The data business in oil & gas market is anticipated to expand its roots at a strong CAGR of 16.7% between 2023 and 2033. The market is expected to have a market share of US$ 171.1 billion by 2033 while it is likely to be valued at US$ 36.43 billion in 2023.
The high economic activities in oil and gas businesses and the component industries are gaining traction in the market. The management of seismic data, optimized drilling procedures, and enhanced reservoir engineering are some of the direct benefits one can get through its help.
The structured, unstructured, and semi-structured data collected through the rudimentary data is generally unpolished. These data businesses solutions help the oil and gas businesses segment their data and utilize it according to the requirements.
The integration of big data, artificial intelligence, and cloud computing for better data analysis and results is anticipated to flourish the market growth.
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Key Takeaways:
In 2022, the United States led the data business in the oil and gas market in North America, holding a 19.7% market share, while Germany held a 6.3% share in Europe, influenced by increased consumption and new opportunities arising from the Russia-Ukraine conflict. Europe as a whole held a 19.7% global share. India’s market is projected to grow at a CAGR of 18.3%, driven by high imports and the adoption of digital technologies. Similarly, China is expected to see a CAGR of 18.6% due to expanding businesses and significant government investment in digitization. The data management segment dominated by component type, with a 45.4% share, due to its ease of deployment and affordability. Independent oil companies led by oil company type, with a 40.3% share, benefiting from high consumption and easy adoption processes. Overall, North America accounted for 34.2% of the market share in 2022.
Competitive Landscape:
The key vendors focus on integrating and adding many smart technologies to their platform along with the additional data protection units. Key competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
Oil & gas giant Saudi Aramco has tied knots with Accenture on deals worth over US$ 7 billion with 100+ local and international key suppliers. The company works for exploration and production along with the energy transition.
Datameer has introduced SQL data tools for oil & gas businesses and others. It transforms data, automates, and delivers insights. The platform also delivers production pipelines and is built for snowflakes.
Leading Key Players:
In the data business within the oil and gas market, several key players stand out for their innovative solutions and comprehensive services. Accenture leads with its extensive consulting and technology services, helping companies leverage data for operational efficiency. Datameer excels in data analytics, offering robust platforms for big data integration and analysis. Datawatch provides powerful data visualization and real-time analytics tools, enhancing decision-making capabilities. General Electric, through its digital transformation initiatives, integrates advanced data analytics into its industrial operations. Hitachi Vantara Corporation combines IT, operational technology, and extensive data management expertise to optimize oil and gas operations, driving smarter asset utilization and improved productivity.
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