The oil and gas data management market is growing at a considerable speed owing to technological advancement and the increasing use of information technology. Several new companies are providing niche solutions at competitive prices in the global market, which is expected to accelerate the growth of the market.
The adoption and optimum utilization of real-time analytics and predictive analytics solutions have enabled oil and gas companies to operate efficiently in a low-price environment and concentrate on operating cost and capital investment. For instance, the adoption of data management solutions and services enabled U.S.-based oil and gas companies to improve their downstream operations, which helped them to continue their growth trend for the fifth year in a row. Furthermore, industries in the U.S. have witnessed an upturn in the export of refined products such as crude oil. This in turn is projected to increase the adoption of enhanced data management solutions and services across the globe and is anticipated to drive the oil and gas data management market growth throughout the forecast period.
An increase in popularity of real-time analysis and predictive analytics solutions, operational efficiency and performance improvement, and increased awareness among end-users are projected to drive the adoption of oil and gas data management technologies and services growth during the forecast period. However, an upsurge in cyberattacks and data breaches, lack of skilled workforce, and high initial investment are projected to limit the market growth to some extent during the forecast period.
The global market was valued at $1,092 million in 2015 and is projected to reach $3,203 million by 2022, growing at a CAGR of 16.2% from 2016 to 2022. Data management incorporates a set of new generation technologies and architectures that are specially designed to extract crucial information from large volumes of structured or unstructured data by enabling high-velocity capture and analysis.
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Profiling Key Players: Cisco Systems, Inc., EMC Corporation, Hewlett Packard Enterprise Company, Hitachi, Ltd., IBM Corporation, Infosys Limited, NetApp, Inc., Oracle Corporation, SAP SE, and Wipro Limited.
Based on the geography, the oil and gas data management market is studied across four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2014, accounting for around 40% share of the overall oil and gas data management market. Furthermore, the Asia-Pacific oil and gas data management market is projected to grow at the highest CAGR of around 18% during the forecast period owing to change in oil and gas policies and a rise in the need for advanced analytics solutions and services among oil and gas companies in the region.
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By type, the IT infrastructure segment dominated the market in 2014 with around 48% market revenue share. An increase in oil field digitization, rise in adoption of enterprise mobility solutions, and real-time support to the workforce have increased the need for advanced IT infrastructure. Furthermore, the data analysis segment is projected to expand at the highest CAGR of around 18%, owing to the increase in demand for monitoring real-time asset performance, maintaining consistent production, and reducing non-productive time (NPT).
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