Oil and Gas Data Monetization Market Size, Share, Growth, and Industry Analysis by Type (Data-as-a-service, Professional Services and Software/Platform) By Application (National Oil Companies (NOCs), Independent Oil Companies (IOCs), National Data Repositories (NDRs) and Oil and Gas Service Companies), Regional Insights, and Forecast From 2024 To 2031

Updated On: 20 November 2023

Oil And Gas Data Monetization Market Report Overview

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The global oil and gas data monetization market size was USD 21900 million in 2022 and is projected to touch USD 53753.43 million by 2031, at a CAGR of 10.5% during the forecast period.

Oil and gas firms are converting the vast amounts and diversity of data into insight to increase the productivity of their assets. To extract value from the unstructured data produced by the sensors present in the oil field, real-time data analysis is crucial. The methods used by oil and gas firms to save costs and generate revenue by transforming this data into useful assets include predictive and prescriptive analytics. The oil and gas industry's production and use of data, along with the corresponding increase in spending on data analytics and data management tools and services, is on the rise.

COVID-19 Impact: Consumer’s Health Conscious Behavior Augmented the Market’s Demand

The global COVID-19 pandemic has been unprecedented and staggering, with oil and gas data monetization experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The onset of the COVID-19 pandemic has resulted in supply chain interruptions, a slowdown in production, and a decline in corporate confidence. The COVID-19 pandemic is also responsible for a significant increase in expenditure on cutting-edge products and technology including cloud computing, IoT, AI, and data analytics.

The COVID-19 has a significant influence on oil and gas projects and is causing significant problems with supply, demand, and trading operations. In addition, the supply chain interruptions and declining demand are the main issues limiting the development of the oil and gas data monetization business.

LATEST TRENDS

"Industrial Revolution And Technological Revolution to Propel the Market"

Businesses now have unmatched prospects for value generation and capture because to digital transformation and the linked technology revolution. The current industrial revolution, together with the use of digital technology in the oil and gas industry, is having a significant impact on how the economy is changing and may present growth prospects for the market for monetizing oil and gas data.

Oil and gas companies are adopting cutting-edge solutions, like oil and gas data monetization, to make data-driven decisions and overcome obstacles along the value chain. Over the past few years, the oil and gas industry has redefined its limitations through digitalization. This is due to the ongoing fluctuations in demand and supply chains.

A solution for monetizing oil and gas data is assisting businesses in locating new sources of income, increasing output, spurring the development of new products and procedures, and raising the standard of their services.

Additionally, the expansion of the oil and gas data monetization market is being greatly facilitated by technological advancements in the areas of big data analytics, the cloud, and big data, which is helping oil and gas organizations remain ahead of the current digital revolution.

Oil And Gas Data Monetization Market Segmentation

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• By Type Analysis

By type, market is segmented into data-as-a-service, professional services and software/platform. The data-as-a-service type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into national oil companies (NOCs), independent oil companies (IOCs), national data repositories (NDRs) and oil and gas service companies. The national oil companies (NOCs) segment will lead the global share through 2028.

DRIVING FACTORS

"Big Data Technology and Demand for Data Modernization to Push the Market’s Demands"

The use of big data technologies to gather, manage, and increase new insights, as well as the rise in demand for data monetization solutions that may help key companies optimize their company operations and strengthen their competitive advantage, all contribute to the market's rapid expansion.

Additionally, the market has been impacted over the course of the analysis by the emergence of open standards and centralized data management for seamless integration and operation across a variety of pipeline operation systems, as well as by the widespread use of these systems for asset management, simulation, and measurement.

"Implementation of Industry 4.0 to Drive the Market"

One of the main factors influencing the growth of the oil and gas data monetization market is the implementation of Industry 4.0, as this implementation is crucial in assisting oil and gas companies in navigating the complex business environment and in meeting their improved operational and maintenance requirements.

Additionally, the recent advent of technical developments in Big Data and analytics has prepared the way for a new age of competition, which is further fueling demand for the market for the monetization of oil and gas data.

Additionally, the market for the monetization of oil and gas data may expand as a result of the adoption of IoT solutions centered on applications like supply chain automation, industrial optimization, and predictive maintenance.

RESTRAINING FACTORS

"Lack of Knowledge to Hinder the Market Demand "

The main obstacles to the growth of the oil and gas data monetization market are the integration of solutions for monetizing data from the oil and gas industry with legacy infrastructure already in place and a lack of knowledge regarding the use of cutting-edge technology.

Oil And Gas Data Monetization Market Regional Insights

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"North America’s Oil and Gas Data Monetization Market to Grow Exponentially with the Forecasted Period"

Due to the presence of top oil and gas businesses there and their use of cutting-edge technology, North America is anticipated to be the main market for the monetization of oil and gas data.

Aside from that, due to the expanding use of digital technologies, rising demand for oil and gas, and government initiatives promoting the use of digital solutions, the oil and gas data monetization market in Latin America and Asia Pacific is also anticipated to present significant growth opportunities.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Halliburton (U.S.)
• Schlumberger (U.S.)
• Informatica (U.S.)
• SAP SE (Germany)
• Oracle (U.S.)
• Accentureplc (Ireland)
• IBM (U.S.)
• EMC (U.S.)
• Microsoft (U.S.)
• Tata Consultancy Services (India)
• Datawatch (U.S.)
• Drillinginfo (U.S.)
• Hitachi Vantara (U.S.)
• Hortonworks (U.S.)
• Capgemini (France)
• Newgen Software (India)
• Cloudera (U.S.)
• Cisco Software (U.S.)
• MapR Technologies (U.S.)
• Palantir Solutions (U.S.)
• OSIsoft (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.