Global Oil and Gas Data Management Market 2023-2030

Global Oil and Gas Data Management Market 2023-2030

Global Oil and Gas Data Management Market Size, Share & Trends Analysis Report by Type (Data Analysis, and IT Infrastructure), by Component (Software and Services), by Deployment Model (On-premise and Cloud-based), and by Application (Upstream, Midstream, and Downstream) Forecast Period (2023-2030)

The global oil and gas data management market is anticipated to grow at a CAGR of 17.0% during the forecast period. The growth of the market is attributed to factors such as the increasing demand for efficient data management solutions in the oil and gas industry, the need for improved decision-making processes, and the growing adoption of digital technologies. Owing to the rising demand the key market players are inclined towards developing and launching new software or solutions. For instance, in June 2022, General Electric (GE) digital launched a new set of software tools called Accelerators to help energy companies quickly configure its asset performance management (APM) and other offerings. Accelerators supports energy companies to enhance their digital transformation by providing them with the tools needed to manage their assets more effectively and efficiently. These tools can be applied to the entire energy value chain, from oil & gas to power generation, ranging from renewables such as wind and solar. Furthermore, oil and gas industry has seen a massive increase in data generation in recent years owing to the deployment of data collection equipment such as SCADA (Supervisory Control and Data Acquisition) systems. For instance, in April 2022, Magnesium Capital acquired SCADA International, a leading control systems and software provider to the renewable energy sector. The partnership will support SCADA International's mission of providing future-proofed SCADA and control solutions for the renewable industry. The partnership with Magnesium will support SCADA International's ambitious growth plans by providing it with the financial resources, operational expertise, and strategic oversight as the company aims to expand its renewable energy and global operations.

Segmental Outlook

The global oil and gas data management market is segmented based on its type, component, deployment model, and application. Based on type, the market is segmented into data analysis and IT infrastructure. Based on the component, the market is categorized into software and services. Further, based on the deployment model, the market is segmented into on-premise data management and cloud-based data management. Among the application segments, the upstream segment is anticipated to hold a prominent market share due to the increasing requirement for efficient data management in exploration and production activities.

The Cloud-Based Sub-Segment is Expected to Hold a Considerable Share of the Global Oil and Gas Data Management Market

Among the deployment model, the cloud-based sub-segment is expected to hold a considerable share of the global oil and gas data management market owing to the increasing adoption of cloud-based services for operational efficiency, reduced infrastructural and maintenance costs, smarter decision-making capabilities to reduce downtime and so on. Cloud computing enables industries to scale their data management and storage, resulting in greater cost flexibility. Hence, the energy organizations are extensively adopting strategic initiatives such as mergers and collaboration, among others to stay competitive in the market. For instance, in October 2021, Patterson-UTI Energy announced a collaboration with Corva, an analytics company, to implement the cloud-based data management tools required to drill and complete more profitable and productive wells while reducing emissions.

Regional Outlook

The global oil and gas data management market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed at a regional or country level as per the requirement. Among these, Asia-Pacific is expected to witness significant growth share of the oil & gas data management market during the forecast period owing to the increasing adoption rate of digitalization in data management, change in oil and gas policies, and the increase in the need for advanced analytics solutions and services in the oil industry.

Global Oil and Gas Data Management Market Growth, by Region 2023-2030

Source: OMR Analysis

North America is Anticipated to Hold Considerable Growth in the Market

The growth in the North American region can be attributed to factors such as the presence of a mature oil and gas industry, technological advancements, and the increasing adoption of data management solutions in the region. For instance, in 2020, Emerson Electric, a U.S.-based company acquired General Electric’s AI intelligent platform to strengthen its position in the software market, which was further integrated with oil and gas power plants to provide better data processing, analysis and operational efficiency. Moreover presence of major key players such as Schlumberger, IBM Corp., and others in the region has also propelled the growth of the market by offering various strategies such as product launches, technology advancement, and others. For instance, in April 2021, IBM Corporation launched a storage system for data management across hybrid clouds. The storage system is expected to improve data management across hybrid cloud environments, thereby improving data availability and flexibility. This is poised to increase the market share of the company.

Market Players Outlook

The major companies serving the global oil & gas data management market include industry players such as Baker Hughes Co., Schlumberger Ltd., Halliburton Co., Emerson Electric co., IBM Corp., and others. These market players are considerably contributing to the market growth by offering advanced data management solutions, leveraging technologies such as artificial intelligence (AI) and machine learning (ML). Additionally, they are adopting various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches to stay competitive in the market. For instance, in June 2021, Schlumberger and IBM announced a commercial hybrid cloud enterprise data management solution for the Open Group Open Subsurface Data Universe™ (OSDU) data platform to accelerate digital transformation across the oil and gas industry.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global oil and gas data management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.