March 31, 2020
Oil & Gas Data Management

Oil & Gas Data Management Market (15.0% CAGR) 2019 to 2027: Global Industry Size, Share, Growth, Trends and Forecast

The overall market for oil & gas data management was anticipated to record a market value of US$ 6.56 billion in 2027 and is projected to grow over the forecast period with a CAGR of 15.0 per cent.

Data management enables companies operating in oil & gas industries to extract useful insights from raw data collected from refineries, production, sales and other departments in order to improve their performance and efficiency in production. Technology advancement has led companies to adopt various technologies such as IoT and AI by providing useful insights to enhance data management software. On the other hand, the increasing adoption of the cloud platform also allows companies to share their data in real-time, leading to improved overall process efficiency.

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The oil & gas data management market was segmented as solutions, software, and services based on the component. The solution segment has been further segmented as a corporate / business data management system, a project data management system and a national data repository. The services segment has been segmented as consulting & planning, integration & implementation, operation & maintenance. The solution segment held the largest market share in the component segment in 2018 with a share of over 40 per cent and is anticipated to dominate during much of the forecast period as these solutions are used by companies to enhance their productivity and efficiency by providing important data in real-time.

It is anticipated that the rest of the world region (including the Middle East & Africa and Latin America) will emerge throughout the forecast period as the fastest-growing oil & gas data management market. This is mainly due to the growing adoption of new technologies by different oil & gas industries in order to make better use of oil & gas data. In addition, due to the growing demand for oil & gas worldwide, various companies are investing heavily in the region. As a result, the rising demand for oil & gas leads to heavy production that propels the growth of the market for oil & gas data management.

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Collectively, North America America and Europe accounted for nearly 51% of global market share in 2017, with North America holding a larger market share. Technological developments and relatively higher technology penetration maturity are major drivers of North America’s oil & gas data management market. Germany held the largest share of revenue in the Europe oil & gas data management market in 2017, closely followed by the UK. The Asia Pacific, which includes China, India, Japan, and the rest of Asia Pacific, is supposed to experience the fastest growth in the forecast period attributed to rapid technological developments in various vertical industries across different countries. In addition, several emerging economies in the region are growing significantly in their infrastructure, further supporting the growth of this region’s oil & gas data management market.

As the Middle East & Africa and Latin America, the rest of the world region has been bifurcated. Due to the early adoption of data management solutions and services in the region, as well as the presence of various oil & gas refineries in the region, the Middle East and Africa dominated the market. In addition, the continuous adoption of new technologies also contributes to market growth.

Some of the prominent players operating in the market are Cisco Systems, Inc., Newgen Software, Inc., SAP SE, EMC Corporation, Capgemini S.A., IBM Corporation, Oracle Corporation, Hitachi, Ltd., Tata Consultancy Services Ltd., Halliburton, Informatica Corporation, SAS Institute, Hewlett-Packard,  and Schlumberger Limited.

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