Oil and Gas Data Management Market: Overview
Even as
the global oil and gas industry goes through a phase of change with a growing
emphasis on exploring offshore reserves, it finds itself more dependent than
ever before on technologies to analyze swathes of data to optimize business
performance and enhance safety standards. The need for oil and gas data
management technologies arises from the various regulatory changes being
imposed on the industry. A number of leading IT companies have diversified
their portfolio to cater to the needs of the oil and gas sector, giving oil and
gas companies’ ample choice when choosing a vendor.
From
exploration and production to trading and retail, the oil and gas sector
produces massive amounts of data at every stage. Classifying and streamlining
this data is necessary to optimize these functions. This report studies the
global oil and gas data management market to provide forecasts through 2023,
identify trends and opportunities, and evaluate the competitive landscape.
The
market can be segmented on the basis of the type of data management solutions
and geography. According to type, the market is segmented into IT
infrastructure and data organization. Likewise on the basis of geography, the
global oil and gas data management market is segmented into: Europe, North
America, Asia Pacific, and the Rest of the World.
Oil and Gas Data Management Market: Drivers and Restraints
Greater
reliance on the use of information technology to maximize oilfield recovery and
minimize nonproductive activities will act as a high-impact growth driver for
the global oil and gas data management market. From the standpoint of vendors,
technologies that have proven their efficiency in streamlining integrated
workflows in oilfields have earned enormous profits. This has spurred further
research and development in the global oil and gas data management market.
Several new products and solutions are thus expected to be launched in the
market over the forecast period of this report.
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However,
the market’s growth could be hindered by factors such as lack of awareness
about the benefits of oil and gas data management. The market’s growth could
also be hampered because of the high initial investment required to implement a
data management solution. Moreover, massive amounts of real-time data is
produced during the exploration of reserves – this necessitates failsafe data
management considering the high risk to life and property present at
exploration sites.
These
restraints can be mitigated to some extent by the trailblazing technologies
that are changing the future of the oil and gas sector. These technologies are
centered on operations such as transportation, geophysical assessment,
distribution and refinement, and others. These will substantially fuel the
demand for data management solutions in the global oil and gas industry.
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