LONDON--(BUSINESS WIRE)--According to a new report from research firm TechNavio, the Global Big Data Market in the Oil and Gas Sector is expected to post a CAGR of 56.45 percent from 2014-2018.
This unprecedented growth is due to the large amount of data that needs to be processed and managed in the oil and gas sector. Enterprises are relying on big data solutions to automatically track the performance and behavior of information stored in their IT systems. Furthermore, data analytics help develop innovative business strategies and improving overall operational efficiency.
The latest report by TechNavio emphasizes the adoption of user friendly predictive modelling, which has been identified as a way to accelerate decision making by many enterprises in the industry. Organizations are using collaborative structured and unstructured data to enhance pattern recognition to optimize oil and gas operations.
“There has been an aggressive introduction of user-friendly predictive modeling tools, which are offered either independently or as embedded features of big data solutions,” says Faisal Ghaus, Vice President of TechNavio.
“Some established vendors like IBM, HP, Hitachi, Oracle and SAS are expected to develop and enhance current usability features in their products.”
TechNavio currently has more than 3000 market research reports on a huge range of topics, including:
- Global DCS Market in the Oil and Gas Industry 2014-2018
- Global Drill Bits in Oil and Gas Industry Market 2014-2018
About TechNavio
TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
