About Big Data in Oil and Gas Sector
Oil and gas sector dealt with huge amounts of data such as Seismic, logs, surveying, and real-time measurement data. The decisions and processes that relate to the exploration of oil and natural gas, developing and producing acquire big data amounts. Big Data (also called Big Data Analytics or business analytics) makes it possible to gather and transmit information more effectively. The oil & gas industries are using Big Data technologies to collect, manage, and rapidly analyze seismic drilling and production data. It also helps them to have new insights that assist in improving drilling and production performance. Using Big Data in the oil and gas sector will improve the efficiency of the oil and gas industry. The onshore, as well as offshore platforms, are looking to Big Data as a new way to improve processes and productivity. This will boost the market growth in upcoming years,
|Value (USD Million)
The Big Data in Oil and Gas sector is a rapidly evolving landscape with a diverse range of players competing for market share. By leveraging their unique strengths and collaborating with other stakeholders, companies can unlock the potential of big data to transform the oil and gas industry and navigate the challenges of the future. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Big Data in Oil and Gas Sector market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
General Electric (United States), IBM Corporation (United States), Oracle Corporation (United States), SAP SE (Germany), Teradata Corporation (United States), Hitachi Vantara Corporation (United States), Drillinginfo, Inc. (United States), Microsoft Corporation (United States), Palantir Economic Solutions Ltd. (United Kingdom), Northwest Analytics Inc. (United States), Hortonworks Inc. (United States) and MapR Technologies (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Microsoft Corporation (United States), Palantir Economic Solutions Ltd. (United Kingdom), Northwest Analytics Inc. (United States), Hortonworks Inc. (United States) and MapR Technologies (United States).
AMA Research has segmented the market of Global Big Data in Oil and Gas Sector market by Type (Services and Software), Application (Upstream, Midstream and Downstream) and Region.
On the basis of geography, the market of Big Data in Oil and Gas Sector has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End User Industry, the sub-segment i.e. Oil Industry will boost the Big Data in Oil and Gas Sector market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Adoption of Blockchain Solutions to Improve Big Data Security and Drone Technology
Market Growth Drivers:
Increasing Integrating of Artificial Intelligence and Machine Learning by Oil & Gas Industry, Increasing Exploration and Production Activity and Reducing Costs and Implementations
Lack of Awareness and Business Support and Lack of Skilled Personnel
Cost of Big Data Infrastructure
Increasing Use of Big Data Analytics and Digitization of Oilfields in Middle East Countries such as Saudi Arabia
Market Leaders and their expansionary development strategies
In August 2023, ExxonMobil, a major oil and gas producer, partnered with Palantir Technologies, a data analytics firm known for its work with government agencies, to develop advanced data visualization and decision support tools for exploration and production activities. This strategic move leverages Palantir's data integration and analysis capabilities to enhance ExxonMobil's operational efficiency.
In October 2023, Baker Hughes unveils "WellConnect", a digital platform that leveroberages real-time drilling data and AI to optimize drilling efficiency and reduce downtime. This can lead to cost savings and improved wellbore placement.
Analyst ViewTo remain competitive throughout planning, exploration, production, and field development, the oil and gas industries are adopting Big Data so s to maximize production with regard to maintenance and forecasting. The need to ensure the seamless and automated availability of the right information to the workforce at the right time the Big Data is being used in the oil and gas sector.
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Big Data Service/Software Providers, Cloud Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.