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 (Structured, Unstructured, Semi-Structured), By Region

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Summary

Report Description

Global Big Data in Oil & Gas Market is expected to grow at a steady pace in the forecast period, 2024-2028.

Big Data, also known as Big Data analytics, is a relatively new technology that can be utilized to manage enormous datasets that have six key characteristics: volume, variety, velocity, veracity, value, and complexity. The processors in these reliable technologies must be very quick and accurate. The oil and gas sector has recently undergone a significant data intensive transformation because of the widespread use of data recording devices in exploration, drilling and production processes. Applications of big data in the oil and gas industry include improving reservoir characterization / simulation, reducing drilling time, increasing drilling safety, optimizing the performance of production pumps, improving petrochemical asset management, improving shipping and transportation, and improving workplace safety. Additionally, Big Data offers oil and gas companies a number of advantages, including the potential to extract more oil and gas from hydrocarbon reserves, lower capital and operating costs, boost the speed and accuracy of investment choices, enhance worker safety and health, and reduce environmental concerns.

Large Amount of Data Handling Feature of Big-Data Analytics Driving the Market Growth

Numerous industries are still adjusting to the concept of big data and analytics. However, the oil and gas industry has been one of the biggest users of these services since it uses a lot of data to reach technical decisions. To comprehend dynamics and present new technologies to the market, various energy corporations have heavily invested in visualization tools, seismic software, and other digital technologies during the past few years.

As big data analytics is one of the top goals for more than 88% of the companies, only about one-third of the businesses are prepared to provide the service. Large amounts of data are one of the main factors driving the global big data industry. Companies need big data solutions to automatically record the behavior and performance of the data kept in their information technology systems. The majority of businesses utilize big data analytics to monitor their assets and equipment, identify operational problems, and facilitate repair. Over 60% have enforced network automation to assemble a large amount of data in diffused environments such as along pipelines or remote farms.

Oil and gasoline firms can transition from traditional real-time monitoring to quicker real-time prediction with the right technological solutions. They also produce tactical insights that aid in boosting production and drilling performance while averting problems by quickly reviewing incoming technical and business data and implementing that information to complex models in real-time. Owing to above mentioned reasons, the market is expected to grow further during the forecast period.

Growing Environmental & Public Safety Concern

 As mentioned above, the oil and petrol business generate a significant amount of data from daily operations. There are many challenges in the oil & gas optimization process. For instance, finding oil below the surface is a very difficult process, reservoirs are generally 5,000 to 35,000 feet below the Earth’s surface. The only ways to locate and describe the reservoirs are through low-resolution imagery and pricey well logs (after the wells are drilled). While fluids themselves are intricate with a variety of chemical and physical characteristics, moving via rock to the wellbore is a difficult challenge. To eliminate this problem, companies & governments of various nations are moving toward big data technology. Owing to these factors, the market is expected to register a high CAGR during the forecast period.

It costs a lot to generate oil from the sub-surface area. Cost, quantity, and market accessibility must all be considered while producing a barrel of oil, which requires a significant amount of science, equipment, and labor. Concerns about the environment and public safety may arise during oil exploration. Hence, to resolve this issue people are adopting big data technology owing to which the market is expected to register a high CAGR during the forecast period.

Big Data dramatically lowers risk and optimizes cost associated with operations and health, safety, and environment: Help Avoid undesirable outcomes while drilling, such as kicks, predicting drill maintenance/downtime, improving drill parameters, avoiding blowouts, ducking produced hazardous working conditions and reducing environmental hazards by using weather data or workforce scheduling information.

Growing Investment in Oil & Gas Sector Fueling the Market Growth

As of now, growing demand for oil and increasing investment in the oil & gas sector is gaining traction due to which need of Big Data in oil field is also growing rapidly. For instance, for the current financial year, Indian Oil Corp., and Bharat Petroleum (BPCL) have exceeded their capital spending goals. According to data from the oil ministry, between April and February, India Oil spent USD 152.4 million (Rs 31,800 crore) compared to the entire year's capital plan of USFD 3476 million, and BPCL spent USD 1251.6 million, exceeding its aim of (USD 1217.5 Million) Rs 10,000 crore. Moreover, even though OPEC (Organization of the Petroleum Exporting Countries) is restricting its output, Abu Dhabi will invest 448 billion dirhams (USD 122 billion) in oil and natural gas in order to increase production capacity, over the next five years. Abu Dhabi is the first major investment by Aramco since its listing in late 2019 when the Saudi government sold a minority stake in the firm for USD 29.4 billion in the world's biggest initial public offering. Owing to which, the global need of big data analytics is growing in the oil & gas sector.

