+91-8668442535
Home / Oil & Gas / Big Data S

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 the oil and gas industry refers to the large volume of data generated at high velocity in a variety of formats, such as structured and unstructured data, by various processes and financial transactions in the oil and gas industry. Volatile oil prices and increasing competition in the oil and gas industry have derived the need for smart decision-making using big data analytics as a tool. Early adopters of big data services are using big data to create various predictive models from images of the earth's surface to forecast the availability of oil and also track activities of good 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.

The 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 the development of non-conventional exploration and production techniques for oil recovery from shale rock. The introduction of cloud-based storage and the development of various storage solutions, such as the Hadoop Distributed File System (HDFS), has provided the platform to store a variety of data. Various big data service providers offer professional services to oil-producing companies to help them choose the right big data solution matching their business requirements. Increasing awareness about big data and its associated advantages, coupled with increasing competition, is anticipated to augment the demand for big data services in the oil and gas industry during the forecast period (2016–2023). However, shrinking IT budgets due to the slowdown in the oil and gas industry are expected to restrain the growth of the big data services market during the forecast period (2016–2023).

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

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

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 to make informed strategic decisions regarding the opportunities in the global production oilfield services & equipment market.

Target Audience

  • Industry Investors
  • Research Professionals
  • Emerging Companies
  • Big Data Service Providers
  • Oil and gas exploration and production companies
  • Downstream and midstream companies
  • Research Institutes

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

  • Upstream
  • Midstream
  • Downstream

Big data services in the oil and gas industry will witness robust growth with increasing IT spending in the oil and gas industry. A large volume of data is generated from day-to-day operations in the oil and 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 in driving value from data. The increasing complexity of operations in oil and gas with the emergence of new techniques coupled with increasing competition among oil and gas companies has derived the need for efficient operations. Moreover, growing explorations through non-conventional shale gas, coal bed methane, and tight oil have changed the nature of operations in the oil and gas industry.

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

Among all business segments, the upstream segment is anticipated to be the most dominant segment owing to the increasing use of big data analytics for the discovery of non-conventional shale gas. Moreover, volatile oil prices are increasing uncertainty in the oil and gas business. Thus, organizations are adopting a data-driven approach to minimize their risk. Followed by it, downstream is expected to be the second-largest segment due to the increasing use of product analytics solutions, which assist refineries in standardizing the chemical composition of the finished products.

Further, increasing use of renewable energy sources such as solar and wind is anticipated to negatively impact the demand for fossil fuels, which in turn has influenced organizations to improve their relations with customers. Over the forecast period (2016–2023), the growing use of social media to drive value and improve customer relationships is projected to fuel demand for big data services in the downstream business segment.

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

  • Hardware
  • Software
  • Services

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

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

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

On the basis of geography, the global big data services market for the oil and gas industry is segmented into the 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 and Africa (MEA)
  • GCC
  • rest of MEA

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

The global big data services market for the oil and gas industry is segmented on the basis of geography. North America is expected to contribute the highest revenue share in the global big data services market for the oil and gas industry by the end of 2016 due to the wide adoption of digital technologies with a focus on improving efficiency and exploring new as well as existing resources efficiently. Leading organizations in the oil and gas industry in the region are adopting big data services to utilize operational data, improve recovery rates, and reduce costs.

The region has witnessed the highest IT investment among all regions and is anticipated to maintain its dominance over the forecast period (2016–2023). Following it, Europe is anticipated to be the second largest region in the global big data services market for the oil and gas industry in 2016. Strict government regulations coupled with increased awareness about the associated advantages of big data services are projected to intensify the significant growth of the region over the forecast period (2016–2023).

Frequently Asked Questions:

The market for Big Data Services Market is expected to reach US$ 33.5 Bn By 2023.

The Big Data Services Market is expected to see significant CAGR growth over the coming years, at 17.3%.

The report is forecasted from 2016-2023.

The base year of this report is 2015.

TIBCO Software Inc., DataDirect Networks, Visier Inc., Palantir Economic Solutions Ltd. are some of the major players in the global market.

Choose License Type
Trusted By
Godaddy
Published Date:  Nov 2016
Category:  Oil & Gas
Report ID:   58203
Report Format:   PDF
Pages:   120
Rating:    4.1 (40)
Delivery Time: 24 Hours to 48 Hours   
Connect With Us
+91-8668442535
24/7 Research Support