Big Data in Oil and Gas Exploration and Production Market To Record Rapid Revenue Growth From 2020 To 2023 Hitachi Vantara Corporation, Drillinginfo, Inc., Oracle Corporation, Microsoft

Volatile crude oil price and increasing competition in the oil & gas industry have driven the use of big data to make smart decisions. With crude oil price crossing USD 60 barrel mark, increase in seismic, drilling, logging and production activities are expected to increase the volume of data and data velocity. As a result, big data in the global oil & gas exploration and production market is expected to witness an exponential growth in the forecast period.

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The prominent players in the global Big Data in Oil and Gas Exploration and Production market are:

International Business Machines Corporation, Hitachi Vantara Corporation, Drillinginfo, Inc., Oracle Corporation, Microsoft Corporation, Palantir Economic Solutions Ltd., Northwest Analytics Inc., Sap Se, Hortonworks Inc., Mapr Technologies

Market segment by Types:

Rigid
Flexible

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Global Big Data in Oil and Gas Exploration and Production Market Overview

Increasing Exploration and Production Activity

With crude oil price crossing USD 60 per barrel mark, exploration and production activities are expected to increase over the coming years. Cheap sensors and ever-greater computing power are likely to increase the volume of data collected by the oil & gas industry. Modern offshore drilling platforms have about 80,000 sensors, which are expected to generate 15 petabytes of data during the life of the asset. Big data and analytics are expected to help the industry navigate the vast data, which is expected to drive the big data market.

Lack of Awareness Restraints the Market

The oil & gas industry faces lack of awareness in terms of big data. Only 36% of the oil & gas companies have invested in big data and analytics. However, only 13% of them use the insights from technology, as enhanced business intelligence solution. This underlines the fact that many companies have not embedded big data and analytics completely in their systems, but are just applying a part of the technology. Several companies do not have a clear idea about the new technologies hitting the market. Coupled with the fact that a small number of players have a clear idea about the enhanced business intelligence solution available through the use of big data solutions, lack of awareness is considered to be a restraint for the market.

North America to Dominate the Market Share

North America accounts for the major share in global big data in the oil & gas industry. The market is driven by high demand for IT solutions in Gulf of Mexico and the US shale fields, to enhance their productivity and decision making process. ConocoPhillips said that the sensors the company deployed in Eagle Ford shale basin of South Texas helped reduce the drilling time by around 50%. North Sea is expected to account for second-largest share in the market. Digitalization of oilfields in the region contributed to 40% reduction in operating cost in the North Sea, during the low oil price regime.

Key Developments in the Market

November 2017: Drillinginfo acquired Oklahoma City-based Oil-Law Records (OLR). The acquisition is expected to strengthen Dillinginfos well spacing, unitization, and historical well records in Oklahoma and New Mexico.

October 2016: Hitachi Vantara, launched its Pentahao data integration and analytics platform software. Pentahao 8.0 improves data and stream processing. It provides real time data processing to fast track digital insights.

Furthermore, Global Big Data in Oil and Gas Exploration and Production Market following points are involved along with a detailed study of each point: –

– Global Big Data in Oil and Gas Exploration and Production Market Overview, Drivers, Restraints and Opportunities, Segmentation overview

– Global Big Data in Oil and Gas Exploration and Production Market competition by Manufacturers (2020-2023)

– Production and Consumption by Regions

– Complete profiling and analysis of Manufacturers (2020-2023)

– Manufacturing cost analysis, Materials analysis, Region-wise manufacturing expenses

– Industrial Chain, Sourcing Strategy and Downstream Buyers

– Marketing Strategy Analysis, Distributors/Traders

– Global Big Data in Oil and Gas Exploration and Production Market Effect Factors Analysis (2020-2023)

– Global Big Data in Oil and Gas Exploration and Production Market Forecast (2020-2023)

– Global Big Data in Oil and Gas Exploration and Production Market Research Findings and Conclusion

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyses key emerging trends and their impact on present and future development.

All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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