Recent Developments

From March 2020, Quantzig, leading global data analytics and advising company, has started offering actionable analytics solutions. The business has stated that its cutting-edge big data analytics services for the oil and gas sector would assist organizations in developing strategies that effectively target potential markets and lower the risks involved in oil exploration and drilling operations.

According to North Sea oil data, in September 2019, a latest project saw researchers use artificial intelligence to help unlock a “treasure of trove” of big data in the North Sea oil and gas industry.   The University of Aberdeen's researchers are expected to close the gap between the enormous volumes of big data available to the oil and petrol industry. The Oil & Gas Innovation Centre (OGIC), the software research and development firm HyperDAP, and The Data Lab, Scotland's hub for data and AI innovation, all contributed to the project's founding.

Chevron proof-of-concept seismic data processing utilizing Hadoop (IBM Big Insights). By using open-source software to better analyze the massive volumes of data that potentially reveal oil resources, the company expects to lower the cost of deploying deep water drill ships out into the ocean. Chevron currently generates more than 1.5 gigabytes of internal traffic every day.

The "Field of Future" project by BP was launched in 2003. The ongoing pogram's initial focus was on engagement and deployment, with the aim of deploying core technologies in a small number of assets like maintain the track record. Lay the technical and architectural groundwork for upcoming "bigger moves." The big data application framework, CoRE (Collaborative Real Time Environment), and ACEs are included in this project (Advanced Collaboration Environment Centre).

For seismic sensor data, Shell is experimenting with Hadoop in the Amazon Virtual Private Cloud (Amazon VPC). The "digital oilfield of the future" is the focus of Shell's global program called Smart Fields, which is a resource that Shell can continuously improve around-the-clock.


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Market Segmentation

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 further split into upstream, midstream and downstream. Based on data type, the market is further divided into Structured, Unstructured, Semi-Structured. Based on region, the market is divided into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Market Players

Major market players in the Global Big Data in Oil & Gas Market are Accenture PLC, Cisco Systems, Inc, Dell EMC, Hewlett-Packard Enterprise, IBM, Microsoft, Oracle Corporation, SAP Group, SAS Institute Inc, Teradata, and Hitachi Vantara.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2022

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Component

Application

Data Type

Regional scope

North America, Asia-Pacific, Europe, South America, Middle East & Africa

Country scope

United States, Canada, Mexico, China, Indian, Japan, South Korea, Indonesia, Germany, United Kingdom, France, Russia, Spain, Brazil, Argentina, Saudi Arabia, South Africa, UAE, Egypt, and Israel

Key companies profiled

Accenture PLC, Cisco Systems, Inc, Dell EMC, Hewlett-Packard Enterprise, IBM, Microsoft, Oracle Corporation, SAP Group, SAS Institute Inc, Teradata, Hitachi Vantara

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the Global Big Data in Oil & Gas Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

       ·         Big Data in Oil & Gas Market, By Component:

o   Hardware

o   Software

o   Service

       ·         Big Data in Oil & Gas Market, By Application:

o   Upstream

o   Midstream

o   Downstream

       ·         Big Data in Oil & Gas Market, By Data Type:

o   Structured Unstructured

o   Semi-Structured

       ·         Big Data in Oil & Gas Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Indonesia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Russia

§  Spain

o   South America

§  Brazil

§  Argentina

o   Middle East & Africa

§  Saudi Arabia

§  South Africa

§  Egypt

§  UAE

§  Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Big Data in Oil & Gas Market.

Available Customizations:

With the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Big Data in Oil & Gas Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected].

