ALBANY, NY, April 8, 2021 / PRNewswire / – In today’s world, digital data is growing at an unprecedented rate. The emergence of the Internet of Things (IoT) is producing massive amounts of digital data at an exponential rate. In recent years, the data universe has grown considerably. In fact, over 80% to 90% of the total digital data in the market today has been generated in the past two years. With the increase in data, the number of incidences of data breaches has also increased. Data management software for oil and gas companies is a type of sophisticated software that helps them monitor and protect their data. The businesses of these companies are complex in terms of operations, inventory management, capital management, resource management, etc. Data management software enables companies to optimize resources, track and improve project progress. These factors are believed to work in favor of the global oil and gas data management market in the coming years.
Businesses can effectively monitor and access their data using real-time data management software. Data warehousing, data mining, regulatory compliance management tools, and various other functions, such as process design control, are all integrated into data management software by various vendors and vendors. software development. In addition, the increased adoption of artificial intelligence (AI) and the Internet of Things (IoT) is expected to fuel the deployment of large-scale data management software by large and small companies in the oil industry. and gas. Data management as a service is gaining momentum in the oil and gas industry, thanks to the rapid and widespread adoption of the cloud platform, scalable data management solutions, profitability and evolution of next-generation data centers. The global oil and gas data management market is expected to be driven by the growing trend of cloud adoption in the coming years.
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By 2026, the global oil and gas data management market is estimated to be approximately US $ 33,510.6 million. During the forecast period of 2018 to 2026, the market is expected to grow at a CAGR of 18.2%. Increasing complications and operating costs, the need to control project risks, and continued regulatory compliance are all expected to drive the growth of the global oil and gas data management market.
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Given the profitability and reduced capital investment required for subscription (cloud) services, the adoption of oil and gas data management tools by small and medium enterprises (SMEs) is increasing. Data management software / services are used to minimize costs and save time (process optimization), and this trend is expected to continue over the forecast period.
Modernization of conventional business infrastructure is needed against the backdrop of increasing data breaches around the world. As a result, the modernization of global enterprise data management technology is expected to fuel the global oil and gas data management market in the near future. However, lack of complete data protection assurance and abuse of collected data is likely to stifle the growth of the global oil and gas data management market in domestic and international markets.
- Level of technological penetration to emerge as a determining factor in several regions
Sharing North America in the global oil and gas data management market, it is estimated to be higher. The oil and gas data management market in North America is driven by technological advancements and a relatively high level of maturity in technology penetration. Europe is estimated o trail North America in terms of market share with countries like the UK, Germany representing a significant share of the market in Europe. Asia-Pacific is expected to experience rapid growth during the forecast period owing to accelerating technological developments in various vertical industries in the region. In addition, several developing economies in the region are experiencing infrastructure growth, which is further expected to support the development of the oil and gas data management market in the region.
Explore 216 pages of superlative research, current market scenario, and expansive geographic projections. Get insights into the Oil and Gas Data Management Market (Component – Solution (Enterprise / Enterprise 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 Management Market: Drivers of Growth
- Upgrading the existing business infrastructure is needed to increase data breaches globally, which bodes well for the market in the years to come.
- Businesses can successfully access and manage real-time data using data management software. Many developers and vendors are focused on improving data management software by integrating value-added processing, such as data storage, data analysis, and regulatory compliance management tools.
To analyze the growth of the global oil and gas data management market in more than 30 countries including the United States, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Global Oil and Gas Data Management Market: Key Competitors
- Schlumberger Limited
- Halliburton Company
- Tata Consultancy Services Ltd.
- Cisco Systems, Inc
- Newgen Software, Inc.
- IBM Corporation
Global Oil and Gas Data Management Market: Segmentation
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