Oil and Gas Data Management Market Size 2018 by Top Key Players and Application with Trend and Growth by 2022 Forecasts

Data management incorporates a set of new generation technologies and architectures that are specially designed to extract crucial information from a large volume of structured or unstructured data by enabling high-velocity capture and analysis. In the present scenario, it has become a critical investment choice that has significantly contributed to the growth of the smart and digital industry.

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The adoption of data management in the emerging markets, including Brazil, The Cooperation Council (GCC) countries, and African countries is at its nascent stage, unlike that in the developed markets such as North America and Europe. However, the potential impact of enhanced analytics solutions and services on business activities has increased in the region. Furthermore, the relative importance of oil and gas companies in most of the local economies and the need for extracting actionable insights from the aggrandized amount of raw data are anticipated to fuel the demand for enhanced data management solutions and services. This is projected to create new growth opportunities for key players operating in the industry.

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Oil and Gas Data Management Market Report, published by Allied Market Research, states that the global 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.

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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