The oil and gas data management market is expected to grow due to the increasing complexity of exploration and production activities, advances in digital technologies, and the need for real-time data access and analysis.

PORTLAND, Oregon., 28 August 2024 /PRNewswire/ — Allied Market Research has published a report titled “Oil and Gas Data Management Market by Technology (Big Data Analytics, AI and IoT), Deployment Model (On-Premise and Cloud) and Application (Upstream, Midstream and Downstream): Global Opportunity Analysis and Industry Forecast, 2024-2033”. According to the report, the “Oil and Gas Data Management Market” has been 29.4 billion US dollars in 2023 and is expected 142.4 billion US dollars by 2033, with an average annual growth rate of 16.8% from 2024 to 2033.

Key growth factors

The oil and gas data management market is expected to witness significant growth owing to the increasing complexity of exploration and production activities, advancements in digital technologies, and the need for real-time data access and analytics. Moreover, regulatory compliance, environmental sustainability, and operational efficiency and cost reduction are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, integration of legacy systems and concerns regarding data security and privacy are restraining the growth of the oil and gas data management market.

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The Big Data Analytics segment will maintain its leading position during the forecast period

By technology, the big data analytics segment held the highest market share in 2023, accounting for more than one-third of the revenue in the oil and gas data management market. It is expected to maintain its leadership status during the forecast period. It continued to dominate due to its ability to process massive amounts of data and provide valuable insights that help in decision making, optimizing operations, and increasing efficiency. However, the AI ​​segment is expected to attain the highest CAGR of 18.6% from 2024 to 2033, maintaining its leading position during the forecast period.

The cloud segment had the largest share in 2023

By deployment mode, the cloud segment held the largest share and contributed more than half of the revenue in the oil and gas data management market in 2023. A rising need for secure and reliable data within the organization is driving the market growth for cloud-based data management solutions.

The largest share in 2023 was attributable to the upstream segment

By application, the upstream segment accounted for the largest share and contributed more than half of the revenue of the oil and gas data management market in 2023, owing to the significant need for data management in exploration, production, and related activities in the upstream sector. However, the midstream segment is expected to attain the highest CAGR of 19.2% from 2024 to 2033, maintaining its leading position during the forecast period. This segment requires efficient management of large volumes of data related to pipeline monitoring, logistics, inventory management, and regulatory compliance.

North America Region to maintain its dominance until 2033

Depending on the region, the North America Segment had the highest market share in terms of revenue in 2023, accounting for more than one-third of the revenue in the oil and gas data management market. The increasing use of oil and gas data management solutions in enterprises to improve business and customer experience is expected to drive the growth of the market in this region. However, the Asia-Pacific The segment is expected to witness the highest compound annual growth rate (CAGR) of 19.4% from 2024 to 2033. Countries like China, IndiaAnd South Korea are at the forefront of leveraging digital technologies to increase their effectiveness and competitiveness, which is expected to further contribute to market growth in this region.

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Leading market participants: –

• IBM CORPORATION

• SCHLUMBERGER LIMITED

• HALLIBURTON ENERGY SERVICES, INC.

• BAKER HUGHES COMPANY

• ORACLE CORPORATION

• TERADATA

• EMERSON ELECTRIC CO.

• HONEYWELL INTERNATIONAL INC.

• TATA CONSULTANCY SERVICES LIMITED

• SAP SE

• AVEVA GROUP LIMITED

• QUORUM BUSINESS SOLUTIONS, INC.

• VIRIDIEN SA

The report offers a detailed analysis of these key players in the Oil and Gas Data Management market. These players have adopted different strategies such as new product launch, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominant shares in different countries. The report is valuable as it highlights the business development, operating segments, product portfolio, and strategic moves of the market players to present the competitive scenario.

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Source: Allied Market Research