By 2032, the data business in the oil and gas market is expected to reach $145 billion

According to the World Petroleum Network reported on April 22, the global oil and gas market data business is expected to grow at a compound annual growth rate of 16.
5% over the next decade, from $31.
6 billion in 2022 to $145.
9 billion
in 2032.

Improved operational efficiency and performance, the proliferation of real-time and predictive analytics solutions, and increased end-user awareness are all major growth factors
for the data business in the oil and gas industry.

Recent trends in the oil and gas market data business suggest that the need for big data analytics in the oil and gas business is on the rise due to the COVID-19 pandemic as engineers and researchers can study the data
remotely.

In addition, in exploration, drilling, production, refining, transportation and other fields, big data has become an important part of data analysis, and data recording sensors have recently become a new product in the industry, which is expected to become the driving factor
of oil and gas data business needs.

Big data can also improve asset management, operations, manufacturing, and worker safety
.
However, big data analytics still faces obstacles due to the lack of support and awareness of the technology from businesses; Data and a grasp of the complexity of the problem are key stumbling blocks
for the data business to grow in the oil and gas market share.

The accuracy and efficiency of big data has been embraced
by the oil and gas industry.

It helps the oil and gas industry improve the performance
of drilling and production activities.
It improves the efficiency of the company and tracks oil extraction activities
in real time.

It provides the best data collection services for oil and gas organizations in the form of software, hardware and cloud service
platforms.

In addition, advances in data collection allow for a combination of machine learning and artificial intelligence (AI) technologies to help protect data by securely storing and collecting it
.
It helps the industry increase productivity and annual revenue, thereby increasing the global demand for
oil and gas data businesses.

According to the Oil & Gas Market Data Business Study, manufacturers around the world are providing high-quality big data for oil and gas services, reducing data inconsistencies, thereby driving the growth of
the oil and gas market data business.
As a result, these variables could drive the rise
of big data in the oil and gas industry.

However, the lack of public understanding of the many benefits of big data in oil and gas solutions is expected to hinder the expansion
of the oil and gas market data business.

The growth in production and drilling performance in the oil and gas industry is a major data business driver
for the oil and gas market.
Other factors driving market expansion include the need to improve decision-making, operational and operating performance, as well as fluctuations in oil prices and increasing competition
in the oil and gas industry.

According to the study, one of the main data business constraints in the oil and gas market is a lack of understanding of
system benefits.
Some companies lack a clear and accurate understanding of the various technologies that are about to enter the market, so they are unable to upgrade
their software and systems in the oil and gas industry.

Key Takeaway:

By the end of 2032, the size of the US data business in the oil and gas market is expected to reach $40.
9 billion.

According to the different applications, the data business of the oil and gas market is divided into three sections: upstream, midstream and downstream
.
Upstream is the dominant market because various natural gas and oil production companies need to carry out a large number of service and maintenance operations, requiring data analysis
.

During the forecast period, the Data Management Components segment is expected to grow at a CAGR
of 16.
8%.

Because data generation and acquisition are widely used in the oil and gas industry on a wider scale and as information decisions in refineries and gas businesses, software services account for the largest share and dominance of the oil and gas market data business
.

Competitive Status:

Accenture, Cisco, Dell EMC, HP, IBM, Microsoft, Oracle, SAS, Teradata, Hitachi Vantara, Drillinginfo, Northwest Analytics, Holden Walker and MapR Technologies are all major companies
in the oil and gas market data business.

Recent Developments:

Quantzig, a global data analytics and consulting firm, launched operational analytics solutions in March 2020 to solve challenging business problems
.
The company says its superior big data analytics services for the oil and gas industry could help companies develop effective strategies to target future markets and reduce risk in
oil exploration and drilling.

The above insights are based on a Future Market Insights report
on the oil and gas market data business.