Oil and Gas Data Management Market to Reach $142.4 Billion, Globally, by 2033 at 16.8% CAGR: Allied Market Research

The oil and gas data management market is expected to witness growth owing to increase in complexity of exploration and production activities, advancements in digital technologies, and need for real-time data access and analysis.

PORTLAND, Ore., Aug. 28, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Oil and Gas Data Management Market by Technology (Big Data Analytics, AI, and IoT), Deployment Model (On-premise, and Cloud), and Application (Upstream, Midstream, and Downstream): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the “oil and gas data management market” was valued at $29.4 billion in 2023, and is estimated to reach $142.4 billion by 2033, growing at a CAGR of 16.8% from 2024 to 2033.

Prime determinants of growth

The oil and gas data management market is expected to witness notable growth owing to increase in complexity of exploration and production activities, advancements in digital technologies, and need for real-time data access and analysis. Moreover, regulatory compliance and environmental sustainability and operational efficiency and cost reduction are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, integration of legacy systems and data security and privacy concerns limit the growth of the oil and gas data management market. 

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The big data analytics segment to maintain its leadership status during the forecast period

By technology, the big data analytics segment held the highest market share in 2023, accounting for more than one-thirds of the oil and gas data management market revenue, and is estimated to maintain its leadership status during the forecast period. It continued to dominate due to its ability to handle vast amounts of data, providing valuable insights that help in decision-making, optimizing operations, and increasing efficiency. However, the AI segment is expected to attain the largest CAGR of 18.6% from 2024 to 2033 and is projected to maintain its lead position during the forecast period.

The cloud segment accounted for the largest share in 2023

By deployment mode, the cloud segment accounted for the largest share in 2023, contributing for more than half of the oil and gas data management market revenue, an increase in the need for secure and reliable data within the organization is fueling the market growth for cloud-based data management solution.

The upstream segment accounted for the largest share in 2023

By application, the upstream segment accounted for the largest share in 2023, contributing for more than half of the oil and gas data management market revenue, owing to the significant data management needs in exploration, production, and related activities in the upstream sector. However, the midstream segment is expected to attain the largest CAGR of 19.2% from 2024 to 2033 and is projected to maintain its lead position during the forecast period. This segment requires efficient management of large volumes of data related to pipeline monitoring, logistics, inventory management, and regulatory compliance.

North America region to maintain its dominance by 2033

Based on region, the North America segment held the highest market share in terms of revenue in 2023, accounting for more than one-third of the oil and gas data management market revenue. The increase in the usage of oil and gas data management solution in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 19.4% from 2024 to 2033. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, further expected to contribute to the growth of the market in this region.

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Leading Market Players: –

IBM CORPORATIONSCHLUMBERGER LIMITEDHALLIBURTON ENERGY SERVICES, INC.BAKER HUGHES COMPANYORACLE CORPORATIONTERADATAEMERSON ELECTRIC CO.HONEYWELL INTERNATIONAL INC.TATA CONSULTANCY SERVICES LIMITEDSAP SEAVEVA GROUP LIMITEDQUORUM BUSINESS SOLUTIONS, INC.VIRIDIEN S.A.

The report provides a detailed analysis of these key players in the oil and gas data management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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