Table of content

1.    Service Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Impact of COVID-19 on Global Big Data in Oil & Gas Market

4.    Executive Summary

5.    Voice of Customers

6.    Global Big Data in Oil & Gas Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Components (Hardware, Software, Service)

6.2.2.    By Application (Upstream, Midstream, Downstream)

6.2.3.    By Data Type (Structure, Unstructured, Semi-Structured)

6.2.4.    By Region

6.3.  By Company (2022)

6.4.  Market Map

7.    North America Big Data in Oil & Gas Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Component

7.2.2.    By Application

7.2.3.    By Data Type

7.2.4.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Big Data in Oil & Gas Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Component

7.3.1.2.2.           By Application

7.3.1.2.3.           By Data Type

7.3.2.    Canada Big Data in Oil & Gas Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Component

7.3.2.2.2.           By Application

7.3.2.2.3.           By Data Type

7.3.3.    Mexico Big Data in Oil & Gas Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Component

7.3.3.2.2.           By Application

7.3.3.2.3.           By Data Type

8.    Asia-Pacific Big Data in Oil & Gas Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Component

8.2.2.    By Application

8.2.3.    By Data Type

8.2.4.    By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Big Data in Oil & Gas Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Component

8.3.1.2.2.           By Application

8.3.1.2.3.           By Data Type

8.3.2.    India Big Data in Oil & Gas Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Component

8.3.2.2.2.           By Application

8.3.2.2.3.           By Data Type

8.3.3.    Japan Big Data in Oil & Gas Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Component

8.3.3.2.2.           By Application

8.3.3.2.3.           By Data Type

8.3.4.    South Korea Big Data in Oil & Gas Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Component

8.3.4.2.2.           By Application

8.3.4.2.3.           By Data Type

8.3.5.    Indonesia Big Data in Oil & Gas Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Component

8.3.5.2.2.           By Application

8.3.5.2.3.           By Data Type

9.    Europe Big Data in Oil & Gas Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Component

9.2.2.    By Application

9.2.3.    By Data Type

9.2.4.    By Country

9.3.  Europe: Country Analysis

9.3.1.    Germany Big Data in Oil & Gas Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Component

9.3.1.2.2.           By Application

9.3.1.2.3.           By Data Type

9.3.2.    United Kingdom Big Data in Oil & Gas Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Component

9.3.2.2.2.           By Application

9.3.2.2.3.           By Data Type

9.3.3.    France Big Data in Oil & Gas Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Component

9.3.3.2.2.           By Application

9.3.3.2.3.           By Data Type

9.3.4.    Russia Big Data in Oil & Gas Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Component

9.3.4.2.2.           By Application

9.3.4.2.3.           By Data Type

9.3.5.    Spain Big Data in Oil & Gas Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value 

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Component

9.3.5.2.2.           By Application

9.3.5.2.3.           By Data Type

10. South America Big Data in Oil & Gas Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Component

10.2.2. By Application

10.2.3. By Data Type

10.2.4. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Big Data in Oil & Gas Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Component

