Transparency Market Research

Oil & Gas Data Management Market Expected to Reach US $33,510.6 Mn by 2026


Albany, NY -- (SBWIRE) -- 01/11/2019 -- 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.

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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.

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The report covers the analysis of these segments across North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with the qualitative analysis for market estimates supplementing the growth of the oil & gas data management market during the forecast period. Seismic and borehole data management segments are anticipated to experience lucrative growth opportunities in the market. In terms of adoption of oil & gas data management, the enterprise data management sector is projected to expand at a CAGR of approximately 18.2% during the forecast period from 2018 to 2026.