Data business in oil & gas market expected to be valued at $145 billion by 2032
The global data business in the oil & gas market is projected to rise at a compound annual growth rate of 16.5% for the next decade, rising from a valuation of $31.6 billion in 2022 to $145.9 billion by 2032.
Operational efficiency and performance improvement, increased popularity of real-time analysis and predictive analytics solutions, and increased awareness among end users are all major growth factors for the data business in the oil & gas industry.
The recent data business in oil & gas market trends indicates that the necessity for big data analytics in oil and gas operations rose as a result of the COVID-19 outbreak since it allowed engineers and researchers to study data remotely.
Furthermore, data recording sensors have recently become a recent introduction to the industry for various features such as discovery, drilling, production, refining, and transportation, where big data has become an essential part of data analysis, which is expected to be a driving factor for the demand for data business in oil & gas.
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 block 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.
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.
As per the study, one of the major data business in oil & gas market constraints is a lack of understanding of the systems' benefits. Several organizations lack a clear and accurate understanding of the various technologies that are reaching the market, and as a result, they are unable to upgrade software and systems in the oil and gas industry.
- 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.
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.
Quantzig, a worldwide data analytics and advising organisation, will launch actionable analytics solutions to solve challenging business problems in March 2020. The company has revealed that its superior big data analytics services for the oil and gas industry may assist businesses in developing effective strategies to target future markets and reduce the risks involved with oil exploration and drilling.
These insights are based on a report on Data Business in Oil & Gas Market by Future Market Insights.