To prevent any big or small damage to manufacturing units, or associated resources, companies are relying on data. This in turn avoids any incurring loss in monetary terms or lives. Data, apart from providing future growth insights of a particular company, also helps in improving operations of equipment. This technique is influencing the oil and gas industry majorly. Further, the collected data is assisting in the growth of industry.
The need of generation of data and further requirement to integrate and interpret the data is fuelling the growth of the big data oil and gas market. As per report published by Transparency Market Research, the big data in the oil and gas market is likely to rise at a lucrative CAGR of 16.6% from 2018 to 2026. The valuation of the global big data in oil and gas market is anticipated to reach US$10.93 bn by 2026.
Unstructured Data Requires Integration and Interpretation for Future Growth Analysis
With the strides in the oil and gas industry globally, data is also generated in terms of variety, and volume. The data is usually generated from various sources such as well logging data, geological data, and seismic data. Large amount of data collection is creating the need for technologies that can assist in integrating and interpreting large amounts of data collected in structured and unstructured form. The need for systematic analysis of the data for future insights is fuelling the growth of big data in oil and gas market.
As a result of huge data generated from various sources such as geological data, sensor data, environmental data, and oceanographic data, unstructured data is likely to contribute 86% of global big data in oil and gas market share by the end of the forecast period.
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A number of information technology providers are working in the domain of data analytics to provide solution for the aforementioned need. This, in turn, is likely to contribute in the growth of big data oil and gas market in the tenure of forecast period. Amid the demand for big data oil and gas market, researching tools are also gaining attention.
The global big data in oil and gas market is classified on the basis of component, data type, and application. Based on type of data, the market is segmented into structured, unstructured, and semi-structured data. Out of these, unstructured data segment is projected to dominate the market during the forecast period because of rising production of unstructured data from various sources such as well data, sensor data, geological data, environmental data, oceanographic data, and other data sources. Based on component the market is bifurcated into software and services segments. The big data software segment is further divided into data collection, data analytics, data management, and data discovery and visualization. The big data services includes system integration, consulting, operation and maintenance.
On the basis of application, the market is segmented into upstream, midstream, downstream, and administration. According to the report, upstream application segment is likely to hold 50% of the global market. The dominance of this segment is because of rising IT spending in the upstream sector of oil and gas industry.
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Increasing Oil Production in North America to Assist Market Growth
Based on regional analysis, North America is leading the market by holding 39% share globally. The reason behind this growth is increasing oil production in the region that further boost the demand for big data analytics to gain operational efficiency. The U.S. leads the production of oil and gas and holds 15% in the total oil production at the global level. Thus, creating lucrative opportunities for adopting big data in oil and gas in the region.
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