Oil and Gas Data Management Market Expected to Reach $3,203 Million, Globally, by 2022 - Allied Market Research
Thursday, April 20, 2017
PORTLAND, Oregon and PUNE, India, April 20, 2017 /PRNewswire/ --
According to a new report by Allied Market Research, titled, "Oil and Gas Data
Management Market - Global Opportunity and Forecasts, 2014-2022," the global oil and gas
data management market was valued at $1,092 million in 2015 and is projected to reach
$3,203 million by 2022, growing at a CAGR of 16.2% from 2016 to 2022.
Summary of the Oil and Gas Data Management Market Report can be accessed on the
website at: https://www.alliedmarketresearch.com/oil-and-gas-data-management-market
Data management incorporates a set of new generation technologies and architectures
that are especially designed to extract crucial information from large volume of
structured or unstructured data by enabling high-velocity capture and analysis.
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.
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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).
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.
According to Sumeet Pal, Research Analyst, ICT at Allied Market Research, "The
adoption and optimum utilization of real-time analytics and predictive analytics solutions
have enabled oil and gas companies to operate efficiently in a low-price environment and
concentrate on operating cost and capital investment. For instance, the adoption of data
management solutions and services enabled U.S.-based oil and gas companies to improve
their downstream operations, which helped them to continue their growth trend for the
fifth year in a row. Furthermore, industries in the U.S. have witnessed an upturn in
export of refined products such as crude oil. This in turn is projected to increase the
adoption of enhanced data management solutions and services across the globe, and is
anticipated to drive the market growth throughout the forecast period."
Check offers and discount on Oil and Gas Data Management Market
The global oil and gas data management market is characterized by the presence of
large number of local and international market players. These companies tend to expand
their market presence by adopting strategies such as innovative product launches,
partnerships, and acquisition. Some of the key players operating in the oil and gas data
management industry 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.
Key Findings of the Study:
- By type, the IT infrastructure segment dominated the oil and gas data management
market in 2014, and the data analysis segment is expected to grow at the highest CAGR.
- North America was the highest contributor in the overall oil and gas data management
market size in 2014, however in terms of growth, the market in Asia-Pacific is
projected to expand at the highest CAGR.
- The U.S. was leading in terms of spending on oil and gas data management technologies
and services in 2014.
Read similar market research reports on ICT
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wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides
global enterprises as well as medium and small businesses with unmatched quality of
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business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in
digging out market data that helps us generate accurate research data tables and confirms
utmost accuracy in our market forecasting. Each and every data presented in the reports
published by us is extracted through primary interviews with top officials from leading
companies of domain concerned. Our secondary data procurement methodology includes deep
online and offline research and discussion with knowledgeable professionals and analysts
in the industry.
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