Global Big Data Market in the Oil and Gas Sector - Trends, Drivers, and Challenges | Technavio
The global
big data market in the oil and gas sector is expected to grow at
a CAGR of close to 13% during the period 2018-2022, according to
a new market research study by Technavio.
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Technavio has published a new market research report on the global big data market in the oil and gas sector from 2018-2022. (Graphic: Business Wire)
The report presents a comprehensive research of the global
big data market in the oil and gas sector by product, including
software and services. The report also determines the geographic
breakdown of the market in terms of detailed analysis and impact, which
includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: need to improve productivity
Big data solutions lead to automated decision-making process, which
eliminates the process delay in human decision making. This helps
organizations improve their decision making and market response. In the
oil and gas sector, big data solutions are used to strategically reduce
the operating costs and improve all areas of the oil and gas lifecycle.
Also, big data solutions help organizations to gain a competitive
advantage because they transform the raw marketing and customer data
into useful information.
According to a senior analyst at Technavio for enterprise
application research, “Understanding and leveraging
the data in upstream oil and gas enables companies to remain competitive
during exploration, planning, and field development. In downstream oil
and gas, it is used for maximizing production, enhancing maintenance,
and improving planning and forecasting results.”
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Market trend: use of predictive analytics in the oil and gas industry
To accelerate decision making, enterprises in the oil and gas industry
have identified predictive analytics as one of the methods. Such
organizations have started using collaborative unstructured and
structured data to enhance pattern recognition that can improve the
optimization of oil and gas operations. For example, pressure, volume,
and temperature data generated in real time can be collected and
analyzed against historical databases to create patterns for equipment
failure.
User-friendly predictive modeling tools are offered either independently
or as embedded features of big data solutions. Most of the big data
vendors include the feature of predictive modeling. Development and
enhancement of the present usability features of predictive modeling
tools are expected from some of the established predictive modeling
suppliers. These features include interactive visualization and
automation, which will accelerate methods for developing, ascertaining,
and analyzing predictive models.
Market challenge: lack of skilled workforce
At present, there is a lack of talented professionals in the oil and gas
sector that are required to power the full potential of the big data
technology. The competitive business environment has compelled companies
to adopt strategies for cost-cutting. Therefore, the companies are not
investing in training and education related to big data management. This
is the major reason for the lack of specialized big data professionals
in this sector which is ultimately affecting the global
big data market in the oil and gas sector market during the
forecast period.
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