Data Business in Oil and Gas- Market Scope
The data generated in the oil and gas industry is increasing in volume, variety, and velocity. The processes and systems involved in producing and distributing oil and gas are highly complex, capital-intensive, and require state-of-the-art technology. Oil and gas enterprises can employ big data predictive analytics and data management solutions to help downstream energy businesses streamline operations, improve efficiency, minimize risk, and reduce downtime and maintenance costs of refining equipment, thus improving asset management. The oil and gas sector relies heavily on data, and the businesses that deal with processing oil and gas will manage enormous amounts of data.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Schlumberger Limited (United States), Halliburton (United States), Baker Hughes (United States), ExxonMobil (Texas), Chevron Corporation (California), Royal Dutch Shell (United Kingdom), Total S.A. (France) and ConocoPhillips (United States) |
CAGR | 20.3% |
Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Data Business in Oil and Gas- market throughout the predicted period.
Schlumberger Limited (United States), Halliburton (United States), Baker Hughes (United States), ExxonMobil (Texas), Chevron Corporation (California), Royal Dutch Shell (United Kingdom), Total S.A. (France) and ConocoPhillips (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are BP plc. (United Kingdom) and Occidental Petroleum Corporation (United Kingdom).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Data Business in Oil and Gas- market by Type , by Application (Upstream, Midstram and Downstream) and Region with country level break-up.
On the basis of geography, the market of Data Business in Oil and Gas- 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).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In March 2023, Halliburton and Landmark Graphics Corporation a announced completed Acquistions of PGS Data management a division of petroleum Geo-services ASA for approximately USD175 million cash consideration PetroBank solutions are the industry leader for cost effective internet enabled storage, browsing and retrieval of large volumes of quality-controlled exploration and production (E&P) data and information.
In May 2023, Halliburton Company launched the Diskos 2.0 National Data Repository (NDR) for the Norwegian Petroleum Directorate. Diskos 2.0 is the industry’s first fully cloud native NDR implementation. Diskos 2.0 stores critical exploration and production data and is vital to drive investments in Norway’s oil and gas industry.
Influencing Trend:
It is widely utilized to improve decision making and operational and business performance and Increased research and development
Market Growth Drivers:
Increase production and drilling performance, Increase adoption of oil and gas industry and The Growing need to optimize production
Challenges:
Lack of professional development, Data integrity issues and Data preparation and cleansing for migration
Restraints:
Lack of awareness regarding advnatges of the system
Opportunities:
Maximize production with regard to maintenance and forecasting
Key Target Audience
Manufacturing, Provider, Suppliers and Others