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Big Data In The Oil And Gas Sector Market 2024 Opportunity Assessment, Size, Growth Rate And Forecast To 2033
Big Data In The Oil And Gas Sector Market
As per the report, the big data in the oil and gas sector market size has grown rapidly in recent years. It will grow from $5.29 billion in 2023 to $6.07 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The big data in the oil and gas sector market size is expected to see rapid growth in the next few years. It will grow to $10.61 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%.
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Surging Supply Unveiling The Dynamics Behind The Accelerating Growth In Oil And Gas Production
The increasing oil and gas production is expected to propel the growth of big data in the oil and gas sector market going forward. The oil and gas production is increasing due to growing global energy demand, expansion of offshore exploration, investment in infrastructure, and regulatory environment. The rising oil and gas production presents significant opportunities for leveraging big data analytics to improve operational efficiency, optimize asset performance, enhance safety and environmental performance, and drive strategic decision-making in the oil and gas sector by integrating and analyzing data from multiple sources to gain a comprehensive understanding of operations and identify areas for improvement. For instance, according to the Energy Information Administration (EIA), a principal agency of the U.S. Federal Statistical System, in 2023, crude oil production in the United States was an average of 12.4 million barrels per day (b/d) and is forecast to increase to 12.8 million b/d in 2024. Therefore, rising oil and gas production is driving the growth of big data in the oil and gas sector market.
Innovation Unleashed Pioneering Product Advancements For A Dynamic Future
Major companies operating in the big data in the oil and gas sector market are focused on developing innovative solutions, such as Nexus OnCore Compact Control System, to upgrade smaller industrial facilities. The Nexus OnCore Compact Control System is a control system that utilizes multiple autonomous controllers to manage and control the processes within a plant or an industrial system. For instance, in May 2022, Nexus Control, an India-based company that provides integrated control solutions, launched the Nexus OnCore Compact Control System. This cutting-edge technology offers the sophisticated diagnostic capabilities and digital toolbox of a distributed control system (DCS). It is also compact enough to fit into confined spaces typically occupied by programmable logic controllers (PLCs). This results in enhanced efficiency, improved asset comprehension, and operational optimization in control applications commonly used in more expansive facilities.
The big data in the oil and gas sector market covered in this report is segmented -
1) By component: Hardware, Software, Services
2) By Data Type: Structured, Unstructured, Semi-Structured
3) By Deployment: On-Premise, Cloud-Based
4) By Application: Upstream, Midstream, Downstream, Administration
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Major companies operating in the big data in the oil and gas sector market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., Hitachi Vantara LLC, General Electric Company, International Business Machines Corporation, Oracle Corporation, SAP SE, Hewlett Packard Enterprise Company, Schlumberger Limited, Capgemini SE, Baker Hughes Company, Halliburton Company, DXC Technology Company, HCL Technologies Limited, Teradata Corporation, BigPanda Inc., Alteryx Inc., Altair Engineering Inc., Cloudera Inc., Datameer, Inc., Enverus, Northwest Analytics Inc., Hortonworks Inc., MapR Technologies Inc.
Contents of the report:
1. Executive Summary
2. Big Data In The Oil And Gas Sector Market Report Structure
3. Big Data In The Oil And Gas Sector Market Trends And Strategies
4. Big Data In The Oil And Gas Sector Market - Macro Economic Scenario
5. Big Data In The Oil And Gas Sector Market Size And Growth
…..
27. Big Data In The Oil And Gas Sector Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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