Farmington, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The Global Oil And Gas Data Monetization Market Size Is Expected To Reach US$ 65.12 Billion By 2029, at a CAGR Of 16.45% During The Forecast Period. Oil and gas companies are turning a lot of different kinds of data into intelligence in order to get more out of their assets. Sensors in oilfields produce a lot of unstructured data that can only be useful if it is analysed in real time. With predictive and regulatory analytics, oil and gas companies can turn this data into a valuable asset that helps them save money and make money. In the oil and gas industry, the amount of data being made and used keeps going up, and so do investments in data. Software and services for data analytics and data management. The oil and gas industry can use insights from data monetization to find new ways to make money, improve production and service quality, and come up with new products, processes, and ways to improve them.
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Recent Developments:
- In November 2019, Oracle announced a new cloud-native deployment option for BRM. An improved deployment model provides a modern monetization solution to capture opportunities. The latest version of the BRM solution has been introduced to support new 5G-capable use cases for CSPs.
- In July 2019, Microsoft introduced a new Microsoft Azure service. The new Azure Data Share service is a cloud service. Help organizations share internal data. The company focuses on providing services that allow its customers to share data to comply with regulations and privacy policies.
Regional Outlook:
North America has 34% of the world market, and this is expected to stay the case for the next five years. Growing oil production and shale gas activities are driving the growth of the oil and gas data monetization market in the region. This is because they are likely to increase the demand for indirect data monetization in order to improve operational efficiencies. Also, it is expected that the Middle East and Africa will have 26% of the global oil and gas data monetization market. Large proven oil reserves in Saudi Arabia, Iran, Iraq, Kuwait, and the UAE can help grow the oil and gas data monetization market in these areas. There is a lot of room for growth in both indirect and direct data monetization. Indirect data monetization includes software and services that help find insights for building data repositories (primarily exploration data products). Over the next few years, the market will be driven by the use of seismic, geophysical, and software solutions in the region to find new exploration sites and their potential.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 16.45% from 2023 to 2030. |
| Revenue Forecast by 2029 | USD 65.12 Billion |
| By Type | Data-as-a-service, Professional Services, Software/Platform, Other |
| By Application | National Oil Companies (NOCs), Independent Oil Companies (IOCs), National Data Repositories (NDRs), Oil and Gas Service Companies, Other |
| By Method | Indirect Data Monetization, Direct Data Monetization, Other |
| By Companies | Halliburton, Schlumberger, Informatica Corporation, SAP SE, Oracle Corporation, Accenture plc |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Growth Factors:
In the next few years, one of the main things that will make the oil and gas data monetization market grow is the improvement of technology in Big Data and business analytics. Industry 4.0 has also paved the way for a new era of competition, which is also driving the demand for the oil and gas data monetization market. This implementation is a big part of how oil and gas companies can deal with the challenges of their industry and improve their operational and maintenance needs.
Also, the oil and gas data monetization market has a chance to grow because more people are using IoT solutions. These solutions are built around applications like factory optimization, predictive maintenance, and supply chain automation. Oil and gas companies are always turning the large amount and variety of data they have into intelligence to improve the way their assets work.
Market Opportunities:
The rise in the number of oil and gas companies around the world is one of the main things that makes the oil and gas data monetization market grow. The growth of the market is sped up by the growing use of big data technologies to collect, manage, and gain new insights, as well as by the growing demand for data monetization technologies that can help key players improve their business operations and become more competitive.
During the analysis period, the market will also be affected by the introduction of open standards and centralised data management for seamless integration and operation across a number of pipeline operation systems, as well as the high use of these operation systems for simulation, measurement, and asset management.
Key Segments Covered:
Top Market Players:
Halliburton, Schlumberger, Informatica Corporation, SAP SE, Oracle Corporation, Accenture plc., and others.
By Type
- Data-as-a-service
- Professional Services
- Software/Platform
- Other
By Application
- National Oil Companies (NOCs)
- Independent Oil Companies (IOCs)
- National Data Repositories (NDRs)
- Oil and Gas Service Companies
- Others
By Method
- Indirect Data Monetization
- Direct Data Monetization
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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