The data business in the oil & gas market is anticipated to expand its roots at a steady CAGR of 16.7% during the forecast period. The market is likely to hold a revenue of US$ 36.43 billion in 2023 while it is anticipated to cross a value of US$ 171.18 billion by 2033.
Oil and gas companies have been able to operate efficiently in a low-cost environment by implementing and utilizing real-time analytics and predictive analytics systems. This has allowed them to focus on operating costs and capital expenditure.
The rise in popularity of real-time analysis and predictive analytics solutions, and the spike in several cyber-attacks and data breaches are among the key factors driving the data business in oil & gas market growth.
| Attributes | Details |
|---|---|
| Data Business in Oil & Gas Market CAGR (2023 to 2033) | 16.7% |
| Data Business in Oil & Gas Market Size (2023) | US$ 36.43 billion |
| Data Business in Oil & Gas Market Size (2033) | US$ 171.18 billion |
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In the data business in oil & gas market, big data refers to a vast volume of data generated at a high rate in a variety of formats, including structured and unstructured data generated by various operations and financial activities.
The demand for data business in oil & gas market is anticipated to rise as by using diverse analytical tools and approaches, big data is used to generate useful information for better decision making.
A key factor propelling the adoption of data business in oil & gas industry includes the ability of big data to make efficient and better judgments, which can lead to enhanced operational efficiency, reduced risk, and cost savings. Oil and gas companies can move away from traditional real-time monitoring and toward faster real-time predictions with the best technology solutions.
The adoption of data business in oil & gas industry is significantly expanding. This growth can be attributed to factors such as:
The demand for data business in oil & gas market is rising due to technological advancements and innovations, and the introduction of new products in this field to improve data management efficiency.
Several new oil and gas companies are entering the global market to provide niche solutions at competitive prices, which is expected to accelerate data business in oil & gas market growth. However, certain factors are limiting the growth of the global data business in oil & gas market, which include:
A lack of understanding of the benefits of adoption of data business in oil & gas industry.
A high initial investment is required to implement a data management solution.
An increasing level of challenges arises from the growing volume and velocity of data, and the high time, costs, and risks associated with managing and moving data. To close the gap between supply and demand, oil exploration companies are looking for oilfields in remote and harsh environments.
Most oil and gas companies are following the trend of exploitation of offshore deep-water reserves and developing unconventional reserves. To optimize performance and maintain safety standards, this is anticipated to boost the demand for data business in oil & gas market, IT infrastructure, data analysis, and consultation services.
A significant drop in the oil price index has an impact on companies' return on investment (ROI), resulting in a continuous reduction in headcount and capital expenditure. As a result, the demand for effective and efficient use of large amounts of data to make technical decisions has grown. Due to this, the demand for data business in oil & gas market is increased.
Market players are likely to have new opportunities, as pervasive computing devices, advanced storage capabilities, and new analytic tools become widely adopted,
Oil and gas producers can now obtain real-time data from previously inaccessible areas at low costs to improve the performance of their oil fields and plants. For example, key players combine nearby good production with real-time down-hole drilling data to help them adapt their drilling strategy, particularly in unconventional fields. As a result of these factors, the adoption of the data business in oil & gas industry is anticipated to grow notably during the forecast period.
| Countries | Revenue Share % (2023) |
|---|---|
| The United States | 19.7% |
| Germany | 6.3% |
| Japan | 4.3% |
| Australia | 3.3% |
| Countries | CAGR % (2023 to 2033) |
|---|---|
| China | 18.6% |
| India | 18.3% |
| The United Kingdom | 16.4% |
North America region is expected to dominate the data business in oil & gas market, accounting for US$ 40.9 billion with a CAGR of 16.1% during the forecast period. This growth is due to an increase in production and drilling activities in the oil and gas sector. North America held a market share of 34.2% in 2022.
Europe, followed by Asia Pacific, is expected to see increased demand over the forecast period as a result of increased focus on operational efficiency and increased usage. This region is also likely to dominate the market in the near future.
