Technavio has released a new market research report on the global big data in oil and gas sector, which is expected to generate revenues of $5 billion between 2016 and 2020. Big data has various benefits in the oil and gas sector such as detection of faulty equipment through sensors, better drilling and well connections, and predictable approach for maintenance of pipelines and other equipment. The Americas dominate the global big data in oil and gas sector, accounting for 42% of the overall market revenue. The high demand for IT systems from oil and gas companies in the Americas to improve their profit margins and enhance their productivity and decision-making processes has made this region occupy the largest space in the overall market in 2015.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Rise in the implementation of predictive modelling tools is a major trend gaining traction I this market. Enterprises in the oil and gas sector have identified predictive modeling as a way to accelerate decision making, which has resulted in the high adoption of these tools. There has been an aggressive introduction of user-friendly predictive modeling tools, which are offered either independently or as embedded features of big data solutions,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research.
Big data solutions help oil and gas enterprises to acquire different kinds of valuable business data and improve their business decision skills. They help organizations in exploring and producing more oil and gas resources with less environmental impact. Oil and gas companies are also adopting business intelligence (BI) solutions to find additional hydrocarbons, improve the oil recovery rate by reducing operating costs, and improve decision management.
The key players in the global big data in oil and gas sector include HP, IBM, Oracle, and Teradata. This is highly fragmented, which create opportunities for many mergers and acquisitions. The presence of some vendors in the market also provides innovative solutions with the capabilities and features to provide rich customer experience and improved supply chain operations for faster and efficient business transactions.
A more detailed analysis is available in the Technavio report, Global Big Data in Oil and Gas Sector 2016-2020.
We can customize reports by other regions and specific segments upon request.
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