Oil and Gas Data Management Market 2030 By Type (Data Analysis, IT Infrastructure, and Services), Deployment Model (On-premise and Cloud), and Application (Upstream, Midstream, and Downstream) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Chemicals & Materials | Pages : 180 Pages | Published On : Aug 2023
The oil and gas data management market was valued at $15.80 billion in 2022, and is projected to reach $92.36 billion by 2030, reflecting a compound annual growth rate (CAGR) of 19.2% throughout the projected timeframe. Key factors fostering the market's expansion comprise heightened operational efficiency, enhanced performance, rising favor for real-time analysis and predictive analytics solutions, and growing awareness among end users.
In recent years, the oil and gas sector has experienced substantial expansion in data creation. This growth can be attributed to the implementation of data-gathering tools like sensors in distant sites and operational areas. Additionally, the surge in digitization, greater acceptance of enterprise mobility solutions, and immediate assistance for staff have heightened the demand for sophisticated IT infrastructure. As a result, there is an expected uptick in industry investment towards acquiring effective servers, networking technologies, and storage systems. This investment aims to optimize business processes and enhance overall performance.
The oil and gas data management market is segmented based on type, deployment model, application, and region. Regarding type, the market is divided into data analysis, IT infrastructure, and services. Among these, the IT infrastructure segment held the largest market share in 2021. This can be attributed to the widespread adoption of advanced networking and computing systems, particularly in emerging markets.
The deployment model is categorized as on-premise and cloud. Application-wise, the market is stratified into upstream, midstream, and downstream. Geographically, the analysis covers North America, Europe, Asia-Pacific, and LAMEA.
In terms of type, the IT infrastructure category maintained its dominance in the oil and gas data management market in 2023. This trend is predicted to persist throughout the forecast period. Global oil and gas companies' focus on enhancing data management infrastructure, solutions, and services contributes to this pattern.
North America holds a commanding position in the oil and gas data management market. This is attributed to the ongoing increase in expenditure on data management solutions in the oil and gas sector in the U.S. and Canada. The extensive adoption of various data management solutions like data analytics, IT infrastructure, and services further drives this growth. On the other hand, Asia-Pacific is anticipated to experience the highest growth rate during the forecast period. Considerable investments in oil and gas data management solutions in countries like China, Japan, Thailand, India, and Indonesia are propelling the expansion of the market. Additionally, shifts in oil and gas policies and the growing demand for advanced analytics solutions and services among companies in the Asia-Pacific region are expected to bolster market growth in this area throughout the forecast period.
Covid-19 Impact Analysis
Following the aftermath of COVID-19, the oil and gas data management market achieved a valuation of $15.80 billion in 2020. It is forecasted to surge to $92.36 billion by 2030, exhibiting a noteworthy compound annual growth rate (CAGR) of 19.2%. The projected valuation for 2030 surpasses the estimations made prior to the COVID-19 pandemic.
In 2020, nearly every industry worldwide faced setbacks due to the pandemic. These setbacks stemmed from substantial disruptions in manufacturing and supply chain operations, caused by widespread precautionary lockdowns and governmental restrictions. The global market was no exception to this trend. Plummeting oil prices resulted from production cuts, while reduced demand for chemicals and refined goods was attributed to industrial slowdowns and travel limitations triggered by the global outbreak.
Conversely, cloud computing and virtualization emerged as catalysts driving the growth of data management within the oil and gas sector.
Top Impacting Factors
Crucial elements influencing the market encompass advancements in operational efficiency and performance enhancement, the rising prominence of real-time analysis and predictive analytics solutions, heightened awareness, a surge in cyber-attacks and data breaches, scarcity of skilled workforce, and substantial initial investment requirements. These factors have played a substantial role in propelling the expansion of the market's scope and are expected to continue shaping the growth trajectory of the oil and gas data management market throughout the forecast period.
Operational Efficiency and Performance Improvement
A notable decline in the oil price index exerts an impact on companies' return on investment (ROI), leading to a continuous reduction in both workforce and capital expenditure. Consequently, the demand for adeptly harnessing vast volumes of data to inform technical decisions has intensified. Moreover, the rising adoption of pervasive computing devices, advanced storage capabilities, and innovative analytical tools introduces fresh opportunities for participants in the market.
Currently, oil and gas producers are acquiring real-time data from previously inaccessible regions at reduced costs, enhancing their performance in oil fields and plants. For example, prominent industry players are integrating data from nearby wells with real-time down-hole drilling data to adapt their drilling strategies, particularly in unconventional fields.
Increase in Popularity of Real-time Analysis and Predictive Analytics Solutions
The effective integration and optimal utilization of real-time analytics and predictive analytics solutions have empowered oil and gas enterprises to navigate efficiently within a low-price operating environment. This approach allows them to concentrate on managing operational costs and capital investments. For instance, the incorporation of data management solutions and services has enabled oil and gas companies based in the United States to enhance their downstream operations, contributing to a sustained growth trajectory for five consecutive years. This positive shift has additionally led to increased exports of refined products like crude oil from U.S. industries. Consequently, a global surge in the adoption of advanced data management solutions and services is anticipated, propelling market growth during the forecast period.
The report zeroes in on the market's growth potential, constraints, and the share of the oil and gas data management sector. The analysis encompasses a Porter's five forces assessment of the oil and gas data management market forecast, aiming to discern the influence of various factors—such as the bargaining power of suppliers, competitive rivalry, the threat of new entrants, substitute threats, and the bargaining power of buyers—on the evolving trends within the oil and gas data management market.
- CliQr Technologies, Inc.
- Bapco (Bahrain Petroleum Company)
- Noah Consulting, LLC
Key Benefits For Stakeholders
- This research encompasses an examination of the oil and gas data management market, analyzing its trends and making future projections to identify potential investment opportunities.
- The report provides insights into the prominent factors driving and inhibiting the industry, along with highlighting opportunities within the oil and gas data management market.
- The size of the oil and gas data management sector is subjected to quantitative analysis from 2023 to 2030, revealing the financial resilience of the industry.
- Through a Porter's five forces analysis, the report illustrates the relative influence of buyers and suppliers within the global oil and gas data management industry.
Oil and Gas Data Management Market Segmentation
- Data Analysis
- IT Infrastructure
By Deployment Model
- North America (U.S., Canada)
- Europe (UK, Germany, France, Spain, Italy, Russia, Netherlands, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Table and Figures
At MarketDigits, we take immense pride in our 360° Research Methodology, which serves as the cornerstone of our research process. It represents a rigorous and comprehensive approach that goes beyond traditional methods to provide a holistic understanding of industry dynamics.
This methodology is built upon the integration of all seven research methodologies developed by MarketDigits, a renowned global research and consulting firm. By leveraging the collective strength of these methodologies, we are able to deliver a 360° view of the challenges, trends, and issues impacting your industry.
The first step of our 360° Research Methodology™ involves conducting extensive primary research, which involves gathering first-hand information through interviews, surveys, and interactions with industry experts, key stakeholders, and market participants. This approach enables us to gather valuable insights and perspectives directly from the source.
Secondary research is another crucial component of our methodology. It involves a deep dive into various data sources, including industry reports, market databases, scholarly articles, and regulatory documents. This helps us gather a wide range of information, validate findings, and provide a comprehensive understanding of the industry landscape.
Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.
In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.
To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.
The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.
In summary, our 360° Research Methodology is designed to provide you with a deep understanding of your industry by integrating various research techniques, industry expertise, and data-driven analysis. It ensures that every business decision you make is based on a well-triangulated and comprehensive research experience.
- Tailored advice to Drive your Performance
- Product Planning Strategy
- New Product Stratergy
- Expanded Research Scope
- Comprehensive Research
- Strategic Consulting
- Provocative and pragmatic
- Accelerate Revenue & Growth
- Evaluate the competitive landscape
- Optimize your partner network
- Analyzing industries
- Mapping trends
- Strategizing growth
- Implementing plans
Covered Key Topics
Market Growth Drivers
Leading Market Players
Company Market Share
Market Size and Growth Rate
Market Trend and Technological