The data business oil and gas market’s data industry is expected to grow at a constant CAGR of 16.7% over the course of the projected period. The market is projected to generate US$ 36.43 billion in sales in 2023 and to reach US$ 171.18 billion by 2033.
The COVID-19 outbreak caused a rise in the demand for big data analytics in oil and gas operations because it made it possible for engineers and researchers to study data remotely, according to recent data business in oil & gas industry trends.
In addition, data-recording sensors have just recently been introduced to the industry for a variety of functions including discovery, drilling, production, refining, and transportation, where big data has emerged as a crucial component of data analysis and is anticipated to be a key factor in the growth of the data business in the oil and gas industry.
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Big data also allows for better asset management, operations, manufacturing, and worker safety. However, big data analytics continues to confront hurdles owing to a lack of corporate backing and awareness of the technology; data and a grasp of the problem’s complexity is a key stumbling blocks to the growth of the data business in the oil & gas market share.
The precision and efficiency of big data have led to its acceptance in the oil and gas industry. It helps the oil and gas industry improve the performance of drilling and production activities. It improves the company’s efficiency and keeps track of the oil extraction activities in real time. It is offered in software, hardware, and cloud service platforms to deliver the best data collection service to oil and gas organizations.
Furthermore, advances in data gathering allow for the incorporation of machine learning and artificial intelligence (AI) technologies that aid safeguard data by allowing for secure data storage and collection. It aids industries in increasing productivity and increasing annual revenues, hence increasing global demand for data business in oil & gas.
As per the data business in oil & gas market study, manufacturers all over the world are producing big high-quality data in oil and gas services that reduce data inconsistencies, resulting in data business in oil & gas market growth. As a result, these variables may contribute to the rise of big data in the oil and gas business.
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However, a lack of public understanding of the numerous benefits of big data in oil and gas solutions is expected to stymie the data business in oil & gas market size expansion. The oil and gas industry’s increasing output and drilling performance is a major data business in oil & gas market driver.
Other factors driving market expansion include the need to improve decision-making and operational and business performance, as well as volatile oil prices and growing competition in the oil and gas industry.
Key Takeaways
- The US data business in oil & gas market size is projected to reach a valuation of US$ 40.9 Bn by the end of 2032.
- The data business in oil & gas market is divided into three segments depending on the application: upstream, midstream, and downstream. Upstream leads the market because of the numerous services and maintenance operations that require data analysis in the various natural gas and oil-producing enterprises.
- The data management component segment is expected to rise at a CAGR of 16.8% through the forecast period.
- Due to widespread use on a bigger scale in the oil and gas industry to generate and access data, which is subsequently utilized as information to make decisions in refineries and natural gas businesses, software services hold the largest portion of the data business in oil & gas market and dominate it.
Competitive Landscape
Accenture, Cisco, Dell EMC, Hewlett-Packard Enterprise, IBM, Microsoft, Oracle, SAP, SAS, Teradata, Hitachi Vantara, Drillinginfo, Northwest Analytics, Hortonworks, and MapR Technologies are some of the prominent players in the data business in oil & gas market.
Key Segments
By Component:
- Big Data
- Data Management
- Direct Data Monetization
By Oil Companies:
- National Oil Companies
- Independent Oil Companies
- National Data Repository
By Application:
- Upstream
- Midstream
- Downstream
By E&P Lifecycle:
- Exploration
- Development
- Production
By Region:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
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