As per the study at FMI, the oil and gas data management software market was valued at US$ 16.9 Bn in 2022 and is predicted to reach US$ 70.4 Bn by 2032, growing at a 15.3% CAGR. The deployment of data-gathering equipment, such as sensors at various remote sites and operational fields, has resulted in a tremendous increase in demand for oil and gas data management software.
Furthermore, the sales of oil and gas data management software have grown due to greater digitization, the adoption of workplace mobility solutions, and real-time workforce assistance. As a result, market spending on the efficient server, networking, and the demand for oil and gas data management software is expected to rise in order to expedite business operations and improve overall efficiency.
In today’s economy, digital data is growing at an exponential rate which is propelling the growth of oil and gas data management software market share. The growth of the Internet of Things is generating massive amounts of digital data in the oil and gas industry at an exponential rate which further increases the demand for oil and gas data management software.
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More than 80% to 90% of the digital data on the market today was developed in the last two years. The number of data breaches has increased as the amount of data has grown.
Data management software for oil and gas companies is a type of advanced software that helps them manage and preserve their data.
Such organizations’ projects are difficult in terms of operations, resource management, capital management, inventory management, and so on.
Furthermore, the sales of oil and gas data management software are growing as it aids businesses in maximizing resources, tracking project progress, and increasing efficiency.
The demand for oil and gas data management software is anticipated to grow as it enables firms to effectively manage and access their data in real-time. Regulatory compliance management tools, data analytics, data warehousing, and other capabilities, such as process design control, are all being integrated into data management software by a number of software development providers and suppliers.
Furthermore, increased use of IoT and AI is expected to boost the sales of oil and gas data management software and large-scale data management software implementation by small and large firms in the oil and gas market. 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.
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.
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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.
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.
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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
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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