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 USD 36.43 billion in 2023 while it is anticipated to cross a value of USD 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) | USD 36.43 billion |
| Data Business in Oil & Gas Market Size (2033) | USD 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 USD 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.
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 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
The data business in oil & gas market value reaches USD 36.43 billion in 2023.
The data business in oil & gas market is anticipated to surpass USD 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 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Big Data 5.2. Data Management 5.3. Direct Data Monetization 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Oil Companies 6.1. National Oil Companies 6.2. Independent Oil Companies 6.3. National Data Repository 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Upstream 7.2. Midstream 7.3. Downstream 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By E&P Lifecycle 8.1. Exploration 8.2. Development 8.3. Production 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. South Asia 9.5. East Asia 9.6. Oceania 9.7. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Accenture 19.2. Datameer 19.3. Datawatch 19.4. General Electric 19.5. Hitachi Vantara Corporation 19.6. Schlumberger 19.7. Halliburton 19.8. Weatherford International 19.9. SAP SE 19.10. AVEVA Group 20. Assumptions & Acronyms Used 21. Research Methodology
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Data Business in Oil & Gas Market
