ALBANY, NY,, April 8, 2021 / PRNewswire / – In today’s world, digital data is growing at an unprecedented rate. The advent of the Internet of Things (IoT) is producing vast amounts of digital data at an exponential pace. In recent years, the data universe has expanded tremendously. In reality, more than 80% to 90% of total digital data in today’s market has been generated in recent years. As data increased, so did the number of data breaches. Data management software for oil and gas companies is a type of sophisticated software that helps them monitor and protect data. The ventures of these companies are complex in terms of activities, inventory management, capital management, resource management, etc. Data management software enables companies to optimize resources, monitor and improve project progress. It is estimated that these factors will work in favor of the global oil and gas data management market in the coming years.
Businesses can efficiently monitor and access their data with a real-time data management software tool. Data warehousing, data mining, regulatory compliance management tools and various other functions, such as process design control, are included in the data management software by various vendors and software vendors. In addition, increased adoption of artificial intelligence (AI) and the Internet of Things (IoT) is expected to encourage the widespread use of data management software by both large and small companies in the oil and gas industry. Data management as a service is gaining momentum in the oil and gas sector, thanks to a fast and widely accepted cloud platform, scalable data management solutions, cost-effectiveness and the development of a new generation data center. The global oil and gas data market is expected to be driven by a growing trend of cloud adoption in the coming years.
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By 2026, the global oil and gas data market is estimated to be worth about $ 33,510.6 million. In the projected time frame from 2018 to 2026, a market development of 18.2% CAGR is expected. The growing complications and costs of operations, the need to control project risks and maintain regulatory compliance are predicted to boost the growth of the global oil and gas management market.
Key market report findings
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Taken as a result of cost efficiency, as well as the reduced capital investment required for subscription services (cloud), the adoption of oil and gas data management tools by small and medium enterprises (SMEs) is growing. Data management software / services are used to reduce costs and save time (process optimization), and this trend is expected to continue over the projected time series.
The modernization of conventional business infrastructure is necessary in the context of growing data breaches around the world. As a result, the modernization of corporate data management technology around the world is expected to boost the global oil and gas data management market in the near future. However, the lack of full data protection and misuse of the data collected is likely to stifle the growth of the global oil and gas data management market in both the domestic and international markets.
- The level of technological penetration that will appear as determining factors in several regions
Share of North America in the global oil and gas data management market it is estimated to be on the higher side. Oil and gas data market in North America it is guided by technological discoveries and a relatively high level of maturity in terms of technology penetration. Europe is assessed on the track North America in terms of market share with countries like the UK, Germany making up a significant part of the market in Europe. The Asia-Pacific region is projected to experience rapid growth during the forecast period as a result of accelerated technological developments in various vertical industries in the region. In addition, several developing economies in the region are recording infrastructural growth, which is expected to further support the development of the region’s oil and gas data management market.
Explore 216 pages of cutting-edge research, the current market scenario, and extensive geographic projections. Gain insight into the oil and gas data management market (component – solution (corporate data management system, project data management system, national data repository), services (consulting and planning, integration and implementation, operation and maintenance)) – Global Industry Analysis, size, share, growth, trends and forecast 2018 – 2026 at https://www.transparencymarketresearch.com/oil-gas-data-management-market.html
Oil and gas data market: growth drivers
- Upgrading your existing business infrastructure is necessary to increase the number of data breaches around the world, which is likely to come in handy in the coming years.
- Companies can access and manage data in real time through data management software. Many developers and vendors focus on improving data management software by integrating value-added processing, such as data storage, data analytics, and regulatory compliance management tools.
Analyze the growth of global oil and gas data management in 30+ countries, including the United States, Canada,, Germany,, UK,, France,, Italy,, Russia,, Poland, Benelux, Nordic, china,, Japan,, India, i north korea. Request a sample study
The global oil and gas data market: key competitors
- Schlumberger Limited
- Halliburton Company
- Tata Consultancy Services Ltd.
- Cisco Systems, Inc.
- Newgen Software, Inc.
- IBM Corporation
Global oil and gas data market: segmentation
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