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The big data market in the oil and gas sector size is estimated to grow at a CAGR of 22.47% between 2022 and 2027. The market size is forecast to increase by USD 14,192.72 million. The growth of the market depends on several factors, including the growing need to optimize production, the growing exploration of oil and gas, and the health, safety, and environmental concerns in the oil and gas sector.
This big data market in the oil and gas sector report extensively covers market segmentation by application (upstream, midstream, and downstream), type (services and software), and geography (North America, APAC, Middle East and Africa, Europe, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing need to optimize production is the key factor driving the growth of the global big data in oil and gas market. Oil and gas companies use sensors to track machinery and equipment data such as pressure, volume, vibration, and temperature. Historical data from sensors, when analyzed using big data solutions, help oil and gas companies predict the potential possibility of failure of equipment or production disruption. Thus, such data helps them recognize maintenance and repair requirements. The analysis of environmental information such as weather conditions will also help oil and gas companies predict future production volumes.
Therefore, oil and gas companies are utilizing big data solutions to ensure optimal availability of equipment, avoid the risk of production failures, and enhance management, which reduces operational and production costs. Hence, the need for production optimization will drive the growth of the global big data market in the oil and gas sector during the forecast period.
Use of blockchain solutions to improve big data security is the primary trend in the global big data in oil and gas market. In the oil and gas sector, IoT devices generate a large volume of data, which can be analyzed by enterprises to get actionable insights. The distributed ledger of blockchain ensures the security of such data from potential cyberattacks. This will enable enterprises to ensure security without depending on third-party service providers. Hence, it will also reduce costs. The combination of blockchain with big data will further help enterprises to track and store the information and data generated from various sensors. Using a combination of blockchain and big data solutions, enterprises can identify reasons for failure in production without necessarily interrupting the operations.
Therefore, blockchain provides monumental support to store, validate, and process IoT data. In the past couple of years, vendors and enterprises in the global big data market in the oil and gas sector have made significant efforts to harness the power of blockchain in the oil and gas sector. However, the use of blockchain technology by oil and gas companies is expected to enhance the business value derived through big data implementation. Such factors are expected to drive the growth of the market in focus during the forecast period.
Lack of professional expertise is a major challenge to the growth of global big data in oil and gas market. Nowadays, oil and gas companies are looking for ways to harness big data analytics to increase their return on investments. They are constructing control rooms to monitor and analyze live data. However, to convert large data sets into actionable insights, the implementation of big data analytics requires professionals to such as possess knowledge about new technologies and have the ability to analyze unstructured data, identify relevant data that need to be stored and processed, the map different statistics in the analytical engine as the equation in the global oil supply and demand shifts, and the introduce efficient big data analysis processes by focusing on data sets relevant to the business.
However, the oil and gas sector is currently facing a shortage of data scientists who possess both industry knowledge and the above-mentioned technical skills. Such a shortage is a challenge for the growth of the global big data market in the oil and gas sector during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Big Data Market in the Oil and Gas Sector Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accenture Plc: The company offers solutions for oil and gas sectors, such as insights, investment decisions and services.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the upstream segment will be significant during the forecast period. The upstream segment of the oil and gas industry encompasses activities related to the exploration, drilling, and production of oil and gas resources. Big data analytics plays a crucial role in optimizing these operations and improving overall performance.
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The upstream segment was valued at USD 2,395.29 million in 2017 and continued to grow by 2021. Here are some key applications of big data analytics in the upstream sector such as exploration and reservoir analysis, production optimization, drilling optimization, predictive maintenance, and safety and risk management. Thus, the growing upstream activities in the oil and gas industry will drive the demand for big data analytics, which, in turn, will boost the growth of the global big data market in the oil and gas sector in the upstream segment during the forecast period.
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North America is estimated to contribute 28% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In this region, the adoption of big data by oil and gas companies in the region is driven by their need to reduce operational expenses besides increasing production efficiency. Some of the oil and gas companies are implementing the existing products offered by big data software and service vendors, whereas others are building their own data science teams to develop big data analytics platforms in collaboration with vendors. Such factors will further drive the growth of the regional market in focus during the forecast period.
In 2020, the outbreak of COVID-19 in North America significantly impacted the oil and gas sector. However, recent developments, such as the implementation of vaccination drives and the reduction in the number of COVID-19 cases, have led to the lifting of lockdowns and other restrictions (unlock) in the US and other countries in North America. This has also spurred transportation activities in North America, which has spurred the growth of the oil and gas sector. Moreover, the hugely adverse impact of the pandemic on the oil and gas sector has also led to the shift toward a digital transformation. Growing digitalization in this sector will accelerate the demand for big data analytics, which will further boost the growth of the regional market during the forecast period in North America.
The Big Data Market in the Oil and Gas Sector report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global big data market in the oil and gas sector as a part of the global systems software market within the global IT software market. The super parent market, global IT software, covers companies engaged in developing and producing application and systems software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Big Data Market in the Oil and Gas Sector Scope |
|
Report Coverage |
Details |
Page number |
184 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 22.47% |
Market growth 2023-2027 |
USD 14,192.72 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
19.21 |
Regional analysis |
North America, APAC, Middle East and Africa, Europe, and South America |
Performing market contribution |
North America at 28% |
Key countries |
US, Saudi Arabia, China, India, and Russia |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Alphabet Inc., Altair Engineering Inc., Alteryx Inc., Amazon.com Inc., BigPanda Inc., Capgemini Service SAS, Cloudera Inc., Datameer Inc., Dell Technologies Inc., DXC Technology Co., General Electric Co., HCL Technologies Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., Oracle Corp., Quorum Business Solutions Inc., SAP SE, and Hitachi Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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