Asia Pacific is expected to see healthy growth in countries such as India and China over the forecast period, which is expected to switch to big data for making any kind of strategic decisions, as well as growth opportunities in other Asia Pacific countries.
India’s data business in oil & gas market is anticipated to expand at a CAGR of 18.3%, while China’s market is projected to expand at a CAGR of 18.6%. The above-mentioned factors are anticipated to drive the demand for market growth.
The market in Latin America, the Middle East, and Africa are set for expansion. This is due to an increase in oil production, which has been accompanied by increased drilling activity in countries such as Saudi Arabia, Iran, and Israel, which are expected to dominate the market.
Principal Consultant
| Category | By Component Type |
|---|---|
| Leading Segment | Data Management |
| Market Share (2022) | 45.4% |
| Category | By oil companies Type |
|---|---|
| Leading Segment | Independent Oil Companies |
| Market Share (2022) | 40.3% |
Based on components, the data management segment is anticipated to dominate the data business in oil & gas market as it held a market share of 45.4% in 2022. The data management segment is expected to be driven by the rising trend of cloud adoption in the coming years.
Data breaches are becoming common around the world, necessitating the modernization of existing enterprise infrastructure. As a result, global enterprise data management infrastructure modernization is expected to boost the demand for data business solutions in oil & gas in the forthcoming years.
The lack of complete data security assurance and misuse of collected data are stifling the adoption of data business in oil & gas industry in both international and domestic markets.
Which Segment is likely to Lead the Data Business in Oil & Gas Market by Application?
Based on the application, the upstream segment is anticipated to dominate the data business in oil & gas market with a CAGR of 16.8%. The demand for data business in oil & gas solutions is rising due to various services and maintenance activities requiring data analysis in various natural gas and oil-producing companies.
The key strategy used by industry players to achieve growth in the data business in oil & gas market is new product launches. This growth strategy accounted for 42.86 percent of all market players' growth strategies.
Market players are concentrating their efforts on expanding into new markets by launching technologically advanced and innovative oil and gas data management solutions and services in both established and emerging markets. The leading companies that have adopted this strategy are those developed innovative solutions for business needs.
Market Developments
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The data business in oil & gas market value reaches US$ 36.43 billion in 2023.
The data business in oil & gas market is anticipated to surpass US$ 171.18 billion by 2033, recording a CAGR of 16.7%.
The data management segment, with a 45.4% market share in 2022, is set to lead in the data business in oil & gas market.
With a market share of 34.2% in 2022, North America remains the focal hub of the data business in oil & gas market.
Key data business in oil & gas market players are Accenture, Datameer, Datawatch, General Electric, and Hitachi Vantara Corporation.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2023 to 2033
5.3.1. Big Data
5.3.2. Data Management
5.3.3. Direct Data Monetization
5.4. Y-o-Y Growth Trend Analysis By Component, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Component, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Oil Companies
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Oil Companies, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Oil Companies, 2023 to 2033
6.3.1. National Oil Companies
6.3.2. Independent Oil Companies
6.3.3. National Data Repository
6.4. Y-o-Y Growth Trend Analysis By Oil Companies, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Oil Companies, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Application, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2023 to 2033
7.3.1. Upstream
7.3.2. Midstream
7.3.3. Downstream
7.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By E&P Lifecycle
8.1. Introduction / Key Findings
8.2. Historical Market Size Value (US$ Million) Analysis By E&P Lifecycle, 2018 to 2022
8.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By E&P Lifecycle, 2023 to 2033
8.3.1. Exploration
8.3.2. Development
8.3.3. Production
8.4. Y-o-Y Growth Trend Analysis By E&P Lifecycle, 2018 to 2022
8.5. Absolute $ Opportunity Analysis By E&P Lifecycle, 2023 to 2033
9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
9.1. Introduction
9.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
9.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
9.3.1. North America
9.3.2. Latin America
9.3.3. Europe
9.3.4. South Asia
9.3.5. East Asia
9.3.6. Oceania
9.3.7. MEA
9.4. Market Attractiveness Analysis By Region
10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. U.S.