10.3.1.2.2.         By Application

10.3.1.2.3.         By Data Type

10.3.2. Argentina Big Data in Oil & Gas Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Component

10.3.2.2.2.         By Application

10.3.2.2.3.         By Data Type

11. Middle East & Africa Big Data in Oil & Gas Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Component

11.2.2. By Application

11.2.3. By Data Type

11.2.4. By Country

11.3.             Middle East & Africa: Country Analysis

11.3.1. Saudi Arabia Big Data in Oil & Gas Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value 

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Component

11.3.1.2.2.         By Application

11.3.1.2.3.         By Data Type

11.3.2. South Africa Big Data in Oil & Gas Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value 

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Component

11.3.2.2.2.         By Application

11.3.2.2.3.         By Data Type

11.3.3. UAE Big Data in Oil & Gas Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value 

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Component

11.3.3.2.2.         By Application

11.3.3.2.3.         By Data Type

11.3.4. Israel Big Data in Oil & Gas Market Outlook

11.3.4.1.     Market Size & Forecast

11.3.4.1.1.         By Value 

11.3.4.2.     Market Share & Forecast

11.3.4.2.1.         By Component

11.3.4.2.2.         By Application

11.3.4.2.3.         By Data Type

11.3.5. Egypt Big Data in Oil & Gas Market Outlook

11.3.5.1.     Market Size & Forecast

11.3.5.1.1.         By Value 

11.3.5.2.     Market Share & Forecast

11.3.5.2.1.         By Component

11.3.5.2.2.         By Application

11.3.5.2.3.         By Data Type

12. Market Dynamics

12.1.             Drivers

12.2.             Challenges

13. Market Trends & Developments

14. Company Profiles

14.1.   Accenture PLC

14.1.1. Business Overview

14.1.2. Key Revenue and Financials (If Available)

14.1.3. Recent Developments

14.1.4. Key Personnel

14.1.5. Key Product/Services

14.2.             Cisco Systems, Inc

14.2.1. Business Overview

14.2.2. Key Revenue and Financials

14.2.3. Recent Developments

14.2.4. Key Personnel

14.2.5. Key Product/Services

14.3.             Dell EMC  

14.3.1. Business Overview

14.3.2. Key Revenue and Financials (If Available)

14.3.3. Recent Developments

14.3.4. Key Personnel

14.3.5. Key Product/Services

14.4.             Hewlett-Packard Enterprise

14.4.1. Business Overview

14.4.2. Key Revenue and Financials (If Available)

14.4.3. Recent Developments

14.4.4. Key Personnel

14.4.5. Key Product/Services

14.5.             IBM

14.5.1. Business Overview

14.5.2. Key Revenue and Financials (If Available)

14.5.3. Recent Developments

14.5.4. Key Personnel

14.5.5. Key Product/Services

14.6.             Microsoft

14.6.1. Business Overview

14.6.2. Key Revenue and Financials (If Available)

14.6.3. Recent Developments

14.6.4. Key Personnel

14.6.5. Key Product/Services

14.7.             Oracle Corporation

14.7.1. Business Overview

14.7.2. Key Revenue and Financials

14.7.3. Recent Developments

14.7.4. Key Personnel

14.7.5. Key Product/Services

14.8.             SAP Group

14.8.1. Business Overview

14.8.2. Key Revenue and Financials (If Available)

14.8.3. Recent Developments

14.8.4. Key Personnel

14.8.5. Key Product/Services

14.9.             SAS Institute Inc.

14.9.1. Business Overview

14.9.2. Key Revenue and Financials (If Available)

14.9.3. Recent Developments

14.9.4. Key Personnel

14.9.5. Key Product/Services

14.10.           Teradata

14.10.1.              Business Overview

14.10.2.              Key Revenue and Financials (If Available)

14.10.3.              Recent Developments

14.10.4.              Key Personnel

14.10.5.              Key Product/Services

14.11.           Hitachi Vantara

14.11.1.              Business Overview

14.11.2.              Key Revenue and Financials (If Available)

14.11.3.              Recent Developments

14.11.4.              Key Personnel

14.11.5.              Key Product/Services

15. Strategic Recommendations

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Figures and Tables

Frequently asked questions

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Main market players in the Global Big Data in Oil & Gas Market are Accenture PLC, Cisco Systems, Inc, Dell EMC, Hewlett-Packard Enterprise, IBM, Microsoft, Oracle Corporation, SAP Group, SAS Institute Inc, Teradata, and Hitachi Vantara.

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Big data can produce tactical insights that aid in boosting production and drilling performance while averting issues by quickly reviewing incoming technical and business data and implementing that information to complex models in real-time.

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The processors in Big Data in Oil & Gas reliable technologies are very quick and accurate. Large amounts of data are one of the main benefits driving the global big data industry in the oil and gas sector.

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Lack of awareness is the major restraining factor faced by global Big Data in oil & gas market. Many businesses struggle to upgrade the software and systems in the oil and petrol industry because they lack a comprehensive understanding of the many technologies that are emerging in the market.

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Sakshi Bajaal

Business Consultant
Press Release

Big Data in Oil & Gas Market is Expected to Register a High CAGR During the Forecast Period

Jun, 2023

The global demand for Big Data in Oil & Gas market is largely propelled by rising need of large data handling in the sector.

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