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.
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.
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.
Big Data in Oil and Gas Market: Overview
The Big Data in Oil and Gas market report provides analysis of the Big Data in Oil and Gas market for the period 2016 –2026, wherein the years from 2018 to 2026 is the forecast period and 2017 is considered as the base year. The report covers all the major trends and technologies playing a major role in the growth of the Big Data in Oil and Gas market over the forecast period. It highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Mn) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The market overview section of the report demonstrates market dynamics such as the drivers, restraints, and opportunities that influence the current nature and future status of this market, key trends, regulations and policies, IT spending analysis, ecosystem analysis, Porter’s Five Force Analysis, and PESTEL analysis of the market. A market attractiveness analysis has been provided for every segment in the report, in order to provide a thorough understanding of the overall scenario in the Big Data in Oil and Gas market. The report also provides an overview of various strategies adopted by key players in the market.
Global Big Data in Oil and Gas Market: Scope of the Report
The report segments the market on the basis of component which are software and services. Software in the Big Data Oil and Gas market is further classified into data analytics, data collection, data discovery and visualization, and data management. Services are classified into consulting, system integration, and operation and maintenance. Further, the market is also segmented based on data type as structured, unstructured, and semi-structured. By application, the Big Data in Oil and Gas market is segmented into upstream (conventional, unconventional), midstream, downstream, and administration. The report provides in-depth segment analysis of the global Big Data in Oil and Gas market, thereby providing valuable insights at the macro as well as micro levels.
The report also provides the competitive landscape for the Big Data in Oil and Gas market, thereby listing out all the major players according to their geographic presence, market attractiveness, and recent key developments. The competitive landscape section of the report gives an overview about the market share of several key players for the year 2017. Big Data in Oil and Gas market data estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the market growth. Moreover, the key takeaways section provided at the end of the competitive landscape section would help the operating companies to make the best moves in this market.
This report provides all the essential information required to understand the key developments in the Big Data Oil and Gas market, and growth trends of each segment and region. It also includes basic overview, sales area/geographical presence, revenue, strategy and developments under the company profile section. Also, the report provides insights related to trends and their impact on the market. Furthermore, Porter’s Five Forces analysis explains the five forces, namely buyers bargaining power, suppliers bargaining power, threat of new entrants, threat of substitutes, and degree of competition in the market. This report also provides a comprehensive ecosystem analysis of the Big Data in Oil and Gas market.
Global Big Data in Oil and Gas Market: Research Methodology
The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources such as annual reports, company websites, broker reports, financial reports, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, statistical databases, World Bank database and industry white papers are referred.
Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the Big Data in Oil and Gas market, across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer first-hand information on important factors such as market trends, market size, competitive landscape, growth trends and outlook etc. These factors help to validate and strengthen secondary research findings and also help to develop the analysis team’s expertise and market understanding. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.
Global Big Data in Oil and Gas Market: Competitive Dynamics
Accenture, Datawatch, Drillinginfo, Inc., Hitachi Vantara Corporation, HortonWorks, Inc., IBM Corporation, MapR Technologies, Inc., Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute, Inc., Cloudera, Inc., Palantir Solutions, Capgemini SE, and OSIsoft LLC are some of the key players that have been profiled in this study. Details such as financials, business strategies, key competitors, recent developments, and other such strategic information pertaining to these players have been provided as part of company profiling.
The global Big Data in Oil and Gas market is segmented as below:
Global Big Data in Oil and Gas Market, by Component
- Data Analytics
- Data Collection
- Data Discovery and Visualization
- Data Management
- System Integration
- Operation and Maintenance
Global Big Data in Oil and Gas Market, by Data Type
Global Big Data in Oil and Gas Market, by Application
Global Big Data in Oil and Gas Market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America