Oil and gas data management market worth US$21.22 billion by 2020
The report “Oil and Gas Data Management Market by Type (Information technology infrastructure, Data organisation, and Service), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Global Forecast to 2020” analyses and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
This report studies the global oil and gas data management market during the forecast period from 2015 to 2020. The market is expected to expected to grow from US$6.08 billion in 2015 to US$21.22 billion, at a Compound Annual Growth Rate (CAGR) of 28.4% from 2015 to 2020.
MarketsandMarkets broadly segments the Oil and Gas Data Management market by solution (IT infrastructure, data organisation, and services, and by region (North America (NA), Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LA).
The oil and gas data management includes the full life cycle of exploration, refining, storage and transportation data in the oil and gas industry from production to end user distribution. These solutions and strategies are state of the art technology specifically for the oil and gas industry to empower clients to better understand access and manage their data assets. The challenges involved in data management increases with growing volume and velocity of the storage requirements.
The purpose of the IT technology adoption is to maximise oilfield recovery, eliminate non-productive time, and increase profitability through the design and deployment of integrated workflows. Digital oilfield workflows combine business process management with advanced information technology and engineering expertise. The evolution of advanced technology in the oil & gas industry will continue to enable geophysical assessment, drilling, exploration & production, refining, transportation and distribution. The oil and gas data management market research report analyses market dynamics, future roadmaps and global trends, and also provides competitive intelligence and forecasts over the next five years.
As of 2014, North America is estimated to hold the largest share of the global oil and gas data management market, followed by MEA. However, the APAC market is expected to grow at the highest CAGR of 34.3% from 2014 - 2019. The oil and gas industry is rapidly shifting from traditional processes to smarter operations for deploy minimum workforce over remote and offshore exploration sites. SAP, IBM, Wipro, NetApp and Oracle and VMware Inc. are some of the key players in the global software defined data centre market.
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.hydrocarbonengineering.com/refining/26052015/oil-and-gas-data-management-market-worth-2122-billion-by-2020/
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