The global big data and analytics in oil and gas market is anticipated to grow at a CAGR of 10.0% during the forecast period (2022-2028). Big data is widely utilized to draw meaningful information for better decision making using various analytical tools and techniques. However, in the field of oil and gas, big data analytics has pushed the companies to move apart from the traditional real-time monitoring to more rapid real-time predictions. It enables the optimization of large volume of data generation (in various formats such as structured and unstructured) by various processes and financial transactions at high velocity. By quickly assessing incoming technical and business data and implementing that information to complicated models in real-time, companies can bring out strategic insights that supports in boosting the production and drilling performance while simultaneously averting problems. All these benefits offered by big data analytics in the field of oil and gas is resulting in an increased growth of the global big data and analytics in oil and gas market.
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Other key factors that promise ample growth opportunities to the market include the constantly growing drilling and production activities in the oil and gas industry. Further, the added benefits of enhancing decision making and improvisation of operational and business performance also make big data analytics, the upcoming highly used tool in the oil and gas market. In addition to this, other factor that augment the growth of the global big data and analytics in oil and gas market include the rising competition in the oil and gas industry.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape: IBM Corp., Oracle Corp., and Microsoft Corp., among others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Big Data Analytics in Oil and Gas Market Report by Segment
By Type
- Software
- Services
By Application
- Oil
- Gas
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