Press release
Oil and Gas Data Management Market Size Reach USD 92.36 Billion by 2030, Key Factors Behind Market's Growth
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.
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The global market was valued at USD 1,092 million in 2015 and is projected to reach USD 3,203 million by 2022, growing at a CAGR of 16.2% from 2016 to 2022.
The oil and gas data management market is segmented on the basis of type, deployment model and application, and region. On the basis of type, the market is categorized into data analysis, IT infrastructure, and services. Among the type of oil and gas data management systems, the IT infrastructure segment contributed the maximum market share in 2021, owing to the deployment of advanced networking and computing systems by end users especially in the emerging markets.
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According to the deployment model, the market is segmented into on-premise and cloud. By application, the market is segregated into upstream, midstream, and downstream. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the IT infrastructure segment dominated the oil and gas data management market in 2020, and is expected to continue this trend during the forecast period. This is attributed to oil and gas companies across the globe who focus on improving data management infrastructure, solutions, and services.
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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.
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.
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Key Findings Of Study
● By type, in 2020 the IT infrastructure dominated the oil and gas data management market size. However, the services segment is expected to exhibit significant growth during the forecast period.
● Depending on deployment model, the on-premise generated the highest revenue in 2020 of oil and gas data management market share.
● According to the application segment, the upstream generated the highest revenue in 2020. However, the downstream segment is expected to exhibit significant growth during the forecast period.
● Region wise, the oil and gas data management market was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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