Oil and Gas Data Management Market Expected to Reach $21.22 Billion by 2020
The total Oil and Gas Data Management market is expected to grow from $6.08 Billion in 2015 to $21.22 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 28.4% from 2015 to 2020.
Vancouver, United States., August 4, 2015 (Newswire.com) - The oil and gas data management market has been broadly segmented into three main categories which includes IT infrastructure, Data management and Services. The Oil and Gas industry requires complex technical data to be deployed in diverse ways. However, the costs, time and risks associated with managing and moving this data are high. The rising trend of adoption of modern technologies and solutions in the entire value chain of oil and gas sector is playing huge role for companies to achieve the best operational efficiency targets set by oil and gas companies. The energy sector produces vast and varied amounts of information: raw exploration data, real-time production data, refinery process-related data, and trading and retail information.
This report studies the global Oil and Gas Data Management market during the forecast period from 2015 to 2020. The market is expected to expected to grow from $6.08 Billion in 2015 to $21.22 Billion, at a Compound Annual Growth Rate (CAGR) of 28.4% from 2015 to 2020.
MarketsandMarkets broadly segments the Oil and Gas Data Management market by solution (IT infrastructure, data organization, and services, and by region (North America (NA), Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LA).
The oil and gas data management includes the full life cycle of exploration, refining, storage and transportation data in the Oil and Gas industry from production to end user distribution. These solutions and strategies are state of the art technology specifically for the oil and gas industry to empower clients to better understand access and manage their data assets. The challenges involved in data management increases with growing volume and velocity of the storage requirements.
The purpose of the IT technology adoption is to maximize oilfield recovery, eliminate non-productive time, and increase profitability through the design and deployment of integrated workflows. Digital oilfield workflows combine business process management with advanced information technology and engineering expertise. The evolution of advanced technology in the oil & gas industry will continue to enable geophysical assessment, drilling, exploration & production, refining, transportation and distribution. The Oil and Gas Data Management market research report analyzes market dynamics, future roadmaps and global trends, and also provides competitive intelligence and forecasts over the next five years.