Oil & Gas Industry Use of Cloud Continues to Grow
Use of the cloud to access software and database applications among oil & gas operators doubled over the past two years with 43% of G&G professionals citing use of the cloud (up from only 22% in 2020).
Oil & gas operators worldwide report plans to further increase the use of the cloud to access software and database applications in the next two years with a projection of 65% of G&G professionals using the cloud to access on average up to 33% of their software and database applications.
This represents a tremendous increase versus the 10% of software and database applications accessed from the cloud in 2018 and 17% in 2020. These updated findings are from Kimberlite Oilfield Research who recently published the 2022 G&G Software report based on interviews with 277 geologists and geophysicists worldwide with critical market updates for digital technology adoption, new energy investment, and ESG investment trends.
Microsoft/Azure remains the leading cloud vendor used by the oil & gas industry and has clearly established a leadership position for the category versus that of both Google and Amazon.
Operators cite a preference for having a monthly fixed price structure for cloud services but nearly 30% of operators are open to having a consumption-based pricing structure for cloud services.
Kimberlite will continue to track cloud adoption and other digital technologies including machine learning/AI among the oil & gas operators worldwide and publish updates. Feel free to reach out to discuss.