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Big Data In The Oil And Gas Sector Industry Expected to Reach $11.76 Billion by 2029 at 13.9% CAGR
Big Data In The Oil And Gas Sector Market
Big Data In The Oil And Gas Sector Market Value Projection: How Much Will the Market Size by 2025?
The market size for big data in the oil and gas sector has seen a swift expansion in the recent past. It is predicted to surge from $6.07 billion in 2024 to $6.98 billion in 2025, marking a compound annual growth rate (CAGR) of 15.1%. Factors contributing to the growth during the historic period include improvements in decision-making capabilities and enhancements in operational and business performance. Additionally, the emergence of unconventional resources, volatility in the energy market, the need for efficient exploration and production methods, and economic growth have propelled this expansion.
What Will Be the Market Growth Forecat for Big Data In The Oil And Gas Sector in 2029?
Rapid expansion is forecasted for the big data market within the oil and gas sector, with predictions for its valuation to reach $11.76 billion by 2029, growing at a compound annual growth rate (CAGR) of 13.9%. This growth over the forecast period can be linked to several factors such as the rising demand for predictive maintenance, intensifying competition within the oil and gas industry, an increased need for production optimization, as well as the pressing need for an organized system to interpret this data and growing energy needs. Furthermore, the forecast period will see several trends emerge, including advanced sensor technologies, progress in edge computing, the integration of AI and machine learning, technological innovations, and a surge in collaborations.
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What Are the Core Competitive Drivers in the Big Data In The Oil And Gas Sector Industry?
The growth of big data in the oil and gas sector is anticipated to be fueled by escalating oil and gas production levels. This escalation is attributed to the expanding global energy requirements, augmentation of offshore exploration, capital investment in infrastructure, as well as the prevailing regulatory protocols. The mounting production rates in the oil and gas industry provide substantial prospects to harness big data analytics for enhancing operational effectiveness, maximizing asset utilization, bolstering safety and ecological standards, and molding strategic decision-making through comprehensive analysis of data gathered from diverse sources, thereby achieving a holistic depiction of operations and recognising potential spheres for enhancement. For instance, the U.S. Federal Statistical System's principal agency, the Energy Information Administration (EIA), reported that in 2023, the daily average crude oil production in the United States stood at 12.4 million barrels and predicted a surge to 12.8 million barrels per day in 2024. Henceforth, the upsurge in oil and gas production is steering the growth of big data in the oil and gas sector.
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Which Big Data In The Oil And Gas Sector Market Segment Is Projected to See the Fastest Growth?
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
Subsegments:
1) By Hardware: Servers, Storage Devices, Networking Equipment, Data Acquisition Devices
2) By Software: Data Management Software, Data Analytics And Visualization Software, Cloud-Based Software, Advanced Predictive Analytics Tools, AI And Machine Learning Algorithms
3) By Services: Consulting Services, Data Integration And Implementation Services, Managed Services, Support And Maintenance Services, Data Security And Compliance Services
Which Trends Are Opening New Opportunities in the Big Data In The Oil And Gas Sector Market?
Key players in the oil and gas sector's big data market, such as Nexus Control, are prioritizing the development of innovative solutions like the Nexus OnCore Compact Control System to modernize smaller industries. The Nexus OnCore Compact Control System, introduced by India's Nexus Control in May 2022, is a control system that uses numerous autonomous controllers to regulate processes within an industrial unit or plant. This state-of-the-art technology brings advanced diagnostic capabilities and a digital toolbox similar to a distributed control system (DCS), yet is small enough to fit into tight spaces usually occupied by programmable logic controllers (PLCs). This innovation leads to better efficiency, improved understanding of assets, and operational advancement in control applications generally seen in larger facilities.
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Who Are the Leaders in the Big Data In The Oil And Gas Sector Market?
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, accenture* 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.
Which Regional Big Data In The Oil And Gas Sector Markets Offer the Greatest Growth Potential?
North America was the largest region in the big data in the oil and gas sector market in 2024. The regions covered in the big data in the oil and gas sector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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