Global Big Data in Oil and Gas Sector Market Overview:
Oil and gas sector dealt with huge amounts of data such as Seismic, logs, surveying, and real-time measurement data. The decisions and processes that relate to the exploration of oil and natural gas, developing and producing acquire big data amounts. Big Data (also called Big Data Analytics or business analytics) makes it possible to gather and transmit information more effectively. The oil & gas industries are using Big Data technologies to collect, manage, and rapidly analyze seismic drilling and production data. It also helps them to have new insights that assist in improving drilling and production performance. Using Big Data in the oil and gas sector will improve the efficiency of the oil and gas industry. The onshore, as well as offshore platforms, are looking to Big Data as a new way to improve processes and productivity. This will boost the market growth in upcoming years,
- Increasing Integrating of Artificial Intelligence and Machine Learning by Oil & Gas Industry
- Increasing Exploration and Production Activity
- Reducing Costs and Implementations
- Adoption of Blockchain Solutions to Improve Big Data Security
- Drone Technology
- Cost of Big Data Infrastructure
- Increasing Use of Big Data Analytics
- Digitization of Oilfields in Middle East Countries such as Saudi Arabia
- Lack of Awareness and Business Support
- Lack of Skilled Personnel
Some of the key players profiled in the report are General Electric (United States), IBM Corporation (United States), Oracle Corporation (United States), SAP SE (Germany), Teradata Corporation (United States), Hitachi Vantara Corporation (United States), Drillinginfo, Inc. (United States), Microsoft Corporation (United States), Palantir Economic Solutions Ltd. (United Kingdom), Northwest Analytics Inc. (United States), Hortonworks Inc. (United States) and MapR Technologies (United States). Considering Market by End User Industry, the sub-segment i.e. Oil Industry will boost the Big Data in Oil and Gas Sector market.
In October 2017, Hitachi Vantara launched Pentaho 8.0, the next generation of its Pentaho data integration and analytics platform software. This software provides support for Spark and Kafka to improve data and stream processing to provide real-time data processing to fast track digital insights. Also, it has the ability to easily match compute resources with business demand in real-time.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Big Data in Oil and Gas Sector market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Big Data in Oil and Gas Sector market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Big Data Service/Software Providers, Cloud Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.