Adoption of Big Data Analytics in Oil & Gas Industry Will Rise at 19.1% CAGR Through 2030, Global Market Revenue to Reach US$12.6 Bn
The Upstream Sector Generates Maximum Demand for Big Data Analytics in Oil & Gas | Fairfield Market Research
London, July 19, 2023 (GLOBE NEWSWIRE) — The oil & gas industry is one of the mainstays of the global economy and remains largely influenced by several disruptive innovations that enhance industry’s productivity, predictability, and profitability.
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While industry experiences a substantial, data-intensive transformation, the obtained data has been significantly pivotal in drilling, exploration, and production processes. A growing number of oil & gas companies are now realising the power of data for empowered business operations and outcome, which is driving the demand for big data analytics in oil & gas industry.
The global big data analytics market in oil & gas report uncovers the current and prospective growth outlook of the market during the seven-year forecast period, 2023 – 2030. In this newly released study, Fairfield Market Research expects the market to witness a robust 19.1% CAGR through 2030, reaching the valuation of US$12.6 Bn.
“With increasing utilisation of analytics in oil and gas recovery, the market will continue to receive strong tailwinds. In the years to come, the market will strengthen further as industry’s demand for improved productivity and effective real-time monitoring anticipates rapid growth,” says the company analyst.
As more companies seek aid in streamlining their vital activities in the upstream, downstream, and midstream sectors, the market will travel a promising growth trajectory, indicates the report. The study has covered SAP, IBM, SAS, Accenture Plc, CISCO, Dell Technologies, Microsoft Corporation, Oracle Corporation, Hitachi Vantara, Hewlett-Packard Enterprise, and Capgemini as the leaders in industry.
Key Research Insights
- The upstream sector dominates with over 45% share in terms of demand generation.
- Analytics services account for over 35% of total demand.
- The cybersecurity segment represents around 25% of the total market size.
Insights into Segmentation Analysis
Upstream Oil & Gas Dominant Sector
With over 45% share of the total big data analytics market in oil & gas revenue pie, the upstream oil & gas sector will remain the leading demand generator.
Analytics Services Leading Component Segment
Based on the market analysis by component, the report shows clear dominance of the services segment that accounts for around 35% share of the total market value. Businesses in the service provider category typically offer services along with software and hardware as a package making it a cost-efficient deal, which keeps the demand for services afloat.
Cybersecurity Top Application Segment
Global demand for big data analytics will see a consistent rise in oil & gas, especially in the wake of certain recent cybersecurity breaches at large players like Saudi Aramco, Chevron, Exxon Mobil, and Petrobras. By application, the cybersecurity segment of the market will remain dominant and currently captures over 25% of the overall market size in terms of value.
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Key Report Highlights
- Adoption of big data analytics can help oil & gas industry participants to achieve 6-9% improvement in overall production.
- Despite strong presence of a few large players, the competition landscape remains largely fragmented owing to high concentration of small- and mid-sized players.
- Companies will win over competition based on their consulting capabilities, and competitive-pricing strategies.
Insights into Regional Analysis
North America Frontrunner
Not only in the oil & gas industry but also several other industry verticals in the US have embraced big data analytics over the recent past. “The US will certainly continue its lead over the global big data analytics space. The strongest factor underpinning this is the presence of leading companies in North America, and the rocketing demand for data analytical services and solutions in the North American oil & gas sector,” states the analyst.
The North American market for big data analytics in oil & gas recorded nearly 40% revenue contribution in 2022 and will remain the top service providing region as well, through 2030. On the other hand, Europe’s market gains from the key countries, including the UK, France, and Germany.
The market of Asia Pacific continues to witness the lead of China that has been demonstrating the fastest rate of adoption of data analytics in oil and gas industry. The nation surges ahead on the back of its upper hand in IT technological capabilities.
The analyst remarks, “The market is on the brink of flourishing extraordinarily across the Middle East and South African region that have ample resource. The companies here are also keen on adopting data analytics for streamlined operations, maximised productivity, managed risk, and cost efficiency. This will favour the growth of market here”.
|Forecast Year||2023 – 2030|
|Market Size in 2022||US$3.0 Bn|
|Estimated Market Size in 2030||US$12.6 Bn|
|Key Players||SAP, IBM, SAS, Accenture Plc, CISCO, Dell Technologies, Microsoft Corporation, Oracle Corporation, Hitachi Vantara, Hewlett-Packard Enterprise, Capgemini|
Global Big Data Analytics in Oil & Gas Market is Segmented as Below:
By Application Coverage
- Cyber Security
- Cloud Computing
- Resource Management
- BD Platforms
- Smart Oilfield
- Exploration & Geological Study
By Sector Coverage
By Component Coverage
By Geographical Coverage
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- Accenture Plc
- Dell Technologies
- Microsoft Corporation
- Oracle Corporation
- Hitachi Vantara
- Hewlett-Packard Enterprise
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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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