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Big Data In The Oil And Gas Sector Market 2024 - By Share, Size, Trend, Demand, Analysis By Top Leading Players And Forecast Till 2033
Big Data In The Oil And Gas Sector Market
According to The Business Research Company's, 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 growth in the historic period can be attributed to enhanced decision-making and improved operational and business performance, the rise of unconventional resources, energy market volatility, demand for effective exploration and production procedures, and economic growth.
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%. The growth in the forecast period can be attributed to growing demand for predictive maintenance, increasing competition in the oil and gas industry, the growing need to optimize production, growing the need for a systematic system to analyze this data, rising need for energy. Major trends in the forecast period include advanced sensor technologies, edge computing advancements, AI and machine learning integration, technological advancements, and increasing collaborations.
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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Amazon.com Inc, Alphabet Inc, Microsoft Corporation, Dell Technologies Inc, Hitachi Vantara LLC, General Electric Company, Acce*nture plc, 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.
Big Data In The Oil And Gas Sector Market 2024 Key Insights:
• 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%.
• Surging Supply Unveiling The Dynamics Behind The Accelerating Growth In Oil And Gas Production
• Innovation Unleashed Pioneering Product Advancements For A Dynamic Future
• North America was the largest region in the big data in the oil and gas sector market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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