Published on : Jun 01, 2016
ALBANY, New York, June 01, 2016: The global market for IT spending in the oil and gas industry has been analyzed in a market research report recently added to the vast research report portfolio of ResearchMoz.us. The report, titled “Global IT Spending Market in the Oil and Gas Industry 2016-2020,” states that the market will expand at a healthy pace over the period from 2016 through 2020, and rise to a valuation of US$48.54 bn by 2020.
Several oil and gas companies are developing their own IT infrastructure so as to effectively control, manage and secure their critical business data, and comply with government regulations. The establishment of a digital oil field framework is also a highly popular trend in the global oil and gas industry. Digital oil fields comprise technology-centric IT solutions that help oil and gas companies in leveraging their limited resources.
Oil and gas companies are increasingly converging their digital oil field framework with project management systems to connect oil fields to office infrastructure and to align technology, processes, and people with oil fields. The rising demand for improving production and asset performance is also compelling oil and gas companies to adopt digital oil field solutions. These factors have significantly boosted the demand for a variety of IT services in the oil and gas industry in the past few years and have propelled the IT spending market within it.
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On the basis of category, the market has been segmented into hardware, software, and IT services. Of these, the segment of IT services is expected to account for a dominant 40% of the market by 2020. The crucial IT services in the global IT services in the oil and gas industry include support services, project-oriented services, and outsourcing services.
From a geographical perspective, the global IT spending market in the oil and gas industry has been segmented into EMEA, APAC, and the Americas. Of these, the Americas was the largest regional market in 2015, accounting for a dominant share of over 43% in the global market in terms of revenue.
The global IT spending market in the oil and gas industry features a highly concentrated competitive landscape and is dominated by the large vendors. The rising competition among existing vendors and the reduced cost structure of the global oil and gas companies in response to the recent phase of turbulent product prices has intensified the competition in the market. To gain a competitive edge over other companies, several players in the market have started expanding their services portfolio. Companies have thus started offering value-added services such as support and maintenance, solution integration, consultancy, and staff training to address operational issues in IT systems.
Some of the most prominent vendors in the market are IBM, Dell, SAP, Infosys, GE Oil and Gas, Capgemini, Alcatel-Lucent, CSC, Indra Sistemas, Cisco Systems, CGI Group, Oracle, Hitachi, HCL Technologies, Tech Mahindra, Huawei Technologies, ABB, TCS, Siemens, and Wipro.
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