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2022

Oil and Gas Data Management Market

Oil and Gas Data Management Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, Deployment Model and Application : Global Opportunity Analysis and Industry Forecast, 2021-2030

IC : High Tech, Enterprise & Consumer IT

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Author's: Vikas Gaikwad |Rachita Rake | Onkar Sumant
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Oil And Gas Data Management Market Statistics: 2030

The oil and gas data management market was valued at $15.80 billion in 2020, and is projected to reach $92.36 billion by 2030, registering a CAGR of 19.2% during the forecast period. Major growth drivers of the market include operational efficiency and performance improvement, increase in popularity of real-time analysis and predictive analytics solutions, and increase in awareness among end users.

Over the past few years, the oil and gas industry witnessed massive growth in the data generation due to the deployment of data collection equipment such as sensors at various remote locations and operational fields. Moreover, increase in digitization, rise in adoption of enterprise mobility solutions, and real-time support to workforce have increased the need for advanced IT infrastructure. This, in turn, is anticipated to increase the industry spending on procuring efficient server, networking technologies, and storage systems to streamline business operations and improve the overall performance.

Oil-and-Gas-Data-Managemen-Market

Segment Review

The oil and gas data management market is segmented on the basis of type, deployment model and application, and region. On the basis of type, the market is categorized into data analysis, IT infrastructure, and services. Among the type of oil and gas data management systems, the IT infrastructure segment contributed the maximum market share in 2021, owing to the deployment of advanced networking and computing systems by end users especially in the emerging markets. According to the deployment model, the market is segmented into on-premise and cloud. By application, the market is segregated into upstream, midstream, and downstream. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of type, the IT infrastructure segment dominated the oil and gas data management market in 2020, and is expected to continue this trend during the forecast period. This is attributed to oil and gas companies across the globe who focus on improving data management infrastructure, solutions, and services.

North America dominates the oil and gas data management market. Growth of the market in this region is attributed to continued growth in oil and gas data management solutions expenditure across the U.S. and Canada along with the major adoption of oil and gas data management solutions in the type such data analytics, IT infrastructure, and services. However, Asia-Pacific is expected to witness highest growth rate during the forecast period. Tremendous investments for oil and gas data management solutions among countries such as China, Japan, Thailand, India, and Indonesia fuel the growth of the oil and gas data management market size. In addition, change in oil and gas policies and rise in need for advanced analytics solutions and services among oil and gas companies operating in the Asia-Pacific region are projected to supplement the market growth during the forecast period. 

Oil and Gas Data Management Market
By Type
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IT Infrastructure segment is projected as one of the most significant segments.

Covid-19 Impact Analysis

Post COVID-19, the oil and gas data management market was valued at $15.80 billion in 2020, and is projected to reach $92.36 billion by 2030, registering a CAGR of 19.2%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. In 2020, almost every industry globally suffered a setback. This can be ascribed to severe disruptions in their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other limitations imposed by governments globally. The global market is no exception. The oil prices are falling as a result of production cut, while the demand for chemicals and refined goods has decreased as a result of industrial slowdowns and travel restrictions in the aftermath of the global epidemic. On the other hand, cloud computing and virtualization has proven to be fueling factors for the growth of the data management in oil and gas sector.

Oil and Gas Data Management Market
By Deployment Model
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Cloud segment is projected as one of the most lucrative segments.

Top Impacting Factors    

The key impacting factors of the market include operational efficiency and performance improvement, increase in popularity of real-time analysis and predictive analytics solutions, increased awareness, increase in the number of cyber-attacks & data breaches, lack of skilled workforce, and high initial investment. These factors have significantly contributed to the growth of market size, and are anticipated to impact the oil and gas data management market growth during forecast period.

Operational Efficiency and Performance Improvement

Significant decline in oil price index affects the return on investment (ROI) of companies, which in turn results in continuous reduction in the headcount and capital expenditure. This has increased the need for effective and efficient utilization of large volume of data to make technical decisions. Furthermore, increase in adoption of pervasive computing devices, advanced storage capabilities, and new analytic tools present new possibilities to market players. Presently, oil and gas producers obtain real-time data from previously inaccessible areas at lower costs to improve their oil-field and plant performance. For instance, key players integrate production of nearby wells with real-time down-hole drilling data to help adapt their drilling strategy especially in unconventional fields. 

Oil and Gas Data Management Market
By Application
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Upstream segment is projected as one of the most significant segments.

Increase in Popularity of Real-time Analysis and Predictive Analytics Solutions  

The adoption and optimum utilization of real-time analytics and predictive analytics solutions have enabled oil and gas companies to operate efficiently in a low-price environment and concentrate on operating cost and capital investment. For instance, the adoption of data management solutions and services enabled U.S.-based oil and gas companies to improve their downstream operations, which helped them to continue their growth trend for the fifth year in a row. Furthermore, industries in the U.S. witnessed an upturn in export of refined products such as crude oil. This in turn, is projected to increase the adoption of enhanced data management solutions and services across the globe, and is anticipated to drive the market growth during the forecast period.

The report focuses on the growth prospects, restraints, and oil and gas data management market share. The study provides Porter’s five forces analysis of the oil and gas data management market forecast to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the oil and gas data management market trends.

Oil and Gas Data Management Market
By Region
2030
North America 
Europe
Asia-Pacific
LAMEA

Asia-Pacific is projected as one of the most lucrative region.

Key Benefits For Stakeholders

  • This study includes the oil and gas data management market analysis, trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and oil and gas data management market opportunity. 
  • The oil and gas data management size is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the oil and gas data management industry.
  • The Porter’s five forces analysis illustrates the potency of buyers & suppliers in the global oil and gas data management industry.

Oil and Gas Data Management Market Report Highlights

Aspects Details
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By Type
  • Data Analysis
  • IT Infrastructure
  • Services
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By Deployment Model
  • On-premise
  • Cloud
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By Application
  • Upstream
  • Midstream
  • Downstream
Key Market Players

CliQr Technologies, Inc., SimpliVity, Teradata, OpenDNS, Bapco (Bahrain Petroleum Company), Noah Consulting, LLC, Schlumberger, Reltio

Analyst Review

The global oil and gas data management market is projected to witness healthy growth in the near future, especially in Asia-Pacific and LAMEA regions. This is attributed to growing need for operations and performance improvement, increase in popularity of real-time analysis and predictive analytics solutions, and increased awareness among end users regarding benefits of data management solutions and services.

The market is projected to grow at a significant CAGR during the forecast period, owing to surge in digitization and growing trend of data-driven decision making among end user companies. Prominent players operating in the oil and gas data management market focus on introducing advanced data analytics solutions equipped with high-definition graphics features that enable users to identify new resource locations and predict oil availability.

Advanced analytics solutions are anticipated to play a crucial role to improve efficiency of conventional, unconventional, and midstream operations. Furthermore, the adoption of data analytics solutions is projected to assist oil and gas companies to improve their productivity by 6– 8%. 

Generally, oil and companies adopt operational models with functional excellence, which are successful in predictable processes. However, these models are not successful and efficient in real-time environment, such as during unconventional production. Thus, oil and gas companies are expected to adopt an asset-based organizational model to enable a clear and integrated view of various operations.

Prominent players in the oil and gas data management market are projected to introduce enhanced cloud-based data management solutions and services to enable oil and gas companies to reduce non-productive time, operational costs, and mitigate uncertainty & risks. Furthermore, business expansion in emerging and untapped markets is projected to increase the revenue potential of data management hardware, solutions, and services providers, owing to low penetration of data management hardware and software. Prominent players are projected to focus on acquisition or strategic alliance with startups and well-established local players to expand their market presence and sustain the market competition.

Author Name(s) : Vikas Gaikwad |Rachita Rake | Onkar Sumant

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Oil and Gas Data Management Market

Global Opportunity Analysis and Industry Forecast, 2021-2030