Data generated in the oil and gas industry is increasing in volume, variety, and velocity. Oil and gas industry needs new technologies to integrate and interpret such large amounts of structured and unstructured data generated daily from different data sources such as seismic data, geological data, well logging data, etc. Information technology providers are continuously looking for solutions that could provide new opportunities to capture the big data and are researching tools for data management in the oil and gas industry. Potential for deriving new insights from data generated in the oil and gas industry is the key factor driving the data business in oil and gas market. Companies in the oil and gas industry are improving operational performance by adopting data management and big data solutions to classify and streamline the data and to monitor daily workflows, thus fuelling the data business market growth. However, declined oil prices and the falling CAPEX, especially in resource development, supply chain, and IT spending in the oil and gas industry hindered the growth of the data business in oil and gas market for the short term. Increasing foreign investments in refineries and petrochemicals across developing countries and large proven oil reserves in Venezuela, the U.S., China, Ecuador, and Brazil brings an opportunity to drive growth of the data business in oil and gas market.
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The data business in oil and gasmarket is segmented based on component, oil companies, application, and region. By component, the market is segmented as big data, data management, and direct data monetization. Big data component is further segmented into software and services. Big data software includes data analytics, data collection, data discovery and visualization, and data management software. Big data services in the oil and gas market are classified into consulting, system integration, and operation and maintenance. Data management component is also segmented into software and services. Data management software includes Corporate Data Management (CDM)/ Enterprise Data Management (EDM), Project Data Management (PDM) and National Data Repository (NDR). Data management services include consulting & planning, integration & implementation, and operation & maintenance. Data business market is also segmented based on oil companiesinto National Oil Companies (NOCs), Independent Oil Companies (IOCs), and National Data Repository (NDR).National Oil Companies (NOCs) segment is anticipated to dominate the global data business in oil and gas market. NOCs are increasingly spending on big data and data management software and services, thus accounting for the maximum share in the data business market. Further, by application, the market is segmented into upstream (conventional, unconventional), midstream, and downstream. It is anticipated that the upstream application segment will continue to dominate the market over the forecast period. Upstream application segment is also classified by E&P lifecycle into exploration, development, and production segments.Exploration is the key segment in the E&P lifecycle of the oil and gas industry driven mainly by deep-water exploration activities, shale gas exploration activities, declined exploration costs and rising focus on near field explorations.
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Regional segmentation ofthe data business in oil and gasmarket includes North America, Europe, Asia Pacific, South America, and Middle East & Africa (MEA). North America is projected to dominate the data business in oil and gasmarket due to presence of key industry players, increasing oil production, shale oil reserves, and necessary infrastructure. Asia Pacificis likely to observe strong growth opportunities during the forecast period dueto rising investments in the E&P sector.
Key players inthe data business in oil and gas market are Accenture, Datawatch, Drillinginfo, Hitachi Vantara Corporation, Hortonworks, Inc., IBM Corporation, EMC Corporation, Newgen Software, Inc., Cisco Software, Inc., Tata Consultancy Services Ltd., Halliburton, Informatica Corporation, Schlumberger Limited, MapR Technologies, Inc., Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute, Inc., Cloudera, Inc., Palantir Solutions, Capgemini SE, and OSIsoft LLC among others.
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