10.2.1.2. Canada
10.2.2. By Component
10.2.3. By Oil Companies
10.2.4. By Application
10.2.5. By E&P Lifecycle
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Component
10.3.3. By Oil Companies
10.3.4. By Application
10.3.5. By E&P Lifecycle
10.4. Key Takeaways
11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Brazil
11.2.1.2. Mexico
11.2.1.3. Rest of Latin America
11.2.2. By Component
11.2.3. By Oil Companies
11.2.4. By Application
11.2.5. By E&P Lifecycle
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Component
11.3.3. By Oil Companies
11.3.4. By Application
11.3.5. By E&P Lifecycle
11.4. Key Takeaways
12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. Germany
12.2.1.2. U.K.
12.2.1.3. France
12.2.1.4. Spain
12.2.1.5. Italy
12.2.1.6. Rest of Europe
12.2.2. By Component
12.2.3. By Oil Companies
12.2.4. By Application
12.2.5. By E&P Lifecycle
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Component
12.3.3. By Oil Companies
12.3.4. By Application
12.3.5. By E&P Lifecycle
12.4. Key Takeaways
13. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. India
13.2.1.2. Malaysia
13.2.1.3. Singapore
13.2.1.4. Thailand
13.2.1.5. Rest of South Asia
13.2.2. By Component
13.2.3. By Oil Companies
13.2.4. By Application
13.2.5. By E&P Lifecycle
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Component
13.3.3. By Oil Companies
13.3.4. By Application
13.3.5. By E&P Lifecycle
13.4. Key Takeaways
14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. China
14.2.1.2. Japan
14.2.1.3. South Korea
14.2.2. By Component
14.2.3. By Oil Companies
14.2.4. By Application
14.2.5. By E&P Lifecycle
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Component
14.3.3. By Oil Companies
14.3.4. By Application
14.3.5. By E&P Lifecycle
14.4. Key Takeaways
15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
15.2.1. By Country
15.2.1.1. Australia
15.2.1.2. New Zealand
15.2.2. By Component
15.2.3. By Oil Companies
15.2.4. By Application
15.2.5. By E&P Lifecycle
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Component
15.3.3. By Oil Companies
15.3.4. By Application
15.3.5. By E&P Lifecycle
15.4. Key Takeaways
16. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
16.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
16.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
16.2.1. By Country
16.2.1.1. GCC Countries
16.2.1.2. South Africa
16.2.1.3. Israel
16.2.1.4. Rest of MEA
16.2.2. By Component
16.2.3. By Oil Companies
16.2.4. By Application
16.2.5. By E&P Lifecycle
16.3. Market Attractiveness Analysis
16.3.1. By Country
16.3.2. By Component
16.3.3. By Oil Companies
16.3.4. By Application
16.3.5. By E&P Lifecycle
16.4. Key Takeaways
17. Key Countries Market Analysis
17.1. U.S.
17.1.1. Pricing Analysis
17.1.2. Market Share Analysis, 2022
17.1.2.1. By Component
17.1.2.2. By Oil Companies
17.1.2.3. By Application
17.1.2.4. By E&P Lifecycle
17.2. Canada
17.2.1. Pricing Analysis
17.2.2. Market Share Analysis, 2022
17.2.2.1. By Component
17.2.2.2. By Oil Companies
17.2.2.3. By Application
17.2.2.4. By E&P Lifecycle
17.3. Brazil
17.3.1. Pricing Analysis
17.3.2. Market Share Analysis, 2022
17.3.2.1. By Component
17.3.2.2. By Oil Companies
17.3.2.3. By Application
17.3.2.4. By E&P Lifecycle
17.4. Mexico
17.4.1. Pricing Analysis
17.4.2. Market Share Analysis, 2022
17.4.2.1. By Component
17.4.2.2. By Oil Companies
17.4.2.3. By Application
17.4.2.4. By E&P Lifecycle
17.5. Germany
17.5.1. Pricing Analysis
17.5.2. Market Share Analysis, 2022
17.5.2.1. By Component
17.5.2.2. By Oil Companies
17.5.2.3. By Application
17.5.2.4. By E&P Lifecycle
17.6. U.K.
17.6.1. Pricing Analysis
17.6.2. Market Share Analysis, 2022
17.6.2.1. By Component
17.6.2.2. By Oil Companies
17.6.2.3. By Application
17.6.2.4. By E&P Lifecycle
17.7. France
17.7.1. Pricing Analysis
17.7.2. Market Share Analysis, 2022
17.7.2.1. By Component
17.7.2.2. By Oil Companies
17.7.2.3. By Application
17.7.2.4. By E&P Lifecycle
17.8. Spain
17.8.1. Pricing Analysis
17.8.2. Market Share Analysis, 2022
17.8.2.1. By Component
17.8.2.2. By Oil Companies
17.8.2.3. By Application
17.8.2.4. By E&P Lifecycle
17.9. Italy
17.9.1. Pricing Analysis
17.9.2. Market Share Analysis, 2022
17.9.2.1. By Component
17.9.2.2. By Oil Companies
17.9.2.3. By Application
17.9.2.4. By E&P Lifecycle
17.10. India
17.10.1. Pricing Analysis
17.10.2. Market Share Analysis, 2022
17.10.2.1. By Component
17.10.2.2. By Oil Companies
17.10.2.3. By Application
17.10.2.4. By E&P Lifecycle
17.11. Malaysia
17.11.1. Pricing Analysis
17.11.2. Market Share Analysis, 2022
17.11.2.1. By Component
17.11.2.2. By Oil Companies
17.11.2.3. By Application
17.11.2.4. By E&P Lifecycle
17.12. Singapore
17.12.1. Pricing Analysis
17.12.2. Market Share Analysis, 2022
17.12.2.1. By Component
17.12.2.2. By Oil Companies
17.12.2.3. By Application
17.12.2.4. By E&P Lifecycle
17.13. Thailand
17.13.1. Pricing Analysis
17.13.2. Market Share Analysis, 2022
17.13.2.1. By Component
17.13.2.2. By Oil Companies
17.13.2.3. By Application
17.13.2.4. By E&P Lifecycle
17.14. China
17.14.1. Pricing Analysis
17.14.2. Market Share Analysis, 2022
17.14.2.1. By Component
17.14.2.2. By Oil Companies
17.14.2.3. By Application
17.14.2.4. By E&P Lifecycle
17.15. Japan
17.15.1. Pricing Analysis
17.15.2. Market Share Analysis, 2022
17.15.2.1. By Component
17.15.2.2. By Oil Companies
17.15.2.3. By Application
17.15.2.4. By E&P Lifecycle
17.16. South Korea
17.16.1. Pricing Analysis
17.16.2. Market Share Analysis, 2022
17.16.2.1. By Component
17.16.2.2. By Oil Companies
17.16.2.3. By Application
17.16.2.4. By E&P Lifecycle
17.17. Australia
17.17.1. Pricing Analysis
17.17.2. Market Share Analysis, 2022
17.17.2.1. By Component
17.17.2.2. By Oil Companies
17.17.2.3. By Application
17.17.2.4. By E&P Lifecycle
17.18. New Zealand
17.18.1. Pricing Analysis
17.18.2. Market Share Analysis, 2022
17.18.2.1. By Component
17.18.2.2. By Oil Companies
17.18.2.3. By Application
17.18.2.4. By E&P Lifecycle
