Oil & Gas Data Monetization Market is anticipated to have document a CAGR of 14.9% during 2022-2032 - Persistence Market Research
NEW YORK, May 11, 2022 /PRNewswire/ -- As per a study by Persistence Market Research, from US$ 40.3 billion in 2022 to US$ 161.6 billion in 2032, the global Oil and Gas Data Monetization Market is predicted to grow at a 14.9% CAGR from 2022 to 2032. The implementation of Industry 4.0 has paved the road to a new era of competitiveness which further is driving the demand for oil and gas data monetization market. This implementation is playing a vital role in helping oil and gas companies to tackle the challenging landscape of the industry and helps them in improving their operational and maintenance needs.
In addition, the recent advent of the technological advancements in Big Data and analytics is one of the key factors driving the growth of oil and gas data monetization market during the forecast period. Moreover, the adoption of IoT solutions built around the applications such as factory optimization, predictive maintenance, and supply chain automation is creating potential growth opportunities for the oil and gas data monetization market.
The increase in the number of oil and gas companies across the globe acts as one of the major factors driving the growth of oil and gas data monetization market. The increase in the adoption of the big data technologies to collect, manage, and increase new insights, and increase in demand for data monetization technologies that can assist key players in optimizing their business operations, and improving their competitive edge accelerate the market growth.
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Key Takeaways:
- On the basis of component, oil & gas data monetization software/platform to grow at a CAGR of 14.9%
- Indirect data monetization is expected to grow at a high rate, with a CAGR of 14.0% during the forecast period.
- The oil and gas data monetization market in Japan is expected to be worth US$ 37.0 Million by 2032
- China is expected to reach US $20.6 Billion by 2032, growing at a CAGR of 17.9% during the research period.
- The US is expected to reach a market size of US$ 41.0 Billion by 2032, with a CAGR of 14.4% during the research period
- U.K to accumulate a market size of US$ 2.61 billion by 2032, with a CAGR of 15.1% during the research period.
- By 2032, Australia to reach a market size of US$ 1.5 Billion, with a CAGR of 17.5% during the research period.
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Competitive Landscape
Major players such as Halliburton, Schlumberger Limited, Informatica Corporation, SAP SE, Oracle Corporation, Accenture plc, IBM Corporation, EMC Corporation, Microsoft Corporation, Tata Consultancy Services Ltd., Datawatch, Drilling info, Hitachi Vantara Corporation, Hortonworks, Inc., Capgemini SE, Newgen Software, Inc., Cloudera, Inc., Cisco Software, Inc., SAS Institute, Inc., MapR Technologies, Inc., Palantir Solutions, OSIsoft LLC, Infosys Limited, and NETSCOUT, among others are expected to dominate the market share in terms of revenue.
- In November 2019, Oracle announced a new cloud-native deployment option for BRM. The enhanced deployment model provides a modern monetization solution to capture opportunities. The latest version of the BRM solution is introduced to support emerging 5G-enabled use cases for CSPs.
- In July 2019, Microsoft introduced a new Microsoft Azure service. The new Azure Data Share service is a cloud service. It will help organizations in sharing their internal data. The company focuses on providing the service for its customers to share data to comply with regulations and privacy policies.
- In June 2019, Salesforce announced the acquisition of Tableau, a leading provider of the analytics platform. This acquisition would provide Salesforce customers with a full view of their consumers across touchpoints by combining the CRM platform of Salesforce with Tableau's data.
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Find More Valuable Insights on Oil and Gas Data Monetization Market
Persistence Market Research (PMR) published a detailed study on the oil and gas data monetization market, which includes global industry analysis for 2015-2021 and forecasts for 2022-2032. The report provides an insightful analysis of the market concentration across five different regions, through three different segments - method, component, application, E&P lifecycle, and oil companies. The report titled - 'Oil and Gas Data Monetization' deliberates current installed base, product usage in various applications from domestic to industrial, as well as prevailing trends and technologies. Along with this, detailed value chain analysis pertaining procurement and aftermarket services has been presented in the report.
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