|By Business Wire||
|August 4, 2014 10:08 AM EDT||
New market forecasts from ABI Research show that spending on big data and analytics in the energy industry will amount to US$7 billion in 2014, representing over 15% of the overall cross-industry spending. In 2019, the spending on energy analytics will exceed $21 billion, following a CAGR of 25%.
As a sector, energy has traditionally been very conservative in adopting new forms of IT, but the resistance to change has already started softening. Principal analyst Aapo Markkanen comments, “Greater shareholder pressure is pushing many energy groups to improve their returns after having it easy in the past. In such a highly asset-intensive field, huge cost savings are possible by making the operations more driven by data. Analytics allow the early movers to gain a critical competitive advantage over laggards, in a field where competing by the end product is seldom an option.”
In 2014, 63% of the spending is expected within upstream operations, where big data is bound to revolutionize the exploration and production of resources. Meanwhile, the downstream accounts for 31% of the total, reflecting the growing use of data in refining and the smart grid. Finally, the midstream represents 6% of the sum, spent mostly on optimizing logistics.
Practice director Dan Shey concludes, “Energy is an industry that has expensive problems, but can afford premium solutions. For instance, in the core analytics part of the value chain, newer suppliers like Ayata and Ayasdi are pushing the state of the art when it comes to modernizing the upstream. But there are also opportunities for entrants tackling other parts of the value chain. Rethinking data storage to accommodate the growing influx of sensor data is one example. In this domain, pay attention to likes of Infobright, SpaceCurve, and TempoDB as innovators.”
These findings are from ABI Research’s “Big Data and Analytics in Energy Industry” study, which is part of the firm’s Internet of Everything Market Research (https://www.abiresearch.com/market-research/service/internet-of-everything/).
ABI Research provides in-depth analysis and quantitative forecasting of trends in global connectivity and other emerging technologies. From offices in North America, Europe and Asia, ABI Research’s worldwide team of experts advises thousands of decision makers through 70+ research and advisory services. Est. 1990. For more information visit www.abiresearch.com, or call +1.516.624.2500.
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Oct. 22, 2016 08:00 AM EDT Reads: 4,419
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Oct. 22, 2016 07:45 AM EDT Reads: 3,089
Oct. 22, 2016 07:00 AM EDT Reads: 3,506
Oct. 22, 2016 07:00 AM EDT Reads: 2,251
Oct. 22, 2016 06:45 AM EDT Reads: 358
Oct. 22, 2016 06:30 AM EDT Reads: 2,188
Oct. 22, 2016 06:15 AM EDT Reads: 11,203
Oct. 22, 2016 06:00 AM EDT Reads: 1,341
Oct. 22, 2016 05:45 AM EDT Reads: 456
Oct. 22, 2016 05:45 AM EDT Reads: 16,256
Oct. 22, 2016 05:00 AM EDT Reads: 2,473
Oct. 22, 2016 05:00 AM EDT Reads: 688
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 22, 2016 04:30 AM EDT Reads: 803
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Oct. 22, 2016 03:30 AM EDT Reads: 1,666
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
Oct. 22, 2016 02:45 AM EDT Reads: 1,152