According to a new market report published by Transparency Market Research, the global Big Data in Oil and Gas market is expected to reach a value of US$ 10,935.2 Mn by 2026 on account of digitization across the oil and gas industry. The market is projected to expand at a CAGR of 16.6% during the forecast period from 2018 to 2026. North America is anticipated to be the dominant region in the Big Data in Oil and Gas market followed by Middle East & Africa during the forecast period.The upstream application segment is expected to see flourishing growth due to rising need for enhanced oil exploration and production.
Need for enhanced oil exploration and production technologies is driving the global Big Data in Oil and Gas market
Oil demand is expected to rise over the years. Also, industrialization and infrastructure spending in China and India will fuel the growth in demand over the years. More investment is needed for increasing oil production capacity to avoid the risk of sharp increase in oil prices. The large amount of data generated during oil and gas exploration can be used to discover new oil deposits to meet the global oil and gas demand. With Big Data analytics, optimum oil drilling locations are found and success of new oil and gas exploration is predicted.
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Big Data in Oil and Gas Market: Scope of the Report
The Big Data in Oil and Gas market is segmented based on component, data type, application, and geography. According to the research study, the market is anticipated to experience flourishing growth during the forecast period. This is mainly due to increasing digitization in the oil and gas industry. By 2026, the upstream application segment will account for more than 50% of the global Big Data in Oil and Gas market due to increasing IT spending in the upstream sector of the oil and gas industry. Unstructured data is anticipated to have more than 86% market share by 2026 due to increasing generation of unstructured data from different data sources such as sensor data, well data, oceanographic data, geological data, environmental data, and other data sources. Big Data software such as data analytics, data collection, data discovery and visualization, and data management software holds the major share in the global Big Data in Oil and Gas market with data analytics and data management software driving the growth of this segment.
North America is leading the Big Data in Oil and Gas market with 39% share globally. This is due to increasing oil production in the region which fuels the need for Big Data analytics to gain operational efficiency. The U.S is the leading country for oil and gas production, accounting for 15% of total global oil production, fuelling an opportunity for adoption of Big Data in Oil and Gas in the region.
In terms of new opportunities, Asia Pacific and Middle East &Africa are expected to witness healthy growth during the forecast period. Increasing adoption of advance technological solutions in the oil and gas industry across GCC countries, Russia, China, Canada, and the U.S is expected to offer prominent opportunities to the Big Data in Oil and Gas market.