Big Data In The Oil And Gas Sector Market Size, Share, Growth and Trends by 2033 | Analysis by TBRC
Posted by Ramakrishna TBRC on May 9th, 2024
Overview and Scope
Big data in the oil and gas sector refers to the process of using advanced technologies to handle and process vast amounts of data generated across the oil and gas industries to derive actionable insights, optimize operations, and drive efficiency, safety, and environmental sustainability improvements. Big Data analytics enhances safety within the oil and gas industries by enabling predictive equipment maintenance, identifying potential failures, and ensuring safe logistics through sensor analytics.
Sizing and Forecast
The big data in the oil and gas sector market size has grown rapidly in recent years. It will grow from .29 billion in 2023 to .07 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to enhanced decision-making and improved operational and business performance, the rise of unconventional resources, energy market volatility, demand for effective exploration and production procedures, and economic growth.
The big data in the oil and gas sector market size is expected to see rapid growth in the next few years. It will grow to .61 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to growing demand for predictive maintenance, increasing competition in the oil and gas industry, the growing need to optimize production, growing the need for a systematic system to analyze this data, rising need for energy. Major trends in the forecast period include advanced sensor technologies, edge computing advancements, AI and machine learning integration, technological advancements, and increasing collaborations.
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Segmentation & Regional Insights
The big data in the oil and gas sector market covered in this report is segmented –
1) By component: Hardware, Software, Services
2) By Data Type: Structured, Unstructured, Semi-Structured
3) By Deployment: On-Premise, Cloud-Based
4) By Application: Upstream, Midstream, Downstream, Administration
North America was the largest region in the big data in the oil and gas sector market in 2023. The regions covered in the big data in the oil and gas sector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing oil and gas production is expected to propel the growth of big data in the oil and gas sector market going forward. The oil and gas production is increasing due to growing global energy demand, expansion of offshore exploration, investment in infrastructure, and regulatory environment. The rising oil and gas production presents significant opportunities for leveraging big data analytics to improve operational efficiency, optimize asset performance, enhance safety and environmental performance, and drive strategic decision-making in the oil and gas sector by integrating and analyzing data from multiple sources to gain a comprehensive understanding of operations and identify areas for improvement. For instance, according to the Energy Information Administration (EIA), a principal agency of the U.S. Federal Statistical System, in 2023, crude oil production in the United States was an average of 12.4 million barrels per day (b/d) and is forecast to increase to 12.8 million b/d in 2024. Therefore, rising oil and gas production is driving the growth of big data in the oil and gas sector market.
Key Industry Players
Major companies operating in the big data in the oil and gas sector market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., Hitachi Vantara LLC, General Electric Company, Accenture plc, International Business Machines Corporation, Oracle Corporation, SAP SE, Hewlett Packard Enterprise Company, Schlumberger Limited, Capgemini SE, Baker Hughes Company, Halliburton Company, DXC Technology Company, HCL Technologies Limited, Teradata Corporation, BigPanda Inc., Alteryx Inc., Altair Engineering Inc., Cloudera Inc., Datameer, Inc., Enverus, Northwest Analytics Inc., Hortonworks Inc., MapR Technologies Inc.
The big data in the oil and gas sector market report table of contents includes:
1. Executive Summary
2. Big Data In The Oil And Gas Sector Market Characteristics
3. Big Data In The Oil And Gas Sector Market Trends And Strategies
4. Big Data In The Oil And Gas Sector Market - Macro Economic Scenario
5. Global Big Data In The Oil And Gas Sector Market Size and Growth
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31. Big Data In The Oil And Gas Sector Market Other Major And Innovative Companies
32. Global Big Data In The Oil And Gas Sector Market Competitive Benchmarking
33. Global Big Data In The Oil And Gas Sector Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Big Data In The Oil And Gas Sector Market
35. Big Data In The Oil And Gas Sector Market Future Outlook and Potential Analysis
36. Appendix
