According to a new market report published by Credence Research “Global Big Data Services Market for Oil & Gas Industry – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the Global Big Data Services Market for Oil & Gas Industry is expected to reach US$ 33.5 Bn by 2023, expanding at a CAGR of 17.3% between 2016 to 2023.
Big Data in oil & gas refers to the large volume of data generated at high velocity in variety of format such as structured, unstructured data generated by various processes and financial transactions in oil & gas industry. Volatile oil prices and increasing competition in oil & gas industry has derived the need for smart decision making using big data analytics as a tool. Early adopters of the big data services using big data to create various predictive models from images of earth surface to forecast the availability of oil and also track activities of well operations such as production rate, pressure and equipment performance for efficient operations by reducing non-productive time. Big data is used to derive meaningful information for better decision making using various analytical tools and techniques.
Browse the full Global Big Data Services Market for Oil & Gas Industry by Component, Application and Geography – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/big-data-services-market
Big data services market is expected to gain robust growth over the forecast period by virtue of low profit margins due to high competition and volatile oil prices coupled with development of non-conventional exploration and production techniques for oil recovery form shale rock. Introduction of cloud based storage along with development of various storage solutions such as Hadoop Distributed File System (HDFS) has provided the platform to store variety of data. Various big data service provider offers professional services to the oil companies to help them in choosing right big data solution matching their business requirements. Increasing awareness about the big data and associated advantages coupled with increasing competition are anticipated to augment the demand big data services for oil & gas industry during the forecast period (2016-2023). However, shrinking IT budget due to slowdown in oil & gas industry is expected to restrain the growth of big data services market during the forecast period (2016-2023).
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Global big data services for oil & gas industry is segmented on the basis of component, application and geography. By component, services segment is projected to be the most dominant segment as oil & gas companies are seeking assistance in selecting the right infrastructure suiting their business requirements. Considering application, the upstream segment is anticipated to be the largest segment over the forecast period (2016-2023) owing to increasing complexity in exploration and production of oil & gas from shale rocks and deep water drilling coupled with high involvement of capital expenditure. The key players in the market are focusing on training & development for increasing awareness about big data along with development of new software to match the business requirements of the oil & gas industry.
Overall, global big data services market for oil & gas industry is projected to register robust growth over the forecast period (2016-2023).
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