Big Data in Oil & Gas Market is Expected to Register a High CAGR During the Forecast Period
The global demand for Big
Data in Oil & Gas market is largely propelled by rising need of large data
handling in the sector.
According to TechSci
Research report, Big Data in Oil & Gas
Market – Global industry Size, Share, Trend, Opportunity,
and Forecast, 2018-2028F. Better decision-making,
enhanced operational and corporate performance are the major driving factors
propelling the Global Big Data in Oil & Gas Market growth in the forecast
period. Oil and gas demand has continued to rise with energy demand in most
parts of the world. According to a World Bank blog, oil demand increased in
2021 Q3 when lockdown measures were lifted. Global demand is now only 3% lower
than before the outbreak. China has experienced the most rapid recovery, with
demand now more than 10% higher than pre-pandemic levels, while demand in other
countries excluding China remains slightly lower. Therefore, such high demand
is expected to fuel the Global Big Data in Oil & Gas Market.
Energy companies require technologies
that combine and several data sources into a single cohesive whole to support
real-time decision-making. It is possible to gain some insight from the
connections that emerge when all these sources are examined collectively by
using Big Data. Oil & Gas enterprises, though, require access to the right
technology, tools, and knowledge in order to achieve this value.
More than seven years after Oman
revealed the ambitious plan to construct the largest oil-storage facility in
the Middle East, it is finally moving forward. Eight tanks for storing crude
for a new refinery close to the town of Duqm on the Arabian Sea, are almost
finished being built by Oman Tank Terminal Co.
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The Global Big Data in Oil & Gas
Market is divided into component, application, data
type, and region. Based on component, the
market is further divided into hardware, software and service.
Based on application, the
market is divided into upstream, midstream, and downstream. Big data
predictive analytics and data management solutions may be employed by oil and
gas businesses to assist downstream energy industries in streamlining
operations, increasing efficiency, minimizing risk, and reducing equipment
downtime and maintenance costs improves asset management. In a recent project,
Repsol SA used big data analytics to carry out management optimization for one
of the integrated refineries that it owns in Spain. For this initiative, Google
Cloud would offer Repsol tools for data analytics, advice, as well as its
machine learning service. Moreover,
it is projected that increased usage of renewable energy sources, such as solar
and wind, will have a negative impact on the demand for fossil fuels, which has
pushed companies to strengthen their customer relationships. Demand for big
data services in the downstream business segment is anticipated to increase
during the forecast period as social media usage grows as a means of generating
value and enhancing customer relationships.
Based on
data type, the market is further divided into structure,
unstructured, semi-structured. To enable continuous data collection and real-time
monitoring of assets and environmental conditions, oil and gas corporations
place hundreds of sensors in subsurface wells and surface wells. Sensors,
geographic and GPS coordinates, weather services, seismic data, and numerous
measurement tools all contribute to the volume of data. Applications designed specifically
for managing surveys, processing and imaging, exploration planning, reservoir
modelling, production, and other upstream activities handle
"structured" data. However, a large portion of this data is
"unstructured" or "semi-structured," including emails,
spreadsheets, word processing documents, images, audio files, multimedia, and
data market feeds, which makes it difficult or expensive to store in
conventional data storage facilities or to routinely query and analyse it. Big data-appropriate
tools should be employed in this situation. Based on region, the market is
divided in North America, Asia-Pacific,
Europe, South America, and Middle East & Africa.
Major market players in the Global Big
Data in Oil & Gas Market: -
- Accenture PLC
- Cisco Systems, Inc
- Dell EMC
- Hewlett-Packard Enterprise
- IBM
- Microsoft
- Oracle Corporation
- SAP Group
- SAS Institute Inc
- Teradata
- Hitachi Vantara.
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"Growing
demand of crude oil & gas are the major factors driving the market growth during
the forecast period. The development of the market is anticipated to be
constrained during the projected period owing to increased investments in
renewable energy, as well as emission reduction and other environmental
targets. The market will continue to have substantial growth potential due to
the development and commercialization of significant domestic non-associated
natural gas reserves for domestic use and export,” Said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based Global management
consulting firm.
Big
Data in Oil & Gas Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented
By Components (Hardware, Software, Service), By Application (Upstream,
Midstream, Downstream), By Data Type (Structure, Unstructured,
Semi-Structured), By Region has evaluated the future
growth potential of Global Big Data in Oil & Gas Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in Global
Big Data in Oil & Gas market.
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