Pune, India, Nov. 17, 2021 (GLOBE NEWSWIRE) --
The global big data in oil and gas market size is projected to grow successfully during the forecast period. Accuracy of information and the ability to provide precise and detailed operational data is expected to boost the market growth. Fortune Business Insights™ mentions this information in its report titled "Big Data in Oil and Gas Market, 2021-2028."
Big data in oil and gas is a data management system that enables industries to track their operational data and gather important information. It streamlines information from unstructured and structured data of financial dealings and processes in the oil & gas industry. Its ability to accurately sum up the information, statistics, numerical data, and yearly revenues aids in finding out the performance of the company or activities. It reduces costs, risks, improves workflow efficiency, and provides information from complex data to enable companies and make better business decisions.
Big data in oil and gas eliminates the need for manual calculation and simplifies the data gathering process, which, in turn, enhances the demand for big data in oil and gas. Further, the manufacturers are using advanced technologies such as artificial technology (AI) and machine learning (ML) to increase accuracy. It evaluates real-time information to provide statistics that enhance decision-making. Therefore, the demand for the product in the oil & gas industry is likely to propel the market growth during the foreseeable period.
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List of Key Players Profiled in the Big Data in Oil and Gas Market Report
- Dell EMC
- Hewlett-Packard Enterprise
- Hitachi Vantara
- Northwest Analytics
- MapR Technologies
Highlights of the Report
The report highlights the latest trends and the top segments. It comprehensively discusses the impact of COVID-19 and the driving and restraining factors. Additionally, it examines the regional developments and the strategies deployed by the prominent companies operating in the market.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
By component, the market is segmented into services, software, and hardware. Based on application, it is divided into downstream, midstream, and upstream. Geographically, it is clubbed into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Drivers and Restraints
Enhanced Drilling and Production Performance to Bolster Market Growth
The adoption of big data in oil and gas is attributable to its accuracy and efficiency. It improves the performance of drilling and production activities in the oil & gas industry. It enhances the company's efficiency and tracks the real-time progress of the oil extraction activities. It is available in software, hardware, and cloud service platforms to provide the oil & gas industry companies with the best data collection service. Further, the advancements in data collection enable the incorporation of ML and AI technologies that help secure data by providing secure data storage and collection. It helps the industries to increase productivity and enhance their annual revenues, which, in turn, boosts its demand globally. The manufacturers globally are producing high-quality big data in oil and gas services that eliminate the problems of uneven data, thereby fueling market growth. Thus, these factors can drive the big data in oil and gas market growth.
However, the lack of awareness among the population regarding the several benefits of big data in oil and gas solutions is likely to hamper the market growth.
Increasing Drilling and Production Activities to Surge Market Growth in North America
North America is expected to dominate the big data in oil and gas market share because of the rising drilling and production in the oil & gas sector. The exploration of oilfields and oil resources can boost market growth in the region.
In Europe, increasing big data in oil and gas and focusing on enhancing operational efficiency can bolster demand. Thus, this factor can boost the market growth.
Asia Pacific is expected to dominate the market growth due to the adoption of big data in oil and gas in India and China. In addition, the development in the oil & gas sector in Asia Pacific countries can boost the market growth.
Impact of COVID-19
Government Restrictions on Manufacturing Activities to Decline Demand
This market is expected to be adversely affected during the COVID-19 pandemic because of stringent government restrictions on manufacturing activities. The lack of demand for big data in oil and gas is attributable to the complete halt on extraction and mining activities. Industries are shut down completely due to the rising cases of COVID-19 infections among workers. As a result, the government has imposed strict regulations to contain the spread of infection. The halt on oil extraction facilities has reduced product sales, which, in turn, can slump market growth during the pandemic.
Companies to Incorporate Artificial Intelligence Technologies to Enhance Market Position
The prominent companies operating in the market incorporate advanced technologies to enhance their market position. For example, Researchers of the University of Aberdeen used artificial intelligence (AI) to unlock the "treasure of love" in the North Sea's oil and gas industry in September 2019. This strategy enables the companies to enhance their market position. Further, the adoption of technologically advanced production techniques enables companies to produce efficient products that improve productivity and enhance annual revenues.
- March 2020: Quantzig provides actionable analytical data solutions to businesses to solve intricate problems in businesses. The launch aimed to reduce risks during drilling and oil exploration activities and enable companies to devise effective strategies.
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