Oil and Gas Data Management Market | Top Impacting Factors That Could Escalate Market's Rapid Growth
Oil & Gas Security Market
Increased awareness among end-users is projected to drive the adoption of oil & gas data management technologies and services growth during the forecast period.
PORTLAND, PORTLAND, OR , UNITED STATES, October 28, 2021 /EINPresswire.com/ -- The rising trend of adoption of modern technologies and solutions in the entire value chain of oil and gas sector is playing huge role for companies to achieve the best operational efficiency targets set by oil and gas companies. Increase in popularity of real-time analysis and predictive analytics solutions, operational efficiency, and performance improvement.
The global oil and gas data management market was valued at $1,092 million in 2015 and is projected to reach $3,203 million by 2022, growing at a CAGR of 16.2% from 2016 to 2022.
Data management incorporates a set of new generation technologies and architectures that are specially designed to extract crucial information from a large volume of structured or unstructured data by enabling high-velocity capture and analysis.
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 a rise in the need for advanced analytics solutions and services among oil and gas companies in the region.
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By type, the IT infrastructure segment dominated the market in 2014 with around 48% market revenue share. An increase in oil field digitization, rise in adoption of enterprise mobility solutions, and real-time support to the workforce have increased the need for advanced IT infrastructure. Furthermore, the data analysis segment is projected to expand at the highest CAGR of around 18%, owing to the increase in demand for monitoring real-time asset performance, maintaining consistent production, and reducing non-productive time (NPT).
Major industry players - 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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