The global big data market in the oil and gas sector is anticipated to witness growth over the forecast period. Big data refers to information that is complex and larger in size than what traditional data processing applications can handle. The concept of big data and analytics s fairly new to a few industries, but the oil & gas sector has been one of the major consumers of this service as the industry deals with a large volume of data to formulate several technical decisions. Over the past few years’ numerous energy companies have highly invested in visualization tools, seismic software and other digital technologies in order to understand well dynamics and introduce new technologies in the market.
Accuracy in big data helps in making efficient and improved decisions that can result in increased operational efficiency, reduced risk, and cost reduction. Data sets are expanding rapidly because they are progressively gathered by cheap and various information sensing mobile devices, software logs, microphones, and wireless network sensors.
Approximately one-third of the firms have capabilities of the service as big data analytics is one of the top priorities for over 88% of the companies. One of the major drivers of the global big data market is a huge amount of data, enterprises require big data solutions to automatically record the behavior and performance of the information stored in their information technology systems.
Majority of the firms use big data analytics to track their equipment and assets, analyze operating issues, and enable maintenance. Over 60% have enforced network automation to assemble a large amount of data in diffused environments such as along pipelines or remote farms. Approximately two-thirds of the companies were assessed across eight industrial countries and they said that they would be losing their market position over the next few years if did not switch to big data strategy.
With the correct technology solutions, oil & gas companies move apart from traditional real-time monitoring to more rapid real-time prediction. By rapidly evaluating incoming technical and business data and implementing that information to complicated models in real-time, they can bring out tactical insights that help in increasing production and drilling performance while avoiding problems.
By instantaneously searching and analyzing vast amount of data such as news about acquisitions, mergers, and new investments, they can considerably improve strategic decision making. Big data can benefit companies establish the “digital oilfield”, unified operations that consolidate operational technology with information technology to enhance decision making and improve operational and business performance.
To capture these opportunities, several oil and gas companies will require adopting emerging IT solutions customized to address definite challenges of big data. They require technology that can gather, manage, and evaluate vast and rapidly increasing volumes of data, such as production data generated by oilfield sensors. In addition to this, they need solutions that can evaluate extensive variety of data types including numerical data cascading from drilling rig sensors and unstructured data from micro seismic, and logs from other sources. Modern solutions are expected to help to integrate business data with the available technical data, to bring together IT systems and OT systems.
Global big data component market can be segmented into hardware, software & services and storage whereas application of global big data market can be segmented into manufacturing, healthcare, IT and telecommunications, BFSI, retail, government, and media & entertainment.
North America big data market is anticipated to become the dominant region accounting for more than a quarter of total share over the forecast period. Europe is also expected to see substantial demand over the forecast period as the administrative and government sectors increasingly focus on intensifying operational efficiency along with increasing usage. Asia Pacific is expected to be one of the fastest-growing markets for big data over the forecast period in light of various developments in emerging economies including India and China which are anticipated to switch to big data for making any kind of strategic decisions.
Companies are progressively investing in R&D activities for developing consolidated solutions that offer increased capabilities. Numerous efforts are being undertaken by vendors to decrease hardware costs in order to have a competitive advantage. The global big data industry is also anticipating emergence of numerous startups which is expected to have a positive impact on the market over the forecast period. Manufacturers are expected to use mergers, acquisitions, and venture funding over the forecast period owing to complex ecosystem and technological advancement.
Key players present in the global industry for numerous oil a& gas companies include Oracle, HP, IBM, and Teradata. Some of the other vendors are Splunk, Actian, Opera Solutions, Basho, Kognitio, Cloudera, Guavus, Datameer, DataStax, and Digital Reasoning.
Companies are relying on the technological innovative solutions to increase productivity, reduce cost, and attract new customers. Most companies are emphasizing on seeking correlations from various sources and foresee customer behavior in order to gain a competitive advantage in the global market.
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