Big Data and Analytics to Drive Real Time Intelligence from Field to Enterprise in Emerging Digital Oilfield Operations
Geological data collection and remote equipment monitoring are key in an analytics-driven, competitive landscape, finds Frost & Sullivan
MOUNTAIN VIEW, Calif., Feb. 24, 2015 /PRNewswire/ -- In order to improve longevity of production, oil and gas firms are rapidly adopting solutions that seamlessly collect, integrate, analyze and visualize data flows from assets, equipment, process systems and personnel in critical upstream operations. The numerous accessibility and visibility benefits that can be achieved from a single application provide a clear business case for adoption of big data and analytics platforms. For example, collation of drilling data using intelligent sensors downhole improves production rates, increases the lifespan of the drill, and reduces maintenance.
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New analysis from Frost & Sullivan, Emerging Upstarts and Market Transitions in the Global Digital Oilfield Data Management Market, finds that analytics is the fastest growing segment as end users look to derive additional value from connected devices. Using its Competitive Advantage and Market Positioning (CAMP) tool, Frost & Sullivan predicts that Ayasdi, Inc., Ayata, Datawatch, Flutura, Karmasphere Inc., Mtell, Neudesic LLC, Pivotal Software, Inc, Predikto, RapidMiner, Skytree, Inc., and TempoIQ are the top companies to watch.
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"Challenges such as increased data traffic and data types from diverse assets onsite, changing reservoir dynamics that dampen recovery rates, equipment failures, production inefficiencies and high maintenance, repair and operational costs have created a push towards big data and analytics in upstream operations," said Frost & Sullivan Industrial Automation and Process Control Senior Research Analyst Rahul Vijayaraghavan. "Post data capturing and sorting, end users can use application specific analytical platforms to extract actionable insights and validate key performance metrics, a growing requirement in today's competitive and price sensitive environment."
The shift from diagnostic to predictive analytics and more recently to prescriptive analytics, which identify impact on surrounding environments, has further resulted in an influx of niche solution providers offering state-of-the-art analytical platforms. High costs incurred from operational downtimes and the extra manpower required for repairs will continue pushing end users towards adoption of best-in-class predictive and preventive analytical platforms.
For instance, predicting failure of electric submersible pumps deployed in oil wells and subject to high temperatures can reduce maintenance costs significantly. While traditional methods employ periodic maintenance inspections, current analytical platforms collate vital pump data and use statistical models to predict the likelihood of failure more quickly.
"Niche solution providers continue improving their product portfolios, offering secure cloud-based, open source frameworks for data storage, agnostic data connectors for data integration, proactive and prescriptive approaches for data analytics, and intuitive dashboards for data visualization," noted Vijayaraghavan. "Strategic partnerships with information management giants dominating the market will further enable vendors to provide a holistic solution to take on a wider spectrum of oil and gas applications."
Emerging Upstarts and Market Transitions in the Global Digital Oilfield Data Management Market is a Market Insight that is part of the Industrial Automation & Process Control Growth Partnership Service program. The study provides a competitive assessment of Big Data and analytic solutions used in the upstream oil and gas industry. The study covers key market, technology, and competitor dynamics, detailed CAMP analysis, company assessment of niche solution providers, and trends by product type (data storage, integration, analytics and visualization).
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Emerging Upstarts and Market Transitions in the Global Digital Oilfield Data Management Market
NF08-10
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SOURCE Frost & Sullivan
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