Global Big Data Market in the Oil and Gas Sector 2016-2020 - Software Licenses and Subscriptions, Software Implementation Costs & Technical Support and Maintenance Costs Analysis - Research and Markets
Analysts forecast the global big data market in the oil and gas sector to grow at a CAGR of 30.67% during the period 2016-2020.
Global Big Data in Oil and Gas sector 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years.The report also includes a discussion of the key vendors operating in this market.
Big data solutions are the wide range of solutions required for processing and analyzing enterprise data, which are too large for traditional data processing tools to manage. The oil and gas sector generates various types of structured and unstructured data.
The type of data ranges from terabytes (10^12 bytes) to zettabytes (10^21 bytes) in size. Big data solutions are used in the oil and gas sector to provide a fast consolidated view of organization-wide information. Big data solutions also help organizations to improve their operational performance and maximize profitability.
The market is expected to grow in the future due to the presence of some emerging trends. One such trend is the adoption of user-friendly predictive modeling.
According to the report, one of the major drivers is the huge amount of data. With the presence of a huge amount of data, enterprises need big data solutions to automatically track the performance and behavior of the information stored in their IT systems. Also, they require data analytics to develop innovative business strategies and improve their overall operational efficiency.
Further, the report states that lack of awareness is one of the major challenges confronting this market. Enterprises in the oil and gas sector lack understanding of the importance of big data and are unaware of the ways to decode it, which is affecting investment in big data.
To calculate the market size, the report considers the revenue generated from the sales of big data solutions in the oil and gas sector from the following:
- Software licenses and subscriptions - Software implementation costs - Technical support and maintenance costs