Global Big Data in Oil and Gas Market: Snapshot
The data generated in the oil and gas industry in growing in terms of variety, volume, and velocity. Therefore, there is a need for new technologies to interpret and integrate such a large amount of data available in structure and unstructured manner. This data is generated on a regular basis from different sources such as geological data, seismic data, well logging data, and others, thus, growing the need for systematic system to analysis this data. Various information technology providers are working cautiously to come up with solution that may create new opportunities to capture the big data market. In addition, researching tools capable to process Big Data in the oil and gas industry are has also gained traction.
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.
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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.
On the basis of application, the market is segmented into upstream, midstream, downstream, and administration. According to the report, upstream application segment is likely to hold 50% of the global market. The dominance of this segment is because of rising IT spending in the upstream sector of oil and gas industry.
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.
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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.
