Northrook, IL -- (SBWIRE) -- 11/18/2019 -- The Oil and Gas Cloud Applications Market size is expected to grow from USD 3.04 Billion in 2016 to USD 5.68 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period, as per a report by MarketsandMarkets.

How growing trend of mobile computing presents an opportunity?

With the rampant digitalization and automation happening in the oil and gas industry, mobile computing has emerged as one of the key developments in the industry. The growth of cloud services in the oil and gas industry has pushed the vendors to offer innovative applications such as remote monitoring of the plant and remote surveillance that helps to actively monitor the oil fields remotely from the office or home locations. Processes such as leak detection, flow measurement, environment monitoring, cathodic protection, and wellhead control are now possible to manage with just a touch of the finger using a smartphone or tablet. Oil fields are normally located at the hazardous places with extreme temperature conditions and managing the gamut of operations on the mobile using the 3G/4G technologies is a much-needed boon for the oil and gas industry.

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Moreover, mobile solutions have been proved to be increasingly effective in terms of enhancing productivity and safety, and minimizing cost. PetroCloud, an oil field automation and monitoring company, offers numerous web and mobile applications, such as oil field monitoring, oil field surveillance, and methane detection. The mobile technology works for both upstream and downstream processes. Hence, IT vendors have started offering numerous applications from CRM to financial administration and resource planning to the functions of content and HCM on the mobile or smartphone.

With the rapidly growing internet connectivity, the mobile computing is expected to offer significant growth opportunities to the cloud application vendors in the oil and gas industry.

Why lack of skilled workforce constitutes a key challenge?

Lack of skilled workforce is one of the major constraints in the development and implementation of technology in the workplace. Whether it is the higher management which is not accustomed to the high-end technology or the other workforce, there is always a resistance to adopt a new technology. The oil and gas industry has witnessed one of the most tumultuous times with the prices of crude oil falling steeply. In such a scenario, oil and gas companies need to think beyond traditional means of cost-saving measures and adopt cutting-edge solutions that will be effective to optimize productivity and reduce the cost of operations. The use of big data and harnessing significant insights from the data is one of the most efficient ways to gain operational efficiencies. However, the oil and gas industry witnesses an acute shortage of skilled workforce that it remains one of the major impediments to the technology adoption. For example, Petroplan's survey in 2016 by interviewing more than 2,000 professionals in the oil and gas industry revealed that the industry was grappling with a serious dearth of talent.

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Major vendors in the global oil and gas cloud applications market include Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), AspenTech (US), Dassault Systèmes (France), Workday (US), ABB (Switzerland), IFS (Sweden), Infor (US), RiskEdge Solutions (India), Seven Lakes Solutions (US), Bentley Systems (US), Aucerna (Canada), TIBCO (US), PetroDE (US), Sage Software Solutions (India), HPE (US), and Quorum Software (US).

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