Oil and Gas Data Management Market Size & Share Set For Accelerated Growth By 2024

From exploration and production to retail, the oil and gas industry produces massive amounts of data, which needs to be classified and streamlined for enhanced performance. The full cycle of transportation, storage, refining and exploration data is included in oil and gas data management. It includes the deployment of complex data in diverse ways. The various regulatory changes made on the oil and gas industry generates the need for adopting oil and gas data management concept in the companies. Through data management, the huge volume of data can be assorted and analyzed as per the company’s requirements and optimum business performance and safety standards can be obtained. The oil and gas data management market is growing at a considerable speed owing to the technological advancement and increasing use of information technology.

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The global oil and gas data management market is segmented into its type and geography. On the basis of type, the global market is divided into IT infrastructure, data organization and services. Diversification of the global market on the basis of region is seen into Europe, North America, the Middle East and Africa, Asia Pacific and Latin America.

The global oil and gas data management market is growing at a significant pace. This growth can be attributed to reasons such as greater reliance on information technology to increase oilfield recovery and to reduce nonproductive activities, advancements and innovations made in technology, increasing research and development and launching of new products in this field to increase efficient data management. In addition, several new companies are providing niche solutions at competitive prices in the global market, which is expected to accelerate the growth of the market. However, there are certain factors, which restrain the global oil and gas data management market growth. They include lack of awareness about the benefits of oil and gas data management, high initial investment required to implement a data management solution, increasing level of challenges arising due to the growing volume and velocity of the data and high time, costs, and risks associated with managing and moving data.

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The largest share in the global oil and gas data management market is seen by the North American region. This growth is expected to be followed by Asia Pacific. Owing to the large reserves of oil and gas in the Middle East region, the demand for oil and gas data management is expected to grow rapidly in the Middle East and Africa. Also contributing towards the growth in this region is the emergence of many new companies. A significant share is also contributed by Europe and Latin America in the global oil and gas data management market.

Some of the major companies in the global oil and gas data management market are Wipro, IBM, Infosys, DataCo, TCS, Teradata, SAP, Capgemini, VMware Inc., Oracle, and NetApp.

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