Global Big Data Market in the Oil and Gas Sector 2019-2023| Use of Big Data by AI and ML Tool to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
According to the latest market research report by Technavio the global big data market in the oil and gas sector is expected to post a CAGR of over 15% during the period 2019-2023. However, the market is expected to decelerate on a year-on-year basis during the forecast period.
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Technavio has published a new market research report on the global big data market in the oil and gas sector from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the necessity to optimize production. A significant volume of data is generated by the oil and gas sector. Such data require the use of big data technologies to generate actionable insights for optimizing the production of oil and gas companies. Historical data from sensors, when analyzed using big data solutions, help oil and gas companies predict the potential possibility of failure of equipment or production disruption. The analysis of environmental information such as weather conditions will also help oil and gas companies predict future production volumes. Therefore, vendors in the global big data market in the oil and gas sector are also offering different solutions to help enterprises improve their productivity by providing useful business insights.
As per Technavio, the use of big data by AI and ML tool will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global big data market in the oil and gas sector 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global big data market in the oil and gas sector: Use of big data by AI and ML tool
Al and ML have the potential to play a significant role in the oil and gas sector when they are deployed in conjunction with big data solutions. Al, along with ML is helping enterprises in upstream divisions like finding new reserves and the optimization of drilling activities. Al enables enterprises to take timely decisions without the need for human involvement. It studies historical data continuously. Therefore, enterprises are introducing these virtual assistant platforms at the client-facing end and as well as for professionals within the organization. Cognitive computing also plays a crucial role in the exploration and production departments in the oil and gas sector. By effectively utilizing Al tools, enterprises can significantly reduce the overall costs and risk factors in activities. With the help of big data, Al can also create predictive models to understand the production life cycle and, thereby, identify irregularities in production. Thus, vendors in the global big data market in the oil and gas sector are introducing new Al solutions to harness such possibilities.
“Apart from the use of AI and ML tools, environment and safety are among the prime areas of concerns for companies in the oil and gas sector. The presence of government regulations related to protection and safety is enforcing them to take effective measures. However, big data solutions enable enterprises to tackle this challenge efficiently. Vendors in the global big data market in the oil and gas sector are also offering different solutions to help enterprises to overcome health, safety, and environmental challenges, thereby driving market growth for the next few years,” says a senior analyst at Technavio.
Global big data market in the oil and gas sector: Segmentation analysis
This market research report segments the global big data market in the oil and gas sector by type (services and software) and geographical regions (North America, APAC, MEA, Europe, and South America).
The North American region led the market in 2018, followed by APAC, MEA, Europe, and South America respectively. However, during the forecast period, the MEA region is expected to register the highest incremental growth due to the increasing technological investments by oil and gas companies.
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