Oil and Gas Data Management Market
Predictive analytics solutions, real-time analysis, performance improvement, operational efficiency & end-users awareness are factors driving the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, September 21, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Oil and Gas Data Management Market Reach to USD 92.36 Billion by 2030 | Top Players such as – NetApp, Hitachi & Wipro.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The oil and gas data management market was valued at USD 15.80 billion in 2020, and is projected to reach USD 92.36 billion by 2030, registering a CAGR of 19.2% during the forecast period.
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Increase in popularity of real-time analysis and predictive analytics solutions, operational efficiency and performance improvement, and increased awareness among end users are projected to drive the adoption of oil and gas data management technologies and services growth during the forecast period. However, upsurge in cyberattacks and data breaches, lack of skilled workforce, and high initial investment are projected to limit the market growth to some extent during the forecast period.
The oil and gas data management market is segmented on the basis of type, deployment model and application, and region. On the basis of type, the market is categorized into data analysis, IT infrastructure, and services. Among the type of oil and gas data management systems, the IT infrastructure segment contributed the maximum market share in 2021, owing to the deployment of advanced networking and computing systems by end users especially in the emerging markets. According to the deployment model, the market is segmented into on-premise and cloud. By application, the market is segregated into upstream, midstream, and downstream. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By type, the IT infrastructure segment dominated the market in 2014 with around 48% market revenue share. Increase in oil field digitization, rise in adoption of enterprise mobility solutions, and real-time support to workforce have increased the need for advanced IT infrastructure. Furthermore, the data analysis segment is projected to expand at the highest CAGR of around 18%, owing to the increase in demand for monitoring real-time asset performance, maintaining consistent production, and reducing non-productive time (NPT).
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Based on the geography, the oil and gas data management market is studied across four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2014, accounting for around 40% share of the overall oil and gas data management market. Furthermore, the Asia-Pacific oil and gas data management market is projected to grow at the highest CAGR of around 18% during the forecast period owing to change in oil and gas policies and rise in need for advanced analytics solutions and services among oil and gas companies in the region.
Some of the key market players profiled in the report include Cisco Systems, Inc., EMC Corporation, Hewlett-Packard Enterprise Company, Hitachi Ltd., IBM Corporation, Infosys Limited, NetApp, Inc., Oracle Corporation, SAP SE, and Wipro Limited.
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