Data business in the oil and gas sector could hit as much as $145.9 billion by 2032, rising at a compound yearly growth rate of 16.5 per cent for the next decade.
This is coming despite the divestment and push from fossil fuel. The current market value of data in the oil and gas sector stands at $31.6 billion.
The report released by Future Market Insights and published by WorldOil, noted that operational efficiency and performance improvement increased the popularity of real-time analysis and predictive analytics solutions. It also increased awareness among end-users. Those are all considered major growth factors for the data business in the oil & gas industry.
The report revealed that the outbreak of Covid-19 triggered big data analytics in oil and gas operations allowing engineers and researchers to study data remotely.
It also noted that data recording sensors have recently become a recent introduction to the industry for various features such as discovery, drilling, production, refining, and transportation, where big data has become an essential part of data analysis, which is expected to be a driving factor for the demand for data business in oil & gas.
Big data also allow for better asset management, operations, manufacturing, and worker safety. However, big data analytics continue to confront hurdles owing to a lack of corporate backing and awareness of the technology; data and a grasp of the problem’s complexity are key stumbling blocks to the growth of the data business in the oil & gas market share.
The precision and efficiency of big data have led to its acceptance in the oil and gas industry.
It helps the oil and gas industry improve the performance of drilling and production activities. It improves the company’s efficiency and keeps track of the oil extraction activities in real-time.
It is offered in software, hardware, and cloud service platforms to deliver the best data collection service to oil and gas organizations.
Furthermore, advances in data gathering allow for the incorporation of machine learning and artificial intelligence (AI) technologies that safeguard data by allowing for secure data storage and collection. It aids industries in increasing productivity and increasing yearly revenues, hence increasing global demand for data business in oil & gas.
As per the data business in oil & gas market study, manufacturers all over the world are producing big high-quality data in oil and gas services that reduce data inconsistencies, resulting in data business in oil & gas market growth. As a result, these variables may contribute to the rise of big data in the oil and gas business.
However, a lack of public understanding of the numerous benefits of big data in oil and gas solutions is expected to stymie the data business in oil & gas market size expansion.
The oil and gas industry’s increasing output and drilling performance is a major data business driver in the oil & gas market. Other factors driving market expansion include the need to improve decision-making and operational and business performance, as well as volatile oil prices and growing competition in the oil and gas industry.
