Oil And Gas Data Management Market

Date: 9/21/2015

The Oil and Gas Data Management Market Is Expected To Grow From $6.08 Billion in 2015 to $21.22 Billion by 2020, At an Estimated CAGR Of 28.4% from 2015 To 2020

Oil and Gas Data Management Market by Information technology infrastructure, Data organization, and Service and by North America, Europe, Asia-Pacific, Middle East & Africa and Latin America

  • By: marketsandmarkets.com
  • Publishing Date: May 2015
  • Report Code: TC 3418

The total Oil and Gas Data Management market is expected to grow from $6.08 Billion in 2015 to $21.22 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 28.4% from 2015 to 2020. Oil exploration companies are exploring for oilfields located in remote and harsh environment to fulfill the gap between supply and demand. The trend of exploitation of offshore deep-water reserves and development of unconventional reserves is being followed by most of the oil and gas companies. This will require IT infrastructure, data analysis and consultation service to optimize performance and maintain safety standards.

The oil and gas data management market has been broadly segmented into three main categories which includes IT infrastructure, Data management and Services. The Oil and Gas industry requires complex technical data to be deployed in diverse ways. However, the costs, time and risks associated with managing and moving this data are high. The rising trend of adoption of modern technologies and solutions in the entire value chain of oil and gas sector is playing huge role for companies to achieve the best operational efficiency targets set by oil and gas companies. The energy sector produces vast and varied amounts of information: raw exploration data, real-time production data, refinery process-related data, and trading and retail information.

Prominent vendors in this space include SAP, IBM, Wipro, NetApp and Oracle while new start-ups have emerged as key innovators in this space. The Oil and Gas Data Management market research report analyses market dynamics, future roadmaps and global trends, and also provide competitive intelligence and forecasts over the next five years. The major companies have already invested in this market along with other small vendors specializing in niche segment of the market.

On the basis of region, this market is classified into five regions, namely, North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. In 2015, the oil and gas data management market is estimated to be dominated by North America with a 38.51% share followed by the APAC. The adoption of oil and gas data management solution is expected to gain traction in MEA region due to highest proven oil and gas reserves. Over the last twelve months, many new enterprises have started showing interest in these solutions indicating widespread adoption in this region.

New product launches is the key strategy adopted by industry players in order to achieve growth in the Oil and Gas Data management market. This strategy accounted for a share of 42.86% of all growth strategies adopted by market players. Market players are focusing on entering new markets by launching technologically advanced and innovative Oil and Gas Data management solution, and services in both existing and emerging markets. The major companies adopting this strategy are the companies who developed innovative solutions with regard to enterprise need. SAP, IBM, Wipro, NetApp and Oracle are some of the leading market players that adopted this strategy in order to develop their business.