The data business in oil & gas market is anticipated to expand its roots at a strong CAGR of 16.7% between 2023 and 2033. The market is expected to have a market share of USD 171.1 billion by 2033 while it is likely to be valued at USD 36.43 billion in 2023.
The high economic activities in oil and gas businesses and the component industries are gaining traction in the market. The management of seismic data, optimized drilling procedures, and enhanced reservoir engineering are some of the direct benefits one can get through its help.
The application of data business in midstream and downstream sectors is observed with the surveying and monitoring of all the oil exploration areas. Furthermore, the increased logistical efficiency and better deployment process are adding value to the market’s upward trajectory.
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The structured, unstructured, and semi-structured data collected through the rudimentary data is generally unpolished. These data businesses solutions help the oil and gas businesses segment their data and utilize it according to the requirements.
The integration of big data, artificial intelligence, and cloud computing for better data analysis and results is anticipated to flourish the market growth.
Key Takeaways:
- The United States market leads the data business in the oil & gas market in terms of market share in North America. The United States region held a market share of 19.7% in 2022. The growth in this region is attributed to:
- Many investors putting capital in the sector
- High automation
- Government PSUs enhancing their infrastructure.
- Germany market is another important market in Europe region. The market held a market share of 6.3% in 2022. The growth is caused by increased consumption, and new oil and gas business opportunities due to the ongoing Russia-Ukraine war. Furthermore, Europe region also held a 19.7% global share in 2022.
- India’s data business in oil & gas market thrives at a CAGR of 18.3% during the forecast period. The growth is attributed to the high imports and the advent of digital technology and data-driven policies of companies.
- China’s market also thrives at a CAGR of 18.6% between 2023 and 2033. The growth is caused by expanding oil and gas businesses, the government’s focus on digitizing the industry, and high investments in the sector.
- Based on component type, the data management segment held the leading market share of 45.4% in 2022. The growth is attributed to easy deployment and affordable implementation.
- Based on oil company type, the independent oil segment leads the market as it held a leading market share of 40.3% in 2022. The growth is caused by high consumption and an easy adoption process
- North America region held a market share of 34.2% in 2022.
Competitive Landscape:
The key vendors focus on integrating and adding many smart technologies to their platform along with the additional data protection units. Key competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Leading Key Players:
- Accenture
- Datameer
- Datawatch
- General Electric
- Hitachi Vantara Corporation
Recent Market Developments
- Oil & gas giant Saudi Aramco has tied knots with Accenture on deals worth over US$ 7 billion with 100+ local and international key suppliers. The company works for exploration and production along with the energy transition.
- Datameer has introduced SQL data tools for oil & gas businesses and others. It transforms data, automates, and delivers insights. The platform also delivers production pipelines and is built for snowflakes.
A Comprehensive Full Report:
https://www.futuremarketinsights.com/reports/data-business-in-oil-and-gas-market
Key Segments Covered
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 Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- Middle East and Africa
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