According to a new market report published by Transparency Market Research, the global oil & gas data management market is expected to reach a value of US$ 33,510.6 Mn by 2026. The market is projected to expand at a CAGR of 18.2% during the forecast period from 2018 to 2026. Increasing cost and complexity of operations, need to manage project risks, and ensuring compliance with regulations are some of the factors that are expected to drive the oil & gas data management market globally. Asia Pacific is anticipated to be the fastest growing region for the market during the forecast period which is expected to be followed by Middle East & Africa. Data management is experiencing flourishing growth in terms of adoption across different industry verticals around the globe including oil & gas. Increase in the implementation of big data analytics and artificial intelligence offered by vendors is further contributing to the growth of the oil & gas data management market.
Growing list of data management solution vendors likely to boost the growth of the overall market over the forecast period
Adoption of oil & gas data management by small and medium-sized enterprises (SMEs) is increasing mainly due to cost efficiency as well as limited capital investment required for subscription based (cloud) services. Utilizing data management software/services for cost cutting and time savings (process optimization) is fueling the growth of the market substantially with the trend expected to be maintained during the forecast period.
Oil & Gas Data Management Market: Scope of the Report
The oil & gas data management market has been segmented on the basis of solution, services, and geographical regions. In terms of solution, the market has been classified into enterprise data management, project data management, and national data repository. The national data repository segment has been further bifurcated into standalone and integrated. The standalone segment has been further classified into seismic data management system, well data management system, project data management system, and borehole data management system. The services segment has been classified under consulting & planning, integration & implementation, and operation & maintenance.
The report covers the analysis of these segments across North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with the qualitative analysis for market estimates supplementing the growth of the oil & gas data management market during the forecast period. Seismic and borehole data management segments are anticipated to experience lucrative growth opportunities in the market. In terms of adoption of oil & gas data management, the enterprise data management sector is projected to expand at a CAGR of approximately 18.2% during the forecast period from 2018 to 2026.
North America and Europe collectively accounted for almost 50% of the global market share in 2017, with North America holding a larger share of the market. Technological developments and relatively higher maturity in terms of technology penetration are major drivers of the oil & gas data management market in North America. Within the Europe oil & gas data management market, Germany held the largest revenue share in 2017, closely followed by the U.K. Asia Pacific, which includes China, India, Japan, and Rest of Asia Pacific, is expected to witness the fastest growth during the forecast period attributed to the rapid technological developments in various industry verticals across different countries. Moreover, several emerging economies in the region are experiencing growth in their infrastructure which is further supporting the oil & gas data management market growth in this region.
Global Oil & Gas Data Management Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global oil & gas data management market. Some of the key players profiled in the report include Capgemini S.A., EMC Corporation, IBM Corporation, Newgen Software, Inc., Cisco Systems, Inc., SAP SE, Tata Consultancy Services Ltd., Oracle Corporation, Halliburton, Informatica Corporation, and Schlumberger Limited.
In terms of geography, the global accounting software market can be segmented into North America, Asia Pacific, Europe, South America, and Middle East & Africa. Among the regions, North America is expected to dominate the global accounting software market during the forecast period. However, Asia Pacific and Europe are also expected to account for significant market share during the forecast period.
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