- Rising demand for oil & gas is resulting in heavy production, which is driving the growth of the market for oil and gas data management.
- The Middle East and Africa have dominated the market due to the early adoption of data management solutions.
- The oil and gas data management Market is set to grow by 15.0 % CAGR
Data management allows oil and gas companies to extract useful insights from the raw data collected from refineries, production, sales and other departments in order to improve their performance and production efficiency. Technological advancements have led companies to adopt a variety of technologies, such as IoT and AI, by providing useful insights into data management software.
An increasing adoption of the cloud platform also enables companies to share their data in real-time, thereby improving the efficiency of the overall process.
The overall market for oil and gas data management was projected to have a market value of $6.56 billion in 2027 and is set to grow by 15.0 % CAGR during the forecast period.
Based on the component, the market for oil & gas data management has been segmented as solutions, software and services. The solution segment was further segmented as a corporate / business data management system, a project data management system and a national data repository. In the same way, the services segment was segmented as consulting & planning, integration & implementation and operation & maintenance. The solution segment held the largest market share in the component segment in 2018 with a share of more than 40% and is expected to dominate over the forecast period as these solutions are used by companies to improve their productivity and efficiency by providing important data in real-time.
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The rest of the world (including the Middle East & Africa and Latin America) is expected to emerge as the fastest-growing market for oil & gas data management in the forecast period. This is mainly due to the increasing adoption of new technologies by the various oil & gas industries to make better use of oil & gas data. In addition, various companies are investing heavily in the region due to the increasing demand for oil & gas worldwide. As a result, rising demand for oil & gas is resulting in heavy production, which is driving the growth of the market for oil and gas data management.
The rest of the world has been divided into the Middle East, Africa and Latin America. The Middle East and Africa have dominated the market due to the early adoption of data management solutions and services in the region, as well as the presence of various oil and gas refineries in the region. Moreover, the continuous adoption of new technologies is also contributing to the growth of the market.
Some of the prominent players operating in the market are Cisco Systems, Inc., Newgen Software Inc., SAP SE, EMC Corporation, Capgemini S.A., IBM Corporation, Oracle Corporation, Hitachi, Ltd., Tata Consultancy Services Ltd., Halliburton, Informatica Corporation, SAS Institute, Hewlett-Packard, and Schlumberger Limited.