Even as oil and gas companies continue their pursuit of discovering new hydrocarbon deposits, they need to plan aspects such as resource and budget allocation carefully.
Albany, NY -- (SBWIRE) -- 02/07/2017 -- Big data and analytics is increasingly playing a central role in this effort. A new report added to the database of MarketResearchReports.biz studies the global big data market for the oil and gas industry and provides projections for growth. The report is titled, 'Global Big Data Market in the Oil and Gas Sector 2016-2020.'
According to the report, the oil and gas industry, in the course of its operations, generates massive volumes of structured and unstructured data. This data needs to be filtered and sorted so it can be regrouped into actionable insight. Considering that this data generated ranges in volume from terabytes to zettabytes, the deployment of big data analytics becomes imperative if companies want to obtain an organization-wide overview of their activities.
As a result of this increased deployment of big data solutions by oil majors, the global big data market in the oil and gas sector will register a remarkable 30.67% CAGR between 2016 and 2020. Some of the already established advantages of big data in the oil and gas sector, such as its ability to maximize profitability and improve operational efficiency will further impel the global big data market.
The report states that the market will be restrained by factors such as a lack of awareness about the advantages of big data among oil and gas companies. Furthermore, according to the report, the use of user-friendly predictive modeling is a trend that could fetch handsome returns for vendors and their customers alike.
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In order to arrive at the size of the big data market in the oil and gas industry, the report calculates the revenue generated from big data solution investments in the oil and gas sector. The following points are taken into consideration to calculate the total revenue generated: Software subscriptions and licensing costs, technical maintenance and support costs, and costs pertaining to software implementation.
The findings presented in the report have been obtained following in-depth interviews with industry experts and C-level executives. Vendors that rake in the highest revenues in the global big data market in the oil and gas industry are: IBM, Oracle, HP, and Teradata. The other companies that have registered a notable presence in the big data market in the oil and gas sector are: DataStax, Cloudera, Alteryx, Opera Solutions, and Kognitio, among others.
The report, composed of 63 pages, features 15 parts, each being focused on a specific aspect of the big data market in the oil and gas industry. The report is also peppered with as many as 25 exhibits to make reading easy.
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