Big Data in Oil and Gas Exploration & Production Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.20 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Big Data in Oil and Gas Exploration & Production Market Analysis
The market for big data analytics in the oil and gas industry is expected to register a CAGR of greater than 10.2% during the forecast period, 2022-2027. Due to the COVID-19 pandemic, the demand for big data analytics increased in oil and gas operations as it helped engineers and researchers to analyze data remotely. Data recording sensors have become a recent advent to the industry for various functions such as exploration, drilling, production, refining, and transportation, where big data has become an essential part of analyzing the data, which will be a significant driver for the industry. Also, big data provides better asset management, operations, production, and improved occupational safety. However, big data analytics still face challenges primarily due to a lack of business support and awareness about the technology; data and understanding of the complexity of the problem is a major restraint to big data in the oil and gas exploration and production market.
- Big Data integration through software would be the fastest-growing segment in the forecast period as it provides analyses of new reservoirs, drilling activities, and various other things.
- Big data in the oil and gas industry has ample opportunities beyond the forecast period as improvement in technology and increasing dependence on data is expected to support the growth of the market during the upcoming years.
- North America is expected to be the most dominant and largest geographic segment, owing to increasing exploration and production projects in the region.
Big Data in Oil and Gas Exploration & Production Market Trends
This section covers the major market trends shaping the Big Data in Oil and Gas Exploration & Production Market according to our research experts:
Big Data Software to Dominate the Market
- In upstream, big data software is highly utilized to measure and handle large datasets, which include six main characteristics of velocity, variety, volume, veracity, complexity, and value.
- Being involved in analyzing micro-seismic and seismic data, improving reservoir characteristics, improving drilling safety, reducing drilling time, and improving petrochemical asset management are some of the major applications of Big Data software in the upstream oil and gas industry essential for exploration and production.
- Historical drilling and geological data help geologists to understand the reservoir and help them verify assumptions, and make better decisions to explore new wells in the area. Hence, with such technical support, the oil and gas industry produced nearly 88.39 million barrels per day of crude oil in 2020.
- The technology is heavily utilized when the well is in its production phase as it is used in unconventional methods such as enhanced oil recovery, performance forecasting, real-time production analysis, and used to improve the safety of the well.
North America to Dominate the Market
- North America has the highest share of involvement of big data in the oil industry as it is driven by high demand for big data solutions in the US shale fields and Gulf of Mexico oil wells.
- Unconventional wells require upwards of USD 100 million of investment to avoid any risk, save time and reduce costs. For instance, Shell PLC uses fiber optic cables for precise location tracking, measuring reservoir properties, and well properties where the data is transferred to its private servers maintained by Amazon Web Services.
- According to the BP Statistical Review of World Energy 2021, shale gas production increased rapidly from 617.4 billion cubic meters in 2011 to 914.6 billion cubic meters in 2020.
- Increasing crude oil prices due to the war between Russia and Ukraine increased exploration and production interests and investment in North America. For instance, Chevron, to boost its production in the region, is developing tight rock and shale assets in the DJ Basin in Colorado, Duvernay Shale in Alberta, and Perma Basin in Texas and New Mexico.
- Overall, increasing investments in the oil and gas upstream sector in the region would drive the big data oil and gas industry in the region.
Big Data in Oil and Gas Exploration & Production Industry Overview
Big Data in the Oil and Gas Exploration and Production Market is moderately consolidated. The major companies include IBM Industries, Accenture PLC, Microsoft Corporation, Oracle Corporation, and Hitachi Vantara.
Big Data in Oil and Gas Exploration & Production Market Leaders
IBM Industries
Accenture Plc,
Microsoft Corporation
Oracle Corporation
Hitachi Vantara
*Disclaimer: Major Players sorted in no particular order
Big Data in Oil and Gas Exploration & Production Market News
- Cloud-based technology and solutions have become an essential tool for the energy sector, especially in the Middle East, to store data and analyze it. The COVID-19 pandemic boosted the growing cloud computing in the oil and gas industry in recent years.
Big Data in Oil and Gas Exploration & Production Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product
5.1.1 Hardware
5.1.2 Software
5.1.3 Services
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 South America
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaboration, and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 IBM Industries
6.3.2 Accenture PLC
6.3.3 Microsoft Corporation
6.3.4 Oracle Corporation
6.3.5 Hitachi Vantara
6.3.6 Baker Hughes Co.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Big Data in Oil and Gas Exploration & Production Industry Segmentation
Big Data in the Oil and Gas Exploration and Production report includes:
| Product | |
| Hardware | |
| Software | |
| Services |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Big Data in Oil and Gas Exploration & Production Market Research FAQs
What is the current Big Data in Oil & Gas Exploration and Production Market size?
The Big Data in Oil & Gas Exploration and Production Market is projected to register a CAGR of greater than 10.20% during the forecast period (2024-2029)
Who are the key players in Big Data in Oil & Gas Exploration and Production Market?
IBM Industries, Accenture Plc,, Microsoft Corporation, Oracle Corporation and Hitachi Vantara are the major companies operating in the Big Data in Oil & Gas Exploration and Production Market.
Which is the fastest growing region in Big Data in Oil & Gas Exploration and Production Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Big Data in Oil & Gas Exploration and Production Market?
In 2024, the North America accounts for the largest market share in Big Data in Oil & Gas Exploration and Production Market.
What years does this Big Data in Oil & Gas Exploration and Production Market cover?
The report covers the Big Data in Oil & Gas Exploration and Production Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Big Data in Oil & Gas Exploration and Production Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the main drivers for the growth of Big Data Analytics in the Oil and Gas Market?
The main drivers for the growth of Big Data Analytics in the Oil and Gas Market are a) Growing need for better asset management, operations optimization, production enhancement, and improved occupational safety b) Increased adoption of big data analytics due to its ability to handle large datasets and provide insights for decision-making in exploration and production activities.
Big Data in Oil & Gas Exploration and Production Industry Report
The Big Data in Oil and Gas market is experiencing unprecedented growth, fueled by the surge in data volume, variety, and velocity within the industry. This expansion is driven by the urgent need for innovative technologies to decode and merge a plethora of structured and unstructured data from sources like geological surveys, seismic data, and well logging, underscoring the indispensable role of oil and gas big data analytics. Dominated by software services due to their critical role in data generation and access for decision-making, the market spans across upstream, midstream, and downstream sectors, with upstream demanding extensive data analysis. Key growth drivers include enhancing production and drilling performance, improving decision-making, and navigating the challenges of fluctuating oil prices and stiff competition. Despite the potential, a lack of awareness about the benefits of big data systems remains a challenge. The future looks promising, due to technological advancements and a growing reliance on data for strategic decisions. Coupled with insights from Mordor Intelligence™ Industry Reports on market share, size, and revenue growth rate, including a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
