Big Data in Oil and Gas Market Will Escalate Rapidly in the Near Future

Posted by Sakshi Mishra on December 31st, 2019

According to a new market report published by Transparency Market Research, the global Big Data in Oil and Gas market is expected to reach a value of US$ 10,935.2 Mn by 2026 on account of digitization across the oil and gas industry. The market is projected to expand at a CAGR of 16.6% during the forecast period from 2018 to 2026. North America is anticipated to be the dominant region in the Big Data in Oil and Gas market followed by Middle East & Africa during the forecast period.The upstream application segment is expected to see flourishing growth due to rising need for enhanced oil exploration and production.

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Need for enhanced oil exploration and production technologies is driving the global Big Data in Oil and Gas market

Oil demand is expected to rise over the years. Also, industrialization and infrastructure spending in China and India will fuel the growth in demand over the years. More investment is needed for increasing oil production capacity to avoid the risk of sharp increase in oil prices. The large amount of data generated during oil and gas exploration can be used to discover new oil deposits to meet the global oil and gas demand. With Big Data analytics, optimum oil drilling locations are found and success of new oil and gas exploration is predicted.