Oil & Gas Data Management Market - Forecast(2024 - 2030)

Oil & Gas Data Management Market Overview

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 growth is mainly attributed to the increasing demand for improved performance, real-time analysis and predictive analytics solutions to increase efficiency and smoother operations in the Oil & Gas Data Management Industry. This industry has seen a massive increase in data generation in recent years as a result of the deployment of data collection equipment such as SCADA systems. SCADA systems can control Industrial processes locally or from a remote location and process data for smarter decisions through monitoring and gathering real-time data. Additionally, Business Intelligence has also been introduced to boost performance and operation efficiency across the Oil & Gas Data Management industry. In business intelligence systems, tools such as data analysis, data silos, data warehousing and data federation help organizations make smarter data-driven decisions. These factors would positively influence the Oil & Gas Data Management industry outlook during the forecast period.

Oil & Gas Data Management Market Report Coverage

The report: “Oil & Gas Data Management Industry Outlook – Forecast (2023-2028)” by IndustryARC, covers an in-depth analysis of the following segments in the Oil & Gas Data Management industry.

By Type: Data Analysis, IT Infrastructure and Services.
By Component: Software (Data Security, Data Integration, Data Migration, Data Warehousing, Data Governance and others) and Services (Managed Services and Professional Services).
By Deployment Model: On-premise Data Management and Cloud-based Data Management
By Application: Upstream, Midstream and Downstream.
By Geography: North America (the US, Canada and Mexico), South America (Brazil, Argentina and Others), Europe (the UK, Germany, France, Italy, Spain and Others), APAC (China, Japan, South Korea, India, Australia and Others) and RoW (the Middle East and Africa).

Key Takeaways

• In the Oil & Gas Data Management market report, the cloud-based data management segment is expected to grow at the highest rate of 16.3%. It is due to the increasing adoption of cloud-based services for operation efficiency, reduced maintenance cost and smarter decision-making capabilities.
• Adoption of software in the Oil & Gas Data Management market report was the highest and also analyzed to grow at a significant rate due to the adoption of data federations, data silos and data warehousing to increase efficiency and productivity.
• North American region dominated the Global Oil & Gas Data Management market with a share of 34% in 2021. It was due to government regulations and exploration of new oil reserves and increasing investments by major manufacturers.

Oil & Gas Data Management Market Value Share, by Region, 2022 (%)

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Oil & Gas Data Management Market Segment Analysis - by Deployment Model

Based on Deployment Mode, cloud-based data management in the Oil & Gas Data Management market report is analyzed to grow at the fastest rate of 16.3% during the forecast period 2023-2028, 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. 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. Thus, the cloud-based deployment segment is positively changing the Oil & Gas Data Management industry outlook.

Oil & Gas Data Management Market Segment Analysis - by Component

The Software segment in the Oil & Gas Data Management market is analyzed to grow at the highest CAGR of 15.9% during the forecast period 2023-2028. This growth is attributed to the growing demand for artificial intelligence, business intelligence, data silos, data warehousing for predictive analysis and the need for a large amount of data processing to ensure operational efficiency. For instance, the SCADA system can connect all field devices and assets remotely with back-office business decision-making systems to transform the efficiency and profitability of the operation. In May 2022, Brazil's national oil company Petrobras tested various data visualization models before settling on a data management platform developed by U.S. software firm Tibco. 

Oil & Gas Data Management Market Segment Analysis - by Geography

North America dominated the global market for Oil & Gas Data Management with a market share of 34% and was also analyzed to have significant growth over the forecast period 2023-2028. This is primarily attributed to stringent government regulations, increasing exploration of oil resources, rise in the need for supply chain management in the oil and gas industry through data analysis and data distribution services. 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. These factors play a key role in the growth of the Oil & Gas Data Management market in this region.

Oil & Gas Data Management Market Drivers

Increasing demand for real-time predictive analysis in the oil and gas industry:

The primary growth driver in the Oil & Gas Data Management market is the growing need for operational efficiency, real-time analysis and predictive and preventive measures which can be achieved by implementing data management systems. The oil and gas industry collects real-time data from all sources, including rigs, field assets and plants, using sensor networks and wireless technologies. In June 2022, Increff collaborated with Shipway to create a cutting-edge software as a service (SaaS) solution for efficient data gathering, data-driven analysis and smart optimization. It digitizes and automates industry activities, reducing reliance on labor and minimizing delays or manual errors in decision-making. Such factors would help in propelling the growth of the Oil & Gas Data Management market.

Growing government regulations towards safety standards in the oil and gas industry:

The oil and gas industry regulates multiple functions such as exploration, drilling, production operations, asset management and operational safety by collecting data from sensor networks. The oil and gas industry has frequently come under scrutiny for environmental and safety concerns. Government regulations towards employee safety and environmental concerns have led to the faster adoption of data management systems in the oil and gas industry. The Occupational Safety and Health Administration (OSHA) regulates worker safety by establishing rules for working conditions. OSHA establishes guidelines for oil and gas operators to follow, which can be monitored using an oil & gas data management system. Thus, the integration of database management systems allows for an automated process, thereby increasing the Oil & Gas Data Management Market size.

Oil & Gas Data Management Market Challenges

High Costs of deployment, maintenance and lack of skilled labor:

Even though the Oil & Gas Data Management market is growing rapidly, the cost of adopting the systems and their maintenance is substantially high. The cost associated with gathering the data, managing them and analyzing them to produce smart solutions can be a costly business. Generally, as the oil and gas industry is a big sector, they collect a large amount of data in structured, unstructured and semi-structured ways. Additionally, the quality of data collected, the frequency of collection and the handling of data require a skilled labor force in the data management market. These factors are hampering the market growth during the forecast period.

Key Market Players

Product launches, collaborations and R&D activities are key strategies adopted by players in the Oil & Gas Data Management market. The top 10 companies in Oil & Gas Data Management include:

1. Cisco Systems INC
2. EMC Corporation
3. Hewlett-Packard Enterprise
4. Hitachi LTD
5. IBM Corporation
6. Oracle Corporation
7. SAP SE
8. Schlumberger
9. Tata Consultancy Services
10. NetApp INC

Recent Developments

• In February 2022, Tata Consultancy Services announced that it has been named a Leader in the IDC MarketScape for Worldwide Oil and Gas Upstream Asset Management Digital Services. This is poised to increase the market share of the company in the Oil & Gas Data Management market.
• In June 2021, Schlumberger and IBM announced a commercial hybrid cloud Enterprise Data Management Solution for the OSDU Data Platform to accelerate digital transformation across the oil and gas industry, thereby expanding the Oil & Gas Data Management market size
• 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.

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