The Growing Need for Cloud-based Data Storage in the Oil and Gas Industry for Better Operational Efficiency is Propelling the Growth of the Oil and Gas Data Management Market During the Forecast Period 2023-2028

The Oil & Gas Data Management Market size is estimated to reach US$85.64 billion by 2027, growing at a CAGR of 15.4% from 2023 to 2028. The oil and gas industry has seen a massive increase in data generation in recent years which necessitates the adoption of data management systems for real-time analysis to increase operational efficiency. In October 2021, Patterson-UTI Energy collaborated with Corva to implement cloud-based data management tools for the Oil and Gas Industry. However, high deployment and maintenance costs hamper the growth of the Oil & Gas Data Management Industry market. Moreover, Manufacturers are adopting data management software to improve operational efficiency, lower infrastructure and maintenance costs and acquire smarter decision-making capabilities. In May 2022, Petrobras tested various data visualization models before settling on a data management platform developed by Tibco. The adoption of cloud-based data management systems further boosts the Oil & Gas Data Management Market size.

APAC generated approximately 27% of the global revenues in the Oil & Gas Data Management industry in 2021. The refining capacity of oil rigs is increasing in this region which necessitates the adoption of data management systems to ensure operational efficiency. In July 2021, Bharat Petroleum announced the construction of its first-generation ethanol plant in Telangana for an estimated investment of US$134.04 million.

Cloud-based data management systems offer various benefits such as agile deployment, secure storage management, a low total cost of ownership and others. The increasing adoption of computing devices in the Oil and Gas Industry, advanced storage capabilities and new analytics tools present new possibilities for cloud-based data management systems. Cloud-based services provide operational efficiency, reduced downtime and increased functionality to the systems which aid Oil and Gas industry manufacturers in taking real-time decisions. In April 2021, IBM Corporation launched a storage system for data management across hybrid clouds. The storage system is expected to improve data management in hybrid cloud environments, resulting in increased data availability and flexibility. These developments positively influence the Oil & Gas Data Management Industry outlook over the forecast period.

The major players in the Oil & Gas Data Management Market include Cisco Systems INC, EMC Corporation, Hewlett-Packard Enterprise, Hitachi LTD, IBM Corporation, Oracle Corporation and SAP SE. In May 2021, HP introduced HPE GreenLake, an edge-to-cloud data management platform to store data in a hybrid cloud which can be applied in the Oil and Gas Industry as well.