Big data in oil & gas refers to the large volume of data generated at high velocity in a variety of formats such as structured, unstructured data generated by various processes and financial transactions in the oil & gas industry. Volatile oil prices and increasing competition in the oil & gas industry has derived the need for smart decision making using big data analytics as a tool. Early adopters of the big data services using big data to create various predictive models from images of the earth surface to forecast the availability of oil and also track activities of good operations such as production rate, pressure, and equipment performance for efficient operations by reducing non-productive time. Big data is used to derive meaningful information for better decision-making using various analytical tools and techniques.
The big data services market is expected to gain robust growth over the forecast period by virtue of low-profit margins due to high competition and volatile oil prices coupled with the development of non-conventional exploration and production techniques for oil recovery from shale rock. The introduction of cloud-based storage along with the development of various storage solutions such as Hadoop Distributed File System (HDFS) has provided the platform to store a variety of data. The various big data service provider offers professional services to the oil-producing companies to help them in choosing the right big data solution matching their business requirements. Increasing awareness about big data and associated advantages coupled with increasing competition is anticipated to augment the demand for big data services for the oil & gas industry during the forecast period (2023-2030). However, a shrinking IT budget due to a slowdown in the oil & gas industry is expected to restrain the growth of the big data services market during the forecast period (2023-2030).
North America is expected to largest region in the global big data services market for the oil & gas industry which is anticipated to contribute the highest revenue share in the global big data services market for oil & gas industry owing to the early adoption of big data technologies in the region along with increasing use of various digital technologies such as GIS, temperature & pressure sensors, etc.
The global big data services market for the oil & gas industry was valued at US$ 21.61 Bn in 2021 and is expected to grow at a CAGR of 15.1% during the forecast period 2023-2030.
Purpose of the Report
The purpose of this strategic research study titled “Global Big Data Services Market for Oil & Gas Industry- Growth, Future Prospects, Competitive Analysis and Forecast, 2023 – 2030” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global production oilfield services & equipment market.
Target Audience
USP and Key Offerings
The report titled “Global Big Data Services Market for Oil & Gas Industry- Growth, Future Prospects, Competitive Analysis and Forecast, 2023 – 2030” offers strategic insights into the big data services market for the oil & gas industry along with the market size and estimates for the duration 2020 to 2030. The said research study covers in-depth analysis of multiple market segments based on component, application, and cross-sectional study across different geographies. In order to help strategic decision-makers, the report also includes competitive profiling of the leading big data service providers, their expansion strategies, market positioning, and the latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global big data solutions market for oil & gas industry growth, offering market size and estimates for the period from 2020 to 2030, keeping in mind the above-mentioned factors.
Big data services in the oil & gas industry to witness robust growth with increasing IT spending in the oil & gas industry. A large volume of data is generated from day-to-day operations in the oil & gas industry. Maturity in big data technologies such as Hadoop, in-memory analytic engines, NoSQL data stores, and parallel processing databases has assisted financial services, pharmaceuticals, and retail industries to drive value from data. The increasing complexity of operations in oil & gas with the emergence of new techniques coupled with increasing competition among oil & gas companies has derived the need of efficient operations. Moreover, growing explorations through non-conventional shale gas, coal bed methane, and tight oil has changed the nature of operations in the oil & gas industry.
On the basis of the business segment, the global big data services market can be segmented into upstream, midstream, and downstream.
Among all business segments, the upstream segment is anticipated to be the most dominant segment owing to the increasing use of big data analytics for the discovery of non-conventional shale gas. Moreover, volatile oil prices increasing uncertainty in the oil & gas business. Thus, organizations are adopting a data-driven approach to minimize their risk. Followed by it, downstream is expected to be the second-largest segment due to the increasing use of product analytics solutions which assists refineries to the standard chemical composition of the finished products. Further, increasing the use of renewable energy sources such as solar, the wind is anticipated to negatively impact the demand for fossil fuels which in turn has influenced organizations to improve their relations with customers. The growing use of social media to drive value to improve customer relationships is projected to fuel the demand for big data services in the downstream business segment over the forecast period (2023-2030).
The oil & gas industry has invested for a long in seismic software, sensors, visualization tools, and other digital technologies for real-time monitoring of their operations. Massive financial operational data is generated from various financial and operational transactions which can be utilized to derive value to improve efficiency and to deliver value to the customer. Leading players in this space offering various products and services to facilitates organizations to utilize this data to derive value.
On the basis of component type, the global big data services market for the oil & gas industry can be segmented into hardware, software, and services.
Among product, component types the services segment is expected to be the most dominant and fastest-growing segment due to the increasing adoption of various services such as consulting, cloud, and integrated services. Increasing competition among organizations in the oil & gas industry has influenced them to seek assistance from consulting companies to implement various big data solutions to improve their operations across the value chain. Increasing the adoption of cloud services due to low data storage cost is anticipated to fuel the demand for the big data services market for the oil & gas industry over the forecast period (2023-2030).
The big data services market is expected to witness robust growth over the forecast period due to the wide adoption of big data technologies such as Hadoop, DataStax, Splunk, and HPCC Systems.
The global big data services market for the oil & gas industry is segmented on the basis of geography. North America is expected to contribute the highest revenue share in the global big data services market for the oil & gas industry by end of 2019 due to the wide adoption of digital technologies with the focus to improve efficiency and explore new as well as existing resources efficiently. Leading organizations of the oil & gas industry in the region are adopting big data services to utilize operational data improving recovery rate and reducing cost. The region has witnessed the highest IT investment among all regions and anticipated to maintain its dominance over the forecast period (2023-2030). Followed by it, Europe is anticipated to be the second-largest region in the global big data services market for the oil & gas industry in 2020. Strict government regulations coupled with increasing awareness about the associated advantages of big data services are projected to intensify the significant growth of the region over the forecast period (2023-2030).
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Big Data Services market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
