the oil and gas industry offer efficient and cost-effective solutions, facilitating operations management, complex data analysis, and process automation. Notably, as per the US Energy Information Administration's data in March 2023, the US crude oil output surged to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Consequently, the escalating demand for oil and gas is a driving force behind the market growth for oil and gas cloud applications.

In the oil and gas cloud application market, technological advancements are a pivotal trend driving industry growth. Leading companies in this sector are dedicatedly innovating to fortify their market positions. An instance of this is Nutanix Inc., a US-based software company, which, in October 2021, launched the Nutanix Enterprise Cloud. This unified IT operating environment seamlessly integrates private, public, and edge clouds, providing a centralized control point for managing infrastructure and applications. Offering consistent high performance, it accommodates even the most demanding applications across various domains, including the tools and technologies utilized in the oil and gas industry. This web-scale software approach combines ease of use with extensive functionality.

Moreover, major players in the oil and gas cloud applications sphere are strategically forging partnerships to expedite their digital transformation objectives driven by data. These alliances aim to digitalize the complete operational lifecycle of companies, focusing on cost reduction, heightened productivity, and sustainability. For example, in January 2021, Accenture PLC, an Ireland-based IT corporation, collaborated with Aker BP ASA, an independent oil company in Norway, to advance the digital transformation of Aker’s oil and gas operations. Together, they established a cloud-based data factory, optimizing oil and gas processes. Accenture’s involvement aids Aker in evolving into a data-centric enterprise, establishing a cloud-centric foundation and data factory to enhance overall operations.

In July 2021, Capgemini, a France-based IT services and consulting firm, completed the acquisition of Empired Limited for an undisclosed sum. This strategic move is set to consolidate Capgemini's position as the regional frontrunner in digital, data, and cloud markets. This amalgamation leverages their combined scale and extensive service portfolio, significantly expanding their expertise across the entire Microsoft technology product range. Empired Limited, the acquired entity, is a US-based firm specializing in information technology services.

Major companies operating in the oil and gas cloud applications market report are Capgemini S.A., Citrix Systems Inc., TIBCO Software Inc., Cisco Systems Inc., Oracle Corporation, Tableau Software, Salesforce Inc., Dassault Systèmes SE, Asea Brown Boveri Ltd., Infor, Bentley Systems, PetroDE, The Hewlett Packard Enterprise, International Business Machines Corporation, Seven Lakes Technologies, HCL Technologies Limited, WellEz Information Management LLC, PetroCloud LLC, Microsoft Corp., SAP SE, Alibaba Group Holding Limited, Alphabet Inc., Amazon.com Inc., Cloud Software, Accenture, Conseillers en Gestion et Informatique Inc., Cognizant, DXC Technology, Infosys Limited, Larsen & Toubro Infotech Limited

North America was the largest region in the oil and gas cloud applications market in 2023. The regions covered in the oil and gas cloud applications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oil and gas cloud applications market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The components of oil and gas cloud applications encompass both solutions and services. The solutions segment incorporates a range of offerings, from web-hosting services to the integration of diverse technologies by multiple enterprises, effectively reducing overall operational expenses. These applications cater to various operational sectors within the industry, spanning upstream, midstream, and downstream operations. Additionally, these solutions are deployed through diverse models, including hybrid, private, and public frameworks.

This report provides oil and gas cloud applications market statistics, including oil and gas cloud applications industry global market size, regional shares, competitors with oil and gas cloud applications market share, detailed oil and gas cloud applications market segments, market trends, and opportunities, and any further data you may need to thrive in the oil and gas cloud applications industry. This oil and gas cloud applications market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The oil and gas cloud applications market consists of revenues earned by entities by providing cloud application services such as storing, managing, and processing data to improve various oil and gas operations. The market value includes the value of related goods sold by the service provider or included within the service offering. The oil and gas cloud applications market also includes sales of hardware such as server, switches, routers, firewalls, and storage arrays which are used in providing oil and gas cloud application services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.