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Registering With 19.2% CAGR | The Oil and Gas Data Management Market Share Reach USD 92.36 Billion by 2030
The key impacting factors of the market include operational efficiency and performance improvement, increase in popularity of real-time analysis and predictive analytics solutions, increased awareness, increase in the number of cyber-attacks & data breaches, lack of skilled workforce, and high initial investment. These factors have significantly contributed to the growth of market size, and are anticipated to impact the oil and gas data management market growth during forecast period.
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The oil and gas data management market was valued at USD 15.80 billion in 2020, and is projected to reach USD 92.36 billion by 2030, registering a CAGR of 19.2% during the forecast period.
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. 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.
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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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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.
This study includes market share, oil and gas data management market trends, oil and gas data management market analysis, and future estimations to determine the imminent investment pockets. Some of the key market players profiled in the report 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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North America dominates the oil and gas data management market. Growth of the market in this region is attributed to continued growth in oil and gas data management solutions expenditure across the U.S. and Canada along with the major adoption of oil and gas data management solutions in the type such data analytics, IT infrastructure, and services.
However, Asia-Pacific is expected to witness highest growth rate during the forecast period. Tremendous investments for oil and gas data management solutions among countries such as China, Japan, Thailand, India, and Indonesia fuel the growth of the oil and gas data management market size. In addition, change in oil and gas policies and rise in need for advanced analytics solutions and services among oil and gas companies operating in the Asia-Pacific region are projected to supplement the market growth during the forecast period.
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