- Information processing is gaining momentum in a number of industries around the world, including oil and gas sector.
- Vendors' increased adoption of artificial intelligence and big data analytics is likely to lead to the growth of the global oil & gas data management market.
ALBANY, N.Y., April 8, 2021 /PRNewswire/ -- In today's world, digital data is rising at an unprecedented rate. The emergence of the Internet of Things (IoT) is producing massive amounts of digital data at an exponential pace. In the last few years, the data universe has expanded tremendously. In reality, more than 80% to 90% of the total digital data on the market today was generated in the last couple of years. With the increase in data, the number of incidences of data infringements has also increased. Data management software for oil and gas companies is a type of sophisticated software that helps them monitor and safeguard their data. These companies' ventures are complicated in terms of activities, inventory management, capital management, resource management, and so on. The software for data management allows companies to optimise resources, monitor and improve progress of projects. These factors are estimated to work in favor of the global oil & gas data management market in the years to come.
Businesses can efficiently monitor and access their data using data management software tool in real time. Data warehousing, data mining, regulatory compliance management tools, and various other functions, such as process design control, are all being incorporated into data management software by a variety of software development providers and vendors. Furthermore, increased adoption of artificial intelligence (AI) and Internet of things (IoT) is expected to fuel large-scale data management software deployment by large as well as small enterprises in the oil and gas industry. Data management as a service is gaining momentum in the oil and gas sector, thanks to the rapid and widespread adoption of cloud platform, scalable data management solutions, cost effectiveness, and next-generation data centre evolution. The global oil & gas data management market is expected to be driven by the growing trend of cloud adoption in the coming years.
By 2026, the global oil & gas data management market is estimated to be worth around US$ 33,510.6 Mn. Over the forecast timeframe of 2018 to 2026, the market is expected to develop at 18.2% CAGR. The rising complications and cost of operations, the necessity to control project risks, and maintaining regulatory compliance are all projected to drive growth of the global oil & gas data management market.
Key Findings of Market Report
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Taken as a result of cost efficiency as well as a reduced capital investment needed for subscription (cloud) services, the adoption of oil & gas data management tools by small and medium sized (SME) businesses is rising. Data management software/services are being used to minimise costs and save time (process optimization), and this trend is expected to continue during the projected timeline.
The modernisation of conventional business infrastructure is necessary in the context of increasing data infringements worldwide. As a result, worldwide enterprise data management technology modernization is expected to fuel the global oil and gas data management market in the near future. However, the lack of full data protection assurance and abuse of collected data is likely to stifle the growth of the global oil & gas data management market in both domestic and international markets.
Level of Technological Penetration to Emerge as Determining Factors across Several Regions
The share of North America in the global oil & gas data management market is estimated to be on the higher side. The oil & gas data management market in North America is being driven by technological breakthroughs and a comparatively high level of maturity with regards to technology penetration. Europe is estimated o trail North America in terms of market share with countries like the UK, Germany accounting for a sizeable chunk of the market in Europe. Asia Pacific is predicted to experience the rapid growth over the prediction period as a result of accelerated technological developments in various vertical industries across the region. In addition, several developing economies in the region are experiencing infrastructural growth, which is further anticipated to support development of the oil & gas data management market in the region.
Explore 216 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Oil & Gas Data Management Market (Component - Solution (Corporate/Enterprise Data Management System, Project Data Management System, National Data Repository), Services (Consulting & Planning, Integration & Implementation, Operation & Maintenance)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026 at https://www.transparencymarketresearch.com/oil-gas-data-management-market.html
Oil & Gas Data Management Market: Growth Drivers
The upgrading of existing business infrastructure is necessary for increasing data violations around the world, which is likely to augur well for the market in the years to come.
Companies can access and manage data in real time successfully through data management software. Many developers and suppliers focus on data management software enhancement by integrating value added processing, like data storage, data analytics, and regulatory compliance management tools.
Analyze Global Oil & Gas Data Management Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Global Oil & Gas Data Management Market: Key Competitors
Tata Consultancy Services Ltd.
Cisco Systems, Inc
Newgen Software, Inc.
Global Oil & Gas Data Management Market: Segmentation
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