According to a new market report published by Acute Market Reports “Global Big Data Services Market for Oil & Gas Industry - Growth, Future Prospects, Competitive Analysis, and Forecast 2023 - 2030,” the Global Big Data Services Market for Oil & Gas Industry is expected to reach US$ 58.8 Bn by 2030, expanding at a CAGR of 15.1% between 2023 to 2030.
Browse the full Global Big Data Services Market for Oil & Gas Industry by Component, Application, and Geography - Growth, Future Prospects, Competitive Analysis, and Forecast 2023 – 2030 report at https://www.acutemarketreports.com/report/big-data-services-market
Market Insights
Big Data in oil & gas refers to the large volume of data generated at high velocity in a variety of formats such as structured, unstructured data generated by various processes and financial transactions in the oil & gas industry. Volatile oil prices and increasing competition in the oil & gas industry have 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 the earth 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 along with the development of various storage solutions such as Hadoop Distributed File System (HDFS) has provided the platform to store a variety of data. The various big data service provider offers professional services to the oil companies to help them in choosing the right big data solution matching their business requirements. Increasing awareness about the big data and associated advantages coupled with the increasing competition is anticipated to augment the demand for big data services for the oil & gas industry during the forecast period (2023-2030). However, a shrinking IT budget due to a slowdown in the oil & gas industry is expected to restrain the growth of the big data services market during the forecast period (2023-2030).
Competitive Insights:
Global big data services for the oil & gas industry are segmented on the basis of component, application, and geography. By component, the services segment is projected to be the most dominant segment as oil & gas companies are seeking assistance in selecting the right infrastructure suiting their business requirements. Considering application, the upstream segment is anticipated to be the largest segment over the forecast period (2023-2030) owing to increasing complexity in exploration and production of oil & gas from shale rocks and deepwater drilling coupled with high involvement of capital expenditure. The key players in the market are focusing on training & development for increasing awareness about big data along with the development of new software to match the business requirements of the oil & gas industry.
Overall, the global big data services market for the oil & gas industry is projected to register robust growth over the forecast period (2023-2030).
Key Trends:
