Product ID: SQMIG45C2047
Report ID:
SQMIG45C2047 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
63 |
Figures:
75
Oil and Gas Data Management Market size was valued at USD 19.01 Billion in 2021 and is poised to grow from USD 22.66 Billion in 2022 to USD 92.36 Billion by 2030, at a CAGR of 19.2% during the forecast period (2023-2030).
The Global Oil and Gas Data Management Market has witnessed significant growth and advancements in recent years. The primary growth drivers of the market encompass enhancements in operational efficiency and performance optimization, alongside the rising popularity of real-time analysis and predictive analytics solutions. Furthermore, an increase in awareness among end users plays a pivotal role in propelling market expansion. Concurrently, the oil industry is experiencing a decline in prices due to production cuts, while the demand for chemicals and refined products has contracted as a consequence of industrial slowdowns and travel restrictions in the aftermath of the global epidemic. However, the growth of data management in the oil and gas sector finds fuel in cloud computing and virtualization. Over recent years, the oil and gas industry has undergone substantial data generation growth due to the deployment of data collection equipment, such as sensors, across diverse remote sites and operational fields. The surge in digitization, amplified adoption of enterprise mobility solutions, and the provision of real-time support to the workforce have precipitated a heightened demand for advanced IT infrastructure. Consequently, there is an anticipated increase in industry expenditure on procuring efficient server solutions, advanced networking technologies, and cutting-edge storage systems. This strategic investment aims to streamline business operations and elevate overall performance standards.
US Oil and Gas Data Management Market is poised to grow at a sustainable CAGR for the next forecast year.
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Product ID: SQMIG45C2047