Big Data in Oil & Gas Exploration and Production Market Size

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.