The global oil and gas data management industry is impacted by factors such as operational efficiency and performance improvement, an increase in popularity of real-time analysis and predictive analytics solutions, and an increase in awareness among end users. However, lack of skilled workforce, increase in the number of cyber-attacks and data breaches incidents, and high initial investment are anticipated to hamper the market growth.
The oil and gas data management market was valued at $15.80 billion in 2020, and is projected to reach $92.36 billion by 2030, registering a CAGR of 19.2% during the forecast period.
Major industry players – Cisco Systems, Inc., EMC Corporation, Hewlett-Packard Enterprise Company, Hitachi Ltd., IBM Corporation, Infosys Limited, NetApp, Inc., Oracle Corporation, SAP SE, and Wipro Limited.
Post COVID-19, the oil and gas data management market was valued at $15.80 billion in 2020, and is projected to reach $92.36 billion by 2030, registering a CAGR of 19.2% during the forecast period. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. During 2020, almost every industry globally suffered a setback. This can be ascribed to severe disruptions in their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other limitations imposed by governments globally. The global oil and gas data management industry is no exception. The oil prices are falling as a result of production cut, while the demand for chemicals and refined goods has decreased as a result of industrial slowdowns and travel restrictions in the aftermath of the global epidemic. On the other hand, cloud computing and virtualization has proven to be fueling factors for the growth of the data management in oil and gas sector.
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In 2020, on the basis of type, the IT infrastructure segment dominated the oil and gas data management market, and is expected to maintain its dominance in the upcoming years. This is due to the increase in need for predicting reservoir performance, minimizing downtime, enhancing recovery, and ensuring higher safety. Furthermore, increase in demand for monitoring real-time asset performance, maintaining consistent production, and reducing non-productive time (NPT) are some of the key factors that supplement the adoption of data analysis solutions among oil and gas companies.
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Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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