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Big Data Services Market By Application (Upstream, Midstream, Downstream, Attractive Investment Proportion By Application), By Component (Hardware, Software, Services Attractive Investment Proportion By Technology) - Growth, Future Prospects & Competitive Analysis, 2016 - 2023

Big data in oil & gas refers to the large volume of data generated at high velocity in variety of format such as structured, unstructured data generated by various processes and financial transactions in oil & gas industry. Volatile oil prices and increasing competition in oil & gas industry has derived the need for smart decision making using big data analytics as a tool. Early adopters of the big data services using big data to create various predictive models from images of earth surface to forecast the availability of oil and also track activities of well operations such as production rate, pressure and equipment performance for efficient operations by reducing non-productive time. Big data is used to derive meaningful information for better decision making using various analytical tools and techniques.

Big data services market is expected to gain robust growth over the forecast period by virtue of low profit margins due to high competition and volatile oil prices coupled with development of non-conventional exploration and production techniques for oil recovery form shale rock. Introduction of cloud based storage along with development of various storage solutions such as Hadoop Distributed File System (HDFS) has provided the platform to store variety of data. Various big data service provider offers professional services to the oil producing companies to help them in choosing right big data solution matching their business requirements. Increasing awareness about the big data and associated advantages coupled with increasing competition are anticipated to augment the demand big data services for oil & gas industry during the forecast period (2016-2023). However, shrinking IT budget due to slowdown in oil & gas industry is expected to restrain the growth of big data services market during the forecast period (2016-2023).

North America is expected to largest region in global big data services market for oil & gas industry which is anticipated to contribute highest revenue share in global big data services market for oil & gas industry owing to early adoption of big data technologies in the region along with increasing use of various digital technologies such as GIS, temperature & pressure sensors, etc.

Global big data services market for oil & gas industry has been projected to be valued at US$ 10.9 Bn by the end of 2016 and is expected to expand at a CAGR 17.3% during the forecast period 2016-2023.

Big Data Services Market

Purpose of the Report

The purpose of this strategic research study titled “Global Big Data Services Market for Oil & Gas Industry- Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global production oilfield services & equipments market.

Target Audience

  • Industry Investors
  • Research Professionals
  • Emerging Companies
  • Big Data Service Providers
  • Oil & Gas exploration and production companies
  • Downstream & Midstream Companies
  • Research Institutes

USP and Key Offerings

The report titled “Global Big Data Services Market for Oil & Gas Industry- Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023” offers strategic insights into the big data services market for oil & gas industry along with the market size and estimates for the duration 2013 to 2023. The said research study covers in-depth analysis of multiple market segments based on component, application and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading big data service providers, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:

  • Current and future market trends to validate the forthcoming attractive markets within oil & gas industry
  • Market fuelers, market impediments, and their impact on the market growth
  • In-depth competitive environment analysis
  • Trailing 3-Year market size data (2013 – 2015)
  • SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global big data solutions market for oil & gas industry growth, offering market size and estimates for the period from 2013 to 2023, keeping in mind the above mentioned factors.

On the basis of application, global big data services market for oil & gas industry is categorized into following types:

  • Upstream
  • Mid stream
  • Down stream

Big Data Services Market

 

Big data services in oil & gas industry to witness robust growth with increasing IT spending in oil & gas industry. Large volume of data is generated from day to day operations in oil & gas industry. Maturity in big data technologies such as Hadoop, in-memory analytic engines, NoSQL data stores and parallel processing databases has assisted financial services, pharmaceuticals, and retail industries to drive value from data. Increasing complexity of operations in oil & gas with emergence of new techniques coupled with increasing competition among oil & gas companies has derived the need of efficient operations. Moreover, growing explorations through non-conventional shale gas, coal bed methane and tight oil has changed the nature of operations in oil & gas industry.

On the basis of business segment, the global big data services market can be segmented into upstream, midstream and downstream.

Among all business segments upstream segment is anticipated to be the most dominant segment owing to increasing use of big data analytics for the discovery of non-conventional shale gas. Moreover, volatile oil prices increasing uncertainty in oil & gas business. Thus, organizations are adopting data driven approach to minimize their risk. Followed by it, downstream is expected to be the second largest segment due to increasing use of product analytics solution which assist refineries to standard chemical composition of the finished products. Further, increasing use of renewable energy sources such as solar, wind are anticipated to negatively impact the demand for fossil fuels which in turn has influenced organizations to improve their relations with customer. Growing use of social media to drive value to improve customer relationship is projected to fuel the demand for big data services in downstream business segment over the forecast period (2016-2023).

On the basis of component, global big data services market for oil & gas industry is categorized into following types:

  • Hardware
  • Software
  • Services

Big Data Services Market

 

Oil & gas industry has invested for long in seismic software, sensors, visualization tools and other digital technologies for real-time monitoring of their operations. Massive financial operational data is generated from various financial and operational transactions which can be utilized to derive value to improve efficiency and to deliver value to the customer. Leading players in this space offering various products and services to facilitates organizations to utilize this data to derive value. 

On the basis of component type, the global big data services market for oil & gas industry can be segmented into hardware, software and services.

Among product component type the services segment is expected to be the most dominant and fastest growing segment due increasing adoption of various services such as consulting, cloud and integrated services. Increasing competition among organizations in oil & gas industry has influenced them to seek assistance from consulting companies to implement various big data solution to improve their operations across value chain. Increasing adoption of cloud services due to low data storage cost is anticipated to fuel the demand of big data services market for oil & gas industry over the forecast period (2016-2023).

On the basis of geography, the global big data services market for oil & gas industry is segmented into following categories,

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • U.K.
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • GCC
    • Rest of MEA

Big Data Services Market

 

Big data services market is expected to witness robust growth over the forecast period due to wide adoption of big data technologies such as Hadoop, DataStax, Splunk, and HPCC Systems.

Global big data services market for oil & gas industry is segment on the basis of geography. North America is expected to contribute highest revenue share in global big data services market for oil & gas industry by end of 2016 due to wide adoption of digital technologies with the focus to improve efficiency and explore new as well as existing resources efficiently. Leading organizations of oil & gas industry in the region are adopting big data services to utilize operational data improving recovery rate and to reduce cost. The region has witness highest IT investment among all regions and anticipated to maintain its dominance over the forecast period (2016-2023). Followed by it, Europe is anticipated to be the second largest regions in the global big data services market for oil & gas industry in 2016. Strict government regulations coupled with increase awareness about the associated advantages of big data services is projected to intensify the significant growth of the region over the forecast period (2016-2023).

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Published Date:  Nov 2016
Category:  Oil & Gas
Report ID:   58203
Report Format:   PDF
Pages:   120
Rating:    4.1 (40)
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