Published on : Jul 20, 2018
Albany, New York, July 20, 2018: The evolution of big data has given many benefits to several industries. In recent years, companies in the oil and gas industry are improving operational performance by adopting Big Data solutions to monitor daily workflows, thus fueling its market growth. Market Research Hub (MRH) has freshly publicized a study titled “Big Data in Oil and Gas Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026” to its online repository, which examines the current & future scenarios prevailing in the global big data in oil and gas market by focusing on key regions. Information related to factors driving and restraining the growth in the concerned market merged with opportunities likely to affect the market during the period until 2026.
Key Highlights from the Study
According to the analyst’s outcomes, the global Big Data in Oil and Gas market is expected to reach a value of US$ 10,935.2 Mn by 2026. At this pace, the market is projected to expand at a CAGR of 16.6% during the forecast period from 2018 to 2026. The study has further added that the growth has been primarily attributed to a key factor, which is digitization across the oil and gas industry. Apart from that, pressing the need for enhanced oil exploration and production technologies, and potential for new insights from data generated in the oil and gas industry are some of the factors driving the Big Data in Oil and Gas market at a steady pace.
In a bid to offer detailed insights, the research study on big data in the oil and gas market is segmented based on component, data type, application, and region. The regional analysis section is a vital section of the report which identifies the scope of the market in regions including South America, North America, Europe, Asia Pacific, and Middle East & Africa (MEA). Moreover, on the basis of component, the study covers software and service. The market is also segmented based on data type as unstructured, structured, and semi-structured. Applications highlighted in the study include upstream, midstream, administration and downstream. Based on segmentation, the research finds following-
• North America is projected to dominate the Big Data in Oil and Gas market due to increased production of oil in the region.
• By 2026, the upstream application segment will account for more than 50% of the overall market share.
• On the basis of data type, unstructured data is anticipated to have more than 86% market share by 2026 end.
Moving further in the study, the report throws lights on market competitive landscape which is an important section that gives brief knowledge of major vendors in the global big data in oil and gas market. At present, key players active in the global market IBM Corporation, Accenture, Datawatch, Drillinginfo, Inc., Cloudera, Inc., Hitachi Vantara Corporation, HortonWorks, Inc., MapR Technologies, Inc., Microsoft Corporation, Oracle Corporation, Capgemini SE, SAP SE, SAS Institute, Inc., Palantir Solutions, and OSIsoft LLC.
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