Through 2032, the oil & gas data management software market is anticipated to grow strongly with a CAGR of 15.3%. The market is expected to grow from its 2022 valuation of US$ 16.9 billion to US$ 70.4 billion by 2032. Prior to this, the market expanded at a faster CAGR of 17.4% (2016–2021), reaching a value of US$ 14.3 Bn in that year.
“Businesses are adopting oil & gas management software solutions due to technological advancements like predictive analytics solutions, real-time analysis, better and enhanced performance, and popularity.”
According to a market analysis of oil and gas data management software, companies that use cloud computing and virtualization to improve industrial workflow and streamline processes. Data management as a service is gaining pace in the oil and gas market thanks to cloud platform acceptance, next-generation data centre evolution, and cost-effective and adaptable data management solutions.
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The oil and gas data management software is expected to be driven by the rising trend of cloud use in the coming years. Data breaches are becoming more common around the world, demanding the modernization of existing organizational infrastructure.
As a result, global enterprise data management infrastructure modernization is expected to drive the global oil and gas data management software market size during the forecast period. However, the lack of complete data security assurance and abuse of obtained data is stifling the sales of oil and gas data management software in both international and domestic sectors.
KEY TAKEAWAYS:
- By component, the solutions segment dominated the oil and gas data management software market with a CAGR of 15.5% through 2032.
- During the forecast period, the U.S. is anticipated to dominate the oil and gas data management software market with a CAGR of 13.5% through 2032.
- The region accounted for almost a third of global market revenue and is likely to maintain its dominance during the forecast period. The demand for oil and gas data management software is anticipated to rise as it is being adopted by a huge number of mid-sized and small businesses.
- During the forecast period, the Middle East and Africa had the second-largest oil and gas data management software market share.
- In 2017, Asia Pacific had tremendous growth, owing to a rising rate of digitization in data management over time. However, it is encountering roadblocks in the oil and gas data management software market’s expansion. Different regulatory compliances and the scarcity of effective infrastructure are cited as major explanations for the possible risk.
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COMPETITIVE LANDSCAPE:
Oil and gas data management market players are focusing on providing customised solutions that are in sync with the procedures of various oil and gas organisations. These solutions contribute to the market’s increased growth rate for oil and gas data management software.
Some of the oil and gas data management software market players profiled in the FMI’s study are
- Newgen Software,
- IBM Corporation,
- Cisco Systems,
- SAP SE,
- Tata Consultancy Services Ltd
Recent Developments
- In 2018, Sourcewater, Inc. purchased Genscape, Inc.’s Digital H2O Water asset intelligence service with the goal of launching an advanced IoT integrated oilfield water and disposal intelligence platform that would provide sophisticated water data science to the upstream energy industry.
- Emerson Electric Co. acquired General Electric’s AI Intelligent Platform in 2018, with the goal of strengthening the worldwide exploration and production software market. Emerson Electric Co. would be able to increase its capabilities in machine control and discrete applications, as well as integrate with oil and gas power plants, as a result of this acquisition.
Key Segments:
By Component:
- Solutions
- Corporate/Enterprise Data Management System
- Project Data Management System
- National Data Repository
- Services
- Consulting & Planning
- Integration & Implementation
- Operation & Maintenance
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
- South America
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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