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Big Data in Oil and Gas Exploration and Production Market 2021 Global Industry Extensive Competitive Landscape on Size, Volume, Trends, Share and Revenue, Regional Forecast By 2023
Posted on May 5 2021 9:00 AM
"Big Data in Oil and Gas Exploration and Production Market Research Report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts with Forecast Period 2021-2023.
Global Big Data in Oil and Gas Exploration and Production Market Research Report study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds impact on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.Big Data in Oil and Gas Exploration and Production Market Research Report is highly research-intensive, powered by high R & D investment, and it possesses a strong product analysis to maintain growth and ensure long-term revenue generation.
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Big Data in Oil and Gas Exploration and Production Market report offers a comprehensive view regarding the competitive landscape of the Big Data in Oil and Gas Exploration and Production market and includes a deep description of performance by some of the key global players completing in the market. It offers a list of latest updates of several business strategies including mergers, acquisitions, partnerships, product launch, expansion of production units, and collaborations adopted by these major global players. The report provides a clear picture regarding R & D investment from key players and adoption of innovative technologies to widen their consumer base and expand the existing competitive position. Moreover, the report offers a detailed information about the position, scope of growth, and opportunities of new entrants or players in the market.
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Volatile crude oil price and increasing competition in the oil & gas industry have driven the use of big data to make smart decisions. With crude oil price crossing USD 60 barrel mark, increase in seismic, drilling, logging and production activities are expected to increase the volume of data and data velocity. As a result, big data in the global oil & gas exploration and production market is expected to witness an exponential growth in the forecast period.
Increasing Exploration and Production Activity
With crude oil price crossing USD 60 per barrel mark, exploration and production activities are expected to increase over the coming years. Cheap sensors and ever-greater computing power are likely to increase the volume of data collected by the oil & gas industry. Modern offshore drilling platforms have about 80,000 sensors, which are expected to generate 15 petabytes of data during the life of the asset. Big data and analytics are expected to help the industry navigate the vast data, which is expected to drive the big data market.
Lack of Awareness â€' Restraints the Market
The oil & gas industry faces lack of awareness in terms of big data. Only 36% of the oil & gas companies have invested in big data and analytics. However, only 13% of them use the insights from technology, as enhanced business intelligence solution. This underlines the fact that many companies have not embedded big data and analytics completely in their systems, but are just applying a part of the technology. Several companies do not have a clear idea about the new technologies hitting the market. Coupled with the fact that a small number of players have a clear idea about the enhanced business intelligence solution available through the use of big data solutions, lack of awareness is considered to be a restraint for the market.
North America to Dominate the Market Share
North America accounts for the major share in global big data in the oil & gas industry. The market is driven by high demand for IT solutions in Gulf of Mexico and the US shale fields, to enhance their productivity and decision making process. ConocoPhillips said that the sensors the company deployed in Eagle Ford shale basin of South Texas helped reduce the drilling time by around 50%. North Sea is expected to account for second-largest share in the market. Digitalization of oilfields in the region contributed to 40% reduction in operating cost in the North Sea, during the low oil price regime.
Digitization of Saudi Arabiaâ€™s Oilfields
Saudi Aramco is the biggest oil & gas player in Saudi Arabia. The company is entering into agreements with several companies for digitization of its operations, in the country. Saudi Aramco has signed an MOU with Honeywell. The companies will work together to increase yield, throughput, and improve reliability of Saudi Aramcoâ€™s operations by deploying Honeywellâ€™s predictive analytics solutions and cloud-based services.
Key Developments in the Market
November 2017: Drillinginfo acquired Oklahoma City-based Oil-Law Records (OLR). The acquisition is expected to strengthen Dillinginfoâ€™s well spacing, unitization, and historical well records in Oklahoma and New Mexico.
October 2016: Hitachi Vantara, launched its Pentahao data integration and analytics platform software. Pentahao 8.0 improves data and stream processing. It provides real time data processing to fast track digital insights.
Key players: INTERNATIONAL BUSINESS MACHINES CORPORATION, HITACHI VANTARA CORPORATION, DRILLINGINFO, Inc., ORACLE CORPORATION, MICROSOFT CORPORATION, PALANTIR ECONOMIC SOLUTIONS Ltd., NORTHWEST ANALYTICS Inc., SAP SE, HORTONWORKS Inc., MAPR TECHNOLOGIES
REASONS TO PURCHASE THIS REPORT
Effect of evolving technologies, changes in energy mix, strategic developments in the oil industry and government regulations in the global big data in oil & gas exploration and production market.
Analyzing various perspectives of the market with the help of Porterâ€™s five forces analysis.
Identify product type dominating the market.
Identify regions witnessing fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
This report can be customized to meet your requirements.
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Covered in this report
The Report Covers the Present Scenario and the Growth Prospects of the Global Big Data in Oil and Gas Exploration and Production Market for 2021-2023. To calculate the market size, the report considers new installations or sales and subscription payments of Big Data in Oil and Gas Exploration and Production.
Regional Market Analysis:
The Big Data in Oil and Gas Exploration and Production Market report includes Global & Regional market status and outlook 2021-2023. Further, the report provides break down details about each region & countries covered in the report. Identifying its sales, sales volume & revenue forecast
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Global Big Data in Oil and Gas Exploration and Production Market 2021-2023, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
- Growing research activities coupled with new product launches.
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- High Opportunity in the Industry
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- Complications associated with Big Data in Oil and Gas Exploration and Production procedures.
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Key Attentions of Big Data in Oil and Gas Exploration and Production Market Report:
- The report offers a comprehensive and broad perspective on the global Big Data in Oil and Gas Exploration and Production market.
- The market statistics represented in different Big Data in Oil and Gas Exploration and Production segments offers complete industry picture.
- Market growth drivers, challenges affecting the development of Big Data in Oil and Gas Exploration and Production are analyzed in detail.
- The report will help in the analysis of major competitive market scenario, market dynamics of Big Data in Oil and Gas Exploration and Production.
- Major stakeholders, top companies Big Data in Oil and Gas Exploration and Production, investment feasibility and new market entrants study is offered.
- Development scope of Big Data in Oil and Gas Exploration and Production in each market segment is covered in this report. The macro and micro-economic factors affecting the Big Data in Oil and Gas Exploration and Production market
- Advancement is elaborated in this report. The upstream and downstream components of Big Data in Oil and Gas Exploration and Production and a comprehensive value chain are explained.
Some Major Points from Toc :-
1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness Porter's Five Forces Analysis
3.2.5 Degree of Competition
3.3 Price Analysis
4. Market Dynamics
5. Market Segmentation and Analysis (Market Size, Growth & Forecast)
5.1 By Product Type
5.2 By Application
5.3 By End-user Industry
6. Regional Market Analysis
6.1 Production Analysis
6.1.4 Democratic Republic of Congo
6.2 Consumption Analysis (Market Size, Growth and Forecast)
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
6.2.2 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
6.2.4 South America
22.214.171.124 Rest of South America
6.2.5 Middle East & Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East & Africa
7. Future of the Market
8. Competitive Landscape
8.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
8.2 Market Share Analysis**
8.3 Strategies Adopted by Leading Players
9. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
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