LONDON--(BUSINESS WIRE)--The global big data market in the oil and gas sector is expected to grow at a CAGR of close to 13% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global big data market in the oil and gas sector by product, including software and services. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: need to improve productivity
Big data solutions lead to automated decision-making process, which eliminates the process delay in human decision making. This helps organizations improve their decision making and market response. In the oil and gas sector, big data solutions are used to strategically reduce the operating costs and improve all areas of the oil and gas lifecycle. Also, big data solutions help organizations to gain a competitive advantage because they transform the raw marketing and customer data into useful information.
According to a senior analyst at Technavio for enterprise application research, “Understanding and leveraging the data in upstream oil and gas enables companies to remain competitive during exploration, planning, and field development. In downstream oil and gas, it is used for maximizing production, enhancing maintenance, and improving planning and forecasting results.”
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Market trend: use of predictive analytics in the oil and gas industry
To accelerate decision making, enterprises in the oil and gas industry have identified predictive analytics as one of the methods. Such organizations have started using collaborative unstructured and structured data to enhance pattern recognition that can improve the optimization of oil and gas operations. For example, pressure, volume, and temperature data generated in real time can be collected and analyzed against historical databases to create patterns for equipment failure.
User-friendly predictive modeling tools are offered either independently or as embedded features of big data solutions. Most of the big data vendors include the feature of predictive modeling. Development and enhancement of the present usability features of predictive modeling tools are expected from some of the established predictive modeling suppliers. These features include interactive visualization and automation, which will accelerate methods for developing, ascertaining, and analyzing predictive models.
Market challenge: lack of skilled workforce
At present, there is a lack of talented professionals in the oil and gas sector that are required to power the full potential of the big data technology. The competitive business environment has compelled companies to adopt strategies for cost-cutting. Therefore, the companies are not investing in training and education related to big data management. This is the major reason for the lack of specialized big data professionals in this sector which is ultimately affecting the global big data market in the oil and gas sector market during the forecast period.
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