According to a new market report published by Transparency Market Research, the global oil & gas data management market is expected to reach a value of US$ 33,510.6 Mn by 2026. The market is projected to expand at a CAGR of 18.2% during the forecast period from 2018 to 2026. Increasing cost and complexity of operations, need to manage project risks, and ensuring compliance with regulations are some of the factors that are expected to drive the oil & gas data management market globally. Asia Pacific is anticipated to be the fastest growing region for the market during the forecast period which is expected to be followed by Middle East & Africa. Data management is experiencing flourishing growth in terms of adoption across different industry verticals around the globe including oil & gas. Increase in the implementation of big data analytics and artificial intelligence offered by vendors is further contributing to the growth of the oil & gas data management market.
Data management software allows businesses to manage and access their data effectively on a real time basis. Numerous software development providers and vendors are laying emphasis on enrichment of data management software by integrating value added processing such as regulatory compliance management tools, data analytics, data warehousing, and other features, for instance process design control. Moreover, increasing adoption of IoT and AI is projected to enhance large scale implementation of data management software by small and large enterprises in the oil & gas industry. Cloud platform adoption, next generation data center evolution, and cost effective and flexible data management solutions are creating demand traction for data management as a service in the oil & gas industry. It is anticipated that rising trend of cloud adoption would drive the data management market over the years. Rising data breaches across the globe is necessitating the modernization of existing enterprise infrastructure.
Growing list of data management solution vendors likely to boost the growth of the overall market
Adoption of oil & gas data management by small and medium-sized enterprises (SMEs) is increasing mainly due to cost efficiency as well as limited capital investment required for subscription based (cloud) services. Utilizing data management software/services for cost cutting and time savings (process optimization) is fuelling the growth of the market substantially with the trend expected to be maintained during the forecast period.
The oil & gas data management market has been segmented on the basis of solution, services, and geographical regions. In terms of solution, the market has been classified into enterprise data management, project data management, and national data repository. The national data repository segment has been further bifurcated into standalone and integrated. The standalone segment has been further classified into seismic data management system, well data management system, project data management system, and borehole data management system. The services segment has been classified under consulting & planning, integration & implementation, and operation & maintenance.
North America and Europe collectively accounted for almost 50% of the global market share in 2017, with North America holding a larger share of the market. Technological developments and relatively higher maturity in terms of technology penetration are major drivers of the oil & gas data management market in North America. Within the Europe oil & gas data management market, Germany held the largest revenue share in 2017, closely followed by the U.K. Asia Pacific, which includes China, India, Japan, and Rest of Asia Pacific, is expected to witness the fastest growth during the forecast period attributed to the rapid technological developments in various industry verticals across different countries. Moreover, several emerging economies in the region are experiencing growth in their infrastructure which is further supporting the oil & gas data management market growth in this region.