Myriad regulatory changes being executed in oil & gas industry has escalated the need for data management technologies for oil & gas market. Oil & gas data management system is basically a technology that progresses intensive and complicated data for oil & gas sector. Presently, there are several IT organizations diversifying their products & services portfolio in order to cater to the demands of this particular sector, providing oil & gas companies with plenty choice while choosing vendor. Change being the only constant in the industry, the oil & gas sector has developed more emphasis upon exploration of offshore reserves, therefore in order to enhance its safety standards and optimize its business performance, the oil & gas companies have found themselves more dependent on the technologies to examine and investigate the swathes of data available to the industry. Also, classifying and streamlining this data has become very important for efficient functioning of the business. The industry’s growing reliance on IT further maximises the oilfield recovery and diminishes the non-productive activities, which produces a huge impact on growth of oil & gas data management market.
The research & development activities in oil & gas data management market globally have spurred due to rising advancements in the technologies that have established efficiency in streamlining integrated workflows in oilfields and are anticipated to earn huge profits. Hence, the market is expected to foresee several new products and solution launches in the nearing future. Furthermore, the market dynamics are predicted to experience gradual disruption by the emergence of advanced and innovative start-ups catering to the niche of the market at a highly competitive price, which is also analyzed to drive the global oil & gas data management market. However, lack of awareness towards the benefits of oil and gas data management systems market is expected to restrict the growth of this market to certain extent. Moreover, high initial investment coupled with production of humongous amount of data during exploitation of reserves, which subsequently mandates guarantee of data management considering the level of risk imposed to property and lives present at the exploration sites. The trailblazing technologies can mitigate these restrains up to certain level, as they are more concentrated upon the operations such as geophysical assessment, transportation, distribution and refinement, which will further accelerate the need for data management solutions in oil & gas sector.
The data management market in oil and gas industry can be segmented on the basis of different types of data management solutions such as data management systems, IT infrastructure, services and others. The requirement for deployment of complex technical data management is high. However, movement and management of this data involve high cost, time and risk. The growing trend in adoption of latest technologies and solution throughout the value chain of oil & gas industry is playing a key role for firms to attain operational efficiency goals aimed by oil and gas companies. Globally, the market is fragmented into five major regions that include North America, Europe, Latin America, Middle East & Africa (MEA) and Asia-Pacific. North America dominates the market and is trailed by Asia-Pacific. Furthermore, the adoption of data management solutions for oil & gas industry in Middle East and Africa are projected to rise during the forecast period. Since past few months, the rapid adoption of these solutions by many new companies indicates the widespread growth across the regions.
Some of the players active in this market are Wipro, IBM, SAP, NetApp and Oracle. There are several other small companies in this market which are adopting the strategy of new product launch and especially cater to the niche segments of the market which is expected to fuel the growth of data management in oil and gas market in the coming years.
Market by Type
· Data management systems
· IT infrastructure
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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