Data Business in Oil & Gas Market is set to surpass a revenue of US$ 145.9 Bn at a steady CAGR by year 2032-end. Get deep data analysis from FMI

The global data business in the oil & gas market is projected to rise at a CAGR of 16.5% throughout the forecast period, rising from a valuation of US$ 31.6 Bn in 2022 to US$ 145.9 Bn by 2032. Operational efficiency and performance improvement increased popularity of real-time analysis and predictive analytics solutions, and increased awareness among end-users are all major growth factors for the data business in the oil & gas industry.

The recent data business in oil & gas market trends indicates that the necessity for big data analytics in oil and gas operations rose as a result of the COVID-19 outbreak since it allowed engineers and researchers to study data remotely.

Furthermore, data recording sensors have recently become a recent introduction to the industry for various features such as discovery, drilling, production, refining, and transportation, where big data has become an essential part of data analysis, which is expected to be a driving factor for the demand for data business in oil & gas.

Request a Sample of this Report @

Big data also allows for better asset management, operations, manufacturing, and worker safety. However, big data analytics continues to confront hurdles owing to a lack of corporate backing and awareness of the technology; data and a grasp of the problem’s complexity is a key stumbling block to the growth of the data business in the oil & gas market share.

The precision and efficiency of big data have led to its acceptance in the oil and gas industry. It helps the oil and gas industry improve the performance of drilling and production activities. It improves the company’s efficiency and keeps track of the oil extraction activities in real-time. It is offered in software, hardware, and cloud service platforms to deliver the best data collection service to oil and gas organizations.

Furthermore, advances in data gathering allow for the incorporation of machine learning and artificial intelligence (AI) technologies that aid safeguard data by allowing for secure data storage and collection. It aids industries in increasing productivity and increasing annual revenues, hence increasing global demand for data business in oil & gas.

As per the data business in oil & gas market study, manufacturers all over the world are producing big high-quality data in oil and gas services that reduce data inconsistencies, resulting in data business in oil & gas market growth. As a result, these variables may contribute to the rise of big data in the oil and gas business.

Get More Information on this Report @

However, a lack of public understanding of the numerous benefits of big data in oil and gas solutions is expected to stymie the data business in oil & gas market size expansion. The oil and gas industry’s increasing output and drilling performance is a major data business in oil & gas market driver.

Other factors driving market expansion include the need to improve decision-making and operational and business performance, as well as volatile oil prices and growing competition in the oil and gas industry.

Key Takeaways

  • The US data business in oil & gas market size is projected to reach a valuation of US$ 40.9 Bn by the end of 2032.
  • The data business in oil & gas market is divided into three segments depending on the application: upstream, midstream, and downstream. Upstream leads the market because of the numerous services and maintenance operations that require data analysis in the various natural gas and oil-producing enterprises.
  • The data management component segment is expected to rise at a CAGR of 16.8% through the forecast period.
  • Due to widespread use on a bigger scale in the oil and gas industry to generate and access data, which is subsequently utilized as information to make decisions in refineries and natural gas businesses, software services hold the largest portion of the data business in oil & gas market and dominate it.

Competitive Landscape

Accenture, Cisco, Dell EMC, Hewlett-Packard Enterprise, IBM, Microsoft, Oracle, SAP, SAS, Teradata, Hitachi Vantara, Drillinginfo, Northwest Analytics, Hortonworks, and MapR Technologies are some of the prominent players in the data business in oil & gas market.

Request for Customization @

Key Segments

By Component:

  • Big Data
  • Data Management
  • Direct Data Monetization

By Oil Companies:

  • National Oil Companies
  • Independent Oil Companies
  • National Data Repository

By Application:

  • Upstream
  • Midstream
  • Downstream

By E&P Lifecycle:

  • Exploration
  • Development
  • Production

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Middle East & Africa
  • Latin America

Explore Other Related Reports Links From Technology Market

Enterprise Key Management Market Size – The global enterprise key management market is anticipated to be valued at US$ 2,320.6 Million in 2022, forecast a CAGR of 14.6% to be valued at US$ 9,060.4 Million from 2022 to 2032.

Emergency Lighting Market Share – The global emergency lighting market is estimated to reach US$ 11,628.2 million by 2032, escalating from US$ 6,593.1 million in 2022 evolving at a CAGR of 5.8% during the forecast period.

Consumer Video Feedback Software Market Trends – With 7.5%, the projected market growth during 2022 – 2032 is expected to be significantly higher than the historical growth. Cloud-deployed consumer video feedback is expected to be the highest revenue-generating category, projected to register a CAGR of 7.3% during 2022 – 2032.

About Us

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact Us:
Future Market Insights,
Unit No: 1602-006,
Jumeirah Bay 2,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers,
United Arab Emirates
For Sales Enquiries: [email protected]
Browse All Reports:

The post Data Business in Oil & Gas Market is set to surpass a revenue of US$ 145.9 Bn at a steady CAGR by year 2032-end. Get deep data analysis from FMI appeared first on Future Market Insights.

Original Source of the original story >> Data Business in Oil & Gas Market is set to surpass a revenue of US$ 145.9 Bn at a steady CAGR by year 2032-end. Get deep data analysis from FMI