The Global Big Data in Oil and Gas Exploration and Production Market 2020-2023 Research Report provides idealistic and determined details of the Big Data in Oil and Gas Exploration and Production Market, that assist you in promoting ideas with research-based factors. It offers in-depth data, refines variations of the worldwide Big Data in Oil and Gas Exploration and Production market to help you in deciding the final strategy. The report features a thorough outlook of the market considering profitability, attractiveness, revenue, and CAGR.
The Big Data in Oil and Gas Exploration and Production Market Research Report also focuses on leading industry Manufacturer with information such as company profiles, products, and services offered financial information throughout 2020 – 2023
- International Business Machines Corporation
- Hitachi Vantara Corporation
- Oracle Corporation
- Microsoft Corporation
- Palantir Economic Solutions Ltd.
- Northwest Analytics Inc.
- SAP SE
- Hortonworks Inc.
- MapR Technologies
The Big Data in Oil and Gas Exploration and Production Market Report offers an accurate financial assessment of each leading Competitor based on their business data that includes estimation of gross margin, Big Data in Oil and Gas Exploration and Production Market sales volume, profitability, pricing erection, product value, cost structure, revenue, and growth rate.
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Summary of Big Data in Oil and Gas Exploration and Production Market:
Volatile crude oil price and increasing competition in the oil & gas industry have driven the use of big data to make smart decisions. With crude oil price crossing USD 60 barrel mark, increase in seismic, drilling, logging and production activities are expected to increase the volume of data and data velocity. As a result, big data in the global oil & gas exploration and production market is expected to witness an exponential growth in the forecast period.
Increasing Exploration and Production Activity
With crude oil price crossing USD 60 per barrel mark, exploration and production activities are expected to increase over the coming years. Cheap sensors and ever-greater computing power are likely to increase the volume of data collected by the oil & gas industry. Modern offshore drilling platforms have about 80,000 sensors, which are expected to generate 15 petabytes of data during the life of the asset. Big data and analytics are expected to help the industry navigate the vast data, which is expected to drive the big data market.
Lack of Awareness – Restraints the Market
The oil & gas industry faces lack of awareness in terms of big data. Only 36% of the oil & gas companies have invested in big data and analytics. However, only 13% of them use the insights from technology, as enhanced business intelligence solution. This underlines the fact that many companies have not embedded big data and analytics completely in their systems, but are just applying a part of the technology. Several companies do not have a clear idea about the new technologies hitting the market. Coupled with the fact that a small number of players have a clear idea about the enhanced business intelligence solution available through the use of big data solutions, lack of awareness is considered to be a restraint for the market.
North America to Dominate the Market Share
North America accounts for the major share in global big data in the oil & gas industry. The market is driven by high demand for IT solutions in Gulf of Mexico and the US shale fields, to enhance their productivity and decision making process. ConocoPhillips said that the sensors the company deployed in Eagle Ford shale basin of South Texas helped reduce the drilling time by around 50%. North Sea is expected to account for second-largest share in the market. Digitalization of oilfields in the region contributed to 40% reduction in operating cost in the North Sea, during the low oil price regime.
Digitization of Saudi Arabia’s Oilfields
Saudi Aramco is the biggest oil & gas player in Saudi Arabia. The company is entering into agreements with several companies for digitization of its operations, in the country. Saudi Aramco has signed an MOU with Honeywell. The companies will work together to increase yield, throughput, and improve reliability of Saudi Aramco’s operations by deploying Honeywell’s predictive analytics solutions and cloud-based services.
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REASONS TO PURCHASE THIS REPORT
The Big Data in Oil and Gas Exploration and Production Market 2020-2023 Analysis objectives of the report are:
- To analyze Big Data in Oil and Gas Exploration and Production Market regarding growth trends, anticipation and also their participation in the entire sector.
- To equitably share in-depth info regarding the vital elements influencing the increase of industry (growth capacity, probability, drivers and industry-specific challenges and risks).
- To know the Big Data in Oil and Gas Exploration and Production Market by distinguishing its many sub-segments.
- To examine and study the market size (volume & value) from the company, essential regions/countries, products and application, background information from 2013 – 2020 and also prediction to 2023.
- To profile the Leading players in the industry and analyze their growth plans.
- To venture the amount and value of sub-markets, depending on key regions.
- Primary worldwide Antifouling Paints and Coatings Market manufacturing companies, to specify, clarify and analyze the product sales amount, value and market share, market rivalry landscape, SWOT analysis, and development plans next coming years.
- To examine competitive progress such as expansions, arrangements, new product launches and acquisitions on the market.
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The growth of this market worldwide is subjected to various factors; including consumer world-class Big Data in Oil and Gas Exploration and Production Market of many Big Data in Oil and Gas Exploration and Production Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
In conclusion, Big Data in Oil and Gas Exploration and Production Market report presents the descriptive analysis of the parent market based on elite players, present, past and futuristic data that will serve as a profitable guide for all the Big Data in Oil and Gas Exploration and Production Market competitors.
Mr. Ajay More
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