Data generated in the oil and gas industry growing in terms of diversity, volume and speed, said a new report by Research and Markets. Therefore, new technologies are needed to interpret and integrate large amounts of data available in both structured and unstructured ways. Because this data is regularly produced from multiple sources, such as geological data, seismic data, well-recorded data, and other data, the need for a systematic system for such data analysis is growing. Various information technology providers are working industriously to create solutions that can create new opportunities to capture huge data markets.
“Oil and gas companies could leverage Big Data technologies to collect, manage and rapidly analyze seismic drilling and production data. The decisions and processes that relate to exploration of oil and natural gas, developing and producing acquire big data amounts. The data volume grows on a daily basis,” the research firm said, predicting that the global big data in oil and gas market is projected to rise at a CAGR +17% throughout the forecast period between 2018 and 2023.
This market research report on analyzes the growth prospects for the key vendors operating in this market space including Oracle, HP, IBM, Teradata, Splunk, Actian, Opera Solutions, Basho, Kognitio, Cloudera, Guavus, Datameer, DataStax, Digital Reasoning, Accenture, Datawatch, Drillinginfo, HitachiVantara Corporation, HortonWorks, MapR Technologies, Microsoft Corporation, Capgemini, and OSIsoftLLC
The data generated in the oil and gas industry in growing in terms of variety, volume, and velocity, said the research firm. The industrial sector is also adding to the overall development of this market. The growing technological advancement in the field of imaging systems, material study and process control in the industrial sector is steering the Big Data in Oil and Gas market across the globe.
Different global areas such as North America, Latin America, Asia-Pacific, Europe, and India have been examined on the basis of the manufacturing base, productivity, and profit margin. Big Data in the Oil and Gas Market research report has been inspected on the basis of different practical oriented case studies from various industry experts and policymakers. It uses numerous graphical demonstration techniques such as tables, charts, graphs, pictures and flowchart for easy and better understanding to the readers.