Data Business in Oil and Gas Market- Data Generated In The Oil And Gas Industry
Posted by monali on July 17th, 2019
According to a new market report published by Transparency Market Research, the global data business in oil and gas market is expected to reach a value of US$ 64,845.8 Mn by 2026 on account of digitization across the oil and gas industry. In the years 2015 to 2017, the oil and gas industry’s CAPEX fell considerably; however, the industry is focusing on technological advancements to find optimal production techniques for intelligent development of unconventional resources, and to increase the commercial success rates of drilled exploration wells with computer-aided optimization of processes.
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Need for generating value from the large amount of data generated in the oil and gas industry driving the global market
Data Business in Oil and Gas Market: Scope of the Report
The data business in oil and gas market is segmented based on component, oil companies, application, E&P lifecycle, and geography. Due to increasing digitization in the oil and gas industry, the market is anticipated to experience flourishing growth during the forecast period. By 2026, the upstream application segment will account for more than 56% of the global data business in oil and gas market due to increasing IT spending in the upstream sector of the oil and gas industry. Exploration is the key segment in the E&P lifecycle of the oil and gas industry driven mainly by deep-water exploration activities, shale gas exploration activities, declining exploration costs, and rising focus on near field explorations. National Oil Companies (NOCs) are anticipated to have more than 53% market share by 2026. NOCs are increasingly spending on big data and data management software and services, thus accounting for the maximum share in the data business market. Big data software such as data analytics, data collection, data discovery &visualization, and data management software holds the major share in the big data in oil and gas component of the market with data analytics and data management software driving the growth of this segment. Data management component growth is driven mainly by corporate/enterprise data management software.
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