The oil and gas data management software market, estimated by FMI to be worth US$ 16.9 billion in 2022, is expected to rise at a compound annual growth rate of 15.3% to reach US$ 70.4 billion by 2032. The need for oil and gas data management software has skyrocketed as a result of the installation of data-gathering devices, such as sensors, at several remote locations and operating fields.
Furthermore, increased workplace mobility usage, increased digitalization, and real-time worker support have all contributed to an increase in sales of oil and gas data management software. Therefore, it is anticipated that market expenditure on networking, efficient servers, and the need for oil and gas data management software would increase in order to speed up corporate processes and enhance
In today’s economy, digital data is growing at an exponential rate which is propelling the growth of oil and gas data management software market share. The growth of the Internet of Things is generating massive amounts of digital data in the oil and gas industry at an exponential rate which further increases the demand for oil and gas data management software.
More than 80% to 90% of the digital data on the market today was developed in the last two years. The number of data breaches has increased as the amount of data has grown.
Data management software for oil and gas companies is a type of advanced software that helps them manage and preserve their data.
Such organizations’ projects are difficult in terms of operations, resource management, capital management, inventory management, and so on.
Furthermore, the sales of oil and gas data management software are growing as it aids businesses in maximizing resources, tracking project progress, and increasing efficiency.
The demand for oil and gas data management software is anticipated to grow as it enables firms to effectively manage and access their data in real-time. Regulatory compliance management tools, data analytics, data warehousing, and other capabilities, such as process design control, are all being integrated into data management software by a number of software development providers and suppliers.
Furthermore, increased use of IoT and AI is expected to boost the sales of oil and gas data management software and large-scale data management software implementation by small and large firms in the oil and gas market. Data management as a service is gaining pace in the oil and gas market thanks to cloud platform acceptance, next-generation data centre evolution, and cost-effective and adaptable data management solutions.
The oil and gas data management software is expected to be driven by the rising trend of cloud use in the coming years. Data breaches are becoming more common around the world, demanding the modernization of existing organizational infrastructure.
As a result, global enterprise data management infrastructure modernization is expected to drive the global oil and gas data management software market size during the forecast period. However, the lack of complete data security assurance and abuse of obtained data is stifling the sales of oil and gas data management software in both international and domestic sectors.
KEY TAKEAWAYS:
- By component, the solutions segment dominated the oil and gas data management software market with a CAGR of 15.5% through 2032.
- During the forecast period, the U.S. is anticipated to dominate the oil and gas data management software market with a CAGR of 13.5% through 2032.
- The region accounted for almost a third of global market revenue and is likely to maintain its dominance during the forecast period. The demand for oil and gas data management software is anticipated to rise as it is being adopted by a huge number of mid-sized and small businesses.
- During the forecast period, the Middle East and Africa had the second-largest oil and gas data management software market share.
- In 2017, Asia Pacific had tremendous growth, owing to a rising rate of digitization in data management over time. However, it is encountering roadblocks in the oil and gas data management software market’s expansion. Different regulatory compliances and the scarcity of effective infrastructure are cited as major explanations for the possible risk.
COMPETITIVE LANDSCAPE
Oil and gas data management market players are focusing on providing customised solutions that are in sync with the procedures of various oil and gas organisations. These solutions contribute to the market’s increased growth rate for oil and gas data management software.
Some of the oil and gas data management software market players profiled in the FMI’s study are Newgen Software, IBM Corporation, Cisco Systems, SAP SE, Tata Consultancy Services Ltd
Recent Developments
- In 2018, Sourcewater, Inc. purchased Genscape, Inc.’s Digital H2O Water asset intelligence service with the goal of launching an advanced IoT integrated oilfield water and disposal intelligence platform that would provide sophisticated water data science to the upstream energy industry.
- Emerson Electric Co. acquired General Electric’s AI Intelligent Platform in 2018, with the goal of strengthening the worldwide exploration and production software market. Emerson Electric Co. would be able to increase its capabilities in machine control and discrete applications, as well as integrate with oil and gas power plants, as a result of this acquisition.
Key Segments:
By Component:
- Solutions
- Corporate/Enterprise Data Management System
- Project Data Management System
- National Data Repository
- Services
- Consulting & Planning
- Integration & Implementation
- Operation & Maintenance
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
- South America
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