|By PR Newswire||
|April 20, 2017 10:50 AM EDT|
PORTLAND, Oregon and PUNE, India, April 20, 2017 /PRNewswire/ --
According to a new report by Allied Market Research, titled, "Oil and Gas Data Management Market - Global Opportunity and Forecasts, 2014-2022," the global oil and gas data management market was valued at $1,092 million in 2015 and is projected to reach $3,203 million by 2022, growing at a CAGR of 16.2% from 2016 to 2022.
Summary of the Oil and Gas Data Management Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/oil-and-gas-data-management-market
Data management incorporates a set of new generation technologies and architectures that are especially designed to extract crucial information from large volume of structured or unstructured data by enabling high-velocity capture and analysis.
Increase in popularity of real-time analysis and predictive analytics solutions, operational efficiency and performance improvement, and increased awareness among end users are projected to drive the adoption of oil and gas data management technologies and services growth during the forecast period. However, upsurge in cyberattacks and data breaches, lack of skilled workforce, and high initial investment are projected to limit the market growth to some extent during the forecast period.
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By type, the IT infrastructure segment dominated the market in 2014 with around 48% market revenue share. Increase in oil field digitization, rise in adoption of enterprise mobility solutions, and real-time support to workforce have increased the need for advanced IT infrastructure. Furthermore, the data analysis segment is projected to expand at the highest CAGR of around 18%, owing to the increase in demand for monitoring real-time asset performance, maintaining consistent production, and reducing non-productive time (NPT).
Based on the geography, the oil and gas data management market is studied across four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2014, accounting for around 40% share of the overall oil and gas data management market. Furthermore, the Asia-Pacific oil and gas data management market is projected to grow at the highest CAGR of around 18% during the forecast period owing to change in oil and gas policies and rise in need for advanced analytics solutions and services among oil and gas companies in the region.
According to Sumeet Pal, Research Analyst, ICT at Allied Market Research, "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. have 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 throughout the forecast period."
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The global oil and gas data management market is characterized by the presence of large number of local and international market players. These companies tend to expand their market presence by adopting strategies such as innovative product launches, partnerships, and acquisition. Some of the key players operating in the oil and gas data management industry include Cisco Systems, Inc., EMC Corporation, Hewlett Packard Enterprise Company, Hitachi, Ltd., IBM Corporation, Infosys Limited, NetApp, Inc., Oracle Corporation, SAP SE, and Wipro Limited.
Key Findings of the Study:
- By type, the IT infrastructure segment dominated the oil and gas data management market in 2014, and the data analysis segment is expected to grow at the highest CAGR.
- North America was the highest contributor in the overall oil and gas data management market size in 2014, however in terms of growth, the market in Asia-Pacific is projected to expand at the highest CAGR.
- The U.S. was leading in terms of spending on oil and gas data management technologies and services in 2014.
Read similar market research reports on ICT at: https://www.alliedmarketresearch.com/information-&-communication-technology-&-media/high-tech-enterprise-and-consumer-it-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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