Oil & Gas Data Management Market – Snapshot
Digital data is growing exponentially in the current market. IoT proliferation is generating volumes of digital information at an exponential rate. The data universe has seen this tremendous growth in the last few years. In fact, over 80% to 90% of digital data present in the current market was created in the last two years. With data rise, the number of data breaches has gone up. Oil & gas data management software are a category of advanced software utilized by oil & gas companies to manage and protect their data. The projects undertaken by such companies have high level of complexity in operations, resource management, capital management, inventory management etc. Data management software helps companies optimize resources, track progress of the projects, and increase their efficiency.
Data management software allows businesses to manage and access their data effectively on a real time basis. Numerous software development providers and vendors are laying emphasis on enrichment of data management software by integrating value added processing such as regulatory compliance management tools, data analytics, data warehousing, and other features, for instance process design control. Moreover, increasing adoption of IoT and AI is projected to enhance large scale implementation of data management software by small and large enterprises in the oil & gas industry. Cloud platform adoption, next generation data center evolution, and cost effective and flexible data management solutions are creating demand traction for data management as a service in the oil & gas industry. It is anticipated that rising trend of cloud adoption would drive the data management market over the years. Rising data breaches across the globe is necessitating the modernization of existing enterprise infrastructure. Thus, enterprise data management infrastructure modernization across the world is set to boost the global oil & gas data management market in the near future. However, lack of complete data security assurance and misuse of collected data are factors obstructing the growth of the oil & gas data management market in international and domestic markets.
Purchase our Premium Research Report At:https://www.transparencymarketresearch.com/checkout.php?rep_id=10439<ype=S
oil-gas-data-management-market.jpg
The oil & gas data management market has been segmented in terms of component, and region. In terms of component, the market has been segmented into solution and services. The solution segment has further been classified into corporate/enterprise data management system, project data management system, and national data repository. The national data repository sub segment consists of seismic data management system, well data management system, project data management system, and borehole data management system. The services segment has been bifurcated into consulting & planning, integration & implementation, and operation & maintenance. Geographically, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Get More Press Releases by TMR: https://www.prnewswire.com/news-releases/integration-of-rfid-technology-widening-application-expanse-to-boost-transportation-management-system-market-immensely-explains-projected-growth-at-whopping-14-3-cagr-for-2020—2030—tmr-301263201.html
North America remained the dominant region in the oil & gas data management market in 2017.The region accounted for almost one-third of the global market revenue share and is expected to continue its leading position throughout the forecast period. This is due to the fact that a large number of mid-sized and small enterprises are leaning toward data management software. Middle East & Africa captured the second largest market share in 2017. Asia Pacific witnessed significant growth in 2017, buoyed by rising adoption rate of digitalization in data management over the years. It is however seeing hurdles in the growth of the oil & gas data management market. Factors such as different regulatory compliances and limited availability of efficient infrastructure are seen as key reasons for the potential growth slag.
This report on the global oil & gas data management market provides market revenue share analysis of the various key participants. Some of the key players profiled in the oil & gas data management market report include Capgemini S.A., EMC Corporation, IBM Corporation, Newgen Software, Inc., Cisco Systems, Inc., SAP SE, Tata Consultancy Services Ltd., Oracle Corporation, Halliburton, Informatica Corporation, and Schlumberger Limited.
Escalating Influence of Automation across the Oil and Gas Industry to Boost the Growth Opportunities across the Oil & Gas Data Management Market
The oil & gas data management market is anticipated to observe a stable growth period during the assessment period of 2018-2026. The growing penetration of digitalization across a large number of industries and sectors is expected to serve as a vital growth factor for the oil & gas data management market.
The era of digitalization has helped in initiating a large number of advancements in various sectors. The oil & gas sector is no stranger to these advancements. Earlier, the data management process was fully manual and tedious. As digitalization penetrated across the oil and gas sector, the prevalence of automatic data management software increased extensively, thus adding extra starts of growth to the oil & gas data management market.
The oil and gas industry is involved in a large number of processes. From production to exploration to retail, the entire process leads to the production of large numbers of data. This data needs to streamlined and classified for improvements in the performance levels. Thus, for these purposes, oil & gas data management systems are used on a massive scale across various oil and gas companies. These aspects bode well for the growth of the oil & gas data management market.
The players in the oil & gas data management market are focusing on offering customized solutions that are in tandem with the processes of various companies related to oil and gas. These solutions help in increasing the growth rate of the oil & gas data management market.
TMR is a leader in the market research space providing end-to-end business solutions and consulting services. TMR operates from its own office space of almost 10,000 sq. ft located in a prime commercial complex at Pune. We serve clients in 150 countries with an approach to deep dive into the economic aspects and geographical nuances for unfailing business intelligence.
Contact us:
Transparency Market Research
State Tower,
90 State Street, Suite 700,
Albany NY – 12207,
United States
Tel: +1-518-618-1030 Email: [email protected]
Website: https://www.transparencymarketresearch.com
https://todaysmarkettrends.wordpress.com