17.19. GCC Countries
17.19.1. Pricing Analysis
17.19.2. Market Share Analysis, 2022
17.19.2.1. By Component
17.19.2.2. By Oil Companies
17.19.2.3. By Application
17.19.2.4. By E&P Lifecycle
17.20. South Africa
17.20.1. Pricing Analysis
17.20.2. Market Share Analysis, 2022
17.20.2.1. By Component
17.20.2.2. By Oil Companies
17.20.2.3. By Application
17.20.2.4. By E&P Lifecycle
17.21. Israel
17.21.1. Pricing Analysis
17.21.2. Market Share Analysis, 2022
17.21.2.1. By Component
17.21.2.2. By Oil Companies
17.21.2.3. By Application
17.21.2.4. By E&P Lifecycle
18. Market Structure Analysis
18.1. Competition Dashboard
18.2. Competition Benchmarking
18.3. Market Share Analysis of Top Players
18.3.1. By Regional
18.3.2. By Component
18.3.3. By Oil Companies
18.3.4. By Application
18.3.5. By E&P Lifecycle
19. Competition Analysis
19.1. Competition Deep Dive
19.1.1. Accenture
19.1.1.1. Overview
19.1.1.2. Product Portfolio
19.1.1.3. Profitability by Market Segments
19.1.1.4. Sales Footprint
19.1.1.5. Strategy Overview
19.1.1.5.1. Marketing Strategy
19.1.2. Datameer
19.1.2.1. Overview
19.1.2.2. Product Portfolio
19.1.2.3. Profitability by Market Segments
19.1.2.4. Sales Footprint
19.1.2.5. Strategy Overview
19.1.2.5.1. Marketing Strategy
19.1.3. Datawatch
19.1.3.1. Overview
19.1.3.2. Product Portfolio
19.1.3.3. Profitability by Market Segments
19.1.3.4. Sales Footprint
19.1.3.5. Strategy Overview
19.1.3.5.1. Marketing Strategy
19.1.4. General Electric
19.1.4.1. Overview
19.1.4.2. Product Portfolio
19.1.4.3. Profitability by Market Segments
19.1.4.4. Sales Footprint
19.1.4.5. Strategy Overview
19.1.4.5.1. Marketing Strategy
19.1.5. Hitachi Vantara Corporation
19.1.5.1. Overview
19.1.5.2. Product Portfolio
19.1.5.3. Profitability by Market Segments
19.1.5.4. Sales Footprint
19.1.5.5. Strategy Overview
19.1.5.5.1. Marketing Strategy
19.1.6. Schlumberger
19.1.6.1. Overview
19.1.6.2. Product Portfolio
19.1.6.3. Profitability by Market Segments
19.1.6.4. Sales Footprint
19.1.6.5. Strategy Overview
19.1.6.5.1. Marketing Strategy
19.1.7. Halliburton
19.1.7.1. Overview
19.1.7.2. Product Portfolio
19.1.7.3. Profitability by Market Segments
19.1.7.4. Sales Footprint
19.1.7.5. Strategy Overview
19.1.7.5.1. Marketing Strategy
19.1.8. Weatherford International
19.1.8.1. Overview
19.1.8.2. Product Portfolio
19.1.8.3. Profitability by Market Segments
19.1.8.4. Sales Footprint
19.1.8.5. Strategy Overview
19.1.8.5.1. Marketing Strategy
19.1.9. SAP SE
19.1.9.1. Overview
19.1.9.2. Product Portfolio
19.1.9.3. Profitability by Market Segments
19.1.9.4. Sales Footprint
19.1.9.5. Strategy Overview
19.1.9.5.1. Marketing Strategy
19.1.10. AVEVA Group
19.1.10.1. Overview
19.1.10.2. Product Portfolio
19.1.10.3. Profitability by Market Segments
19.1.10.4. Sales Footprint
19.1.10.5. Strategy Overview
19.1.10.5.1. Marketing Strategy
20. Assumptions & Acronyms Used
21. Research Methodology
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Data Business in Oil & Gas Market
