Big Data Market in Oil and Gas Introduction
The current economics of the oil and gas industry is witnessing negative impact on profit margins and operational expansion due to diminishing oil prices. This has significantly increased the need for cost management to sustain in the competition. Adoption of big data technologies and services can help oil and gas companies to improve reserves and production forecasting for better inventory update reporting, optimize engineering designs to achieve higher efficiency in production operations.
Real-time big data analytics solutions are increasingly gaining penetration in the oil and gas industries as these solutions enable Furthermore, rise in awareness and need to meet the risk & compliance management are anticipated to boost the adoption of big data software and services among oil and gas companies. In contrast, expertise shortage and vast legacy system are anticipated to hinder the big data market in the oil and gas sector.
Major segments analyzed in the big data market in oil and gas report are offering and end user. Based on offering, the market bifurcated into services (implementation & integration, repair & maintenance, outsourcing, consulting, and other support services), software (information management software, application software, and analytics software), and infrastructure. The infrastructure sub-segment is categorised into cloud infrastructure, networking storage, and server.
The global big data market in oil and gas sector has been analyzed at a regional level. Key regions covered in the big data market in oil and gas report are North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East and Africa. In the recent past, the popularity of big data software and services in developed and developing regions for improving business performance are witnessed significant growth. Furthermore, new applications for big data software and services have rapidly emerged in the oil and gas industry. For instance, reservoir monitoring, which allows oil and gas companies to optimise de-risk drilling, field depletion planning, and maximise return on investment (ROI). This, in turn, is anticipated to drive the market growth at a significant CAGR during the forecast period.
Big Data Market in Oil and Gas Competitive Landscape
Prominent players—offering oil and gas industry specific big data software and services—aimed towards introducing enhanced big data software to enable end user to make better decisions faster and reduce cost through efficient operations. Key players analyzed in the big data market in oil and gas are Teradata Corporation, SAP SE, Wipro Limited, Hewlett-Packard Enterprise, Infosys Limited, Hitachi, Ltd., Oracle Corporation, IBM Corporation, Cisco Systems, Inc., NetApp, Inc., and EMC Corporation.
Major Regions/Countries include:
- North America
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on big data market in oil and gas would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.