Global Big Data in Oil and Gas Market – Projected to Rise at a Healthy 16.6%
The Big Data in Oil and Gas market report provides analysis of the Big Data in Oil and Gas market for the period 2016 –2026, wherein the years from 2018 to 2026 is the forecast period and 2017 is considered as the base year. The report covers all the major trends and technologies playing a major role in the growth of the Big Data in Oil and Gas market over the forecast period.
It highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Mn) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South America.
In a recent report published by Transparency Market Research (TMR), the global big data in oil and gas market is projected to rise at a healthy 16.6% CAGR throughout the forecast period between 2018 and 2026. The valuation of the global big data in oil and gas market is projected to reach US$10.93 bn by the end of 2026.
Increasing Spending On IT in Upstream Sector to Boost Demand for Big Data in Oil and Gas Industry
The global big data in oil and gas market is classified on the basis of component, data type, and application. Based on type of data, the market is segmented into structured, unstructured, and semi-structured data. Out of these, unstructured data segment is projected to dominate the market during the forecast period because of rising production of unstructured data from various sources such as well data, sensor data, geological data, environmental data, oceanographic data, and other data sources.
Based on component the market is bifurcated into software and services segments. The big data software segment is further divided into data collection, data analytics, data management, and data discovery and visualization. The big data services includes system integration, consulting, operation and maintenance.
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Increasing Oil Production in North America to Assist Market Growth
Based on regional analysis, North America is leading the market by holding 39% share globally. The reason behind this growth is increasing oil production in the region that further boost the demand for big data analytics to gain operational efficiency. The U.S. leads the production of oil and gas and holds 15% in the total oil production at the global level. Thus, creating lucrative opportunities for adopting big data in oil and gas in the region.
On the other hand, Asia Pacific and the Middle East and Africa are projected to grow significantly over the forecast period. Growing adoption of advanced technology solutions in the oil and gas industry in Russia, Canada, China, the U.S., and across GCC countries is projected to offer lucrative opportunities for the big data in oil and gas market.
The report has also consists of the prominent players in the global big data in oil and gas market. To name some of the major players in the market are HortonWorks, Inc., Hitachi Vantara Corporation, IBM Corporation, Microsoft Corporation, MapR Technologies, Inc., and Oracle Corporation.