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Data Business in Oil and Gas Market

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Data Business in Oil and Gas Market
Data Business in Oil and Gas Market Expected to Reach US$ 64,845.8 Mn by 2026
According to a new market report published by Transparency Market Research,
the global data business in oil and gas market is expected to reach a value of US$
64,845.8 Mn by 2026 on account of digitization across the oil and gas industry. In
the years 2015 to 2017, the oil and gas industry’s CAPEX fell considerably; however,
the industry is focusing on technological advancements to find optimal production
techniques for intelligent development of unconventional resources, and to increase
the commercial success rates of drilled exploration wells with computer-aided
optimization of processes. Investments in oil and gas industry are anticipated to
increase gradually from 2018, further driving the digitization across the industry
using data science. The market is projected to expand at a CAGR of 18.9% during the
forecast period from 2018 to 2026 driven by the increasing adoption of data
management & big data software and solutions, and data monetization in the oil and
gas industry. North America is anticipated to be the dominant region in the data
business in oil and gas market followed by Middle East & Africa during the forecast
period.The upstream application segment is expected to observe flourishing growth
due to the rising need for enhanced oil exploration and production to maintain the
production and to meet the demand in the next decade with sufficient oil and gas
discoveries.
Request a Sample of Data Business in Oil and Gas Market https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=47826
Need for generating value from the large amount of data generated in the oil and gas
industry driving the global market
The large amount of data generated in the oil and gas industry can be used to
discover new oil deposits to meet the global oil and gas demand and to increase
operational efficiencies in the upstream, midstream, and downstream sectors of the
industry. From exploration and production to trading and retail, classifying and
streamlining the massive amounts of data generated with the data management
solutions is necessary to optimize functions and enhance safety standards at every
stage in the oil and gas industry. With big data analytics solutions, data is analysed
to find optimum oil drilling locations and to predict success for new oil and gas
exploration. Direct data monetization vendors sell seismic data, well data, production
data, and geological survey reports to other companies for producing value from
these data reports. The data business market is expected to flourish over the forecast
period to integrate and interpret large amounts of structured and unstructured data
generated daily from exploration, production, and development of oil and gas.
Download Report TOC for in-depth analysis @
https://www.transparencymarketresearch.com/report-toc/47826
Data Business in Oil and Gas Market: Scope of the Report
The data business in oil and gas market is segmented based on component, oil
companies, application, E&P lifecycle, and geography. Due to increasing digitization
in the oil and gas industry, the market is anticipated to experience flourishing growth
during the forecast period. By 2026, the upstream application segment will account
for more than 56% of the global data business in oil and gas market due to
increasing IT spending in the upstream sector of the oil and gas industry. Exploration
is the key segment in the E&P lifecycle of the oil and gas industry driven mainly by
deep-water exploration activities, shale gas exploration activities, declining
exploration costs, and rising focus on near field explorations. National Oil Companies
(NOCs) are anticipated to have more than 53% market share by 2026. NOCs are
increasingly spending on big data and data management software and services, thus
accounting for the maximum share in the data business market. Big data software
such as data analytics, data collection, data discovery &visualization, and data
management software holds the major share in the big data in oil and gas component
of the market with data analytics and data management software driving the growth
of this segment. Data management component growth is driven mainly by
corporate/enterprise data management software
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monaliraghu
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