Market Insights on Oil & Gas Data Management Software covering sales outlook, demand forecast & up-to-date key trends
Through 2032, the oil & gas data management software market is anticipated to grow strongly with a CAGR of 15.3%. The market is expected to grow from its 2022 valuation of US$ 16.9 billion to US$ 70.4 billion by 2032. Prior to this, the market expanded at a faster CAGR of 17.4% (2016–2021), reaching a value of US$ 14.3 Bn in that year.
“Businesses are adopting oil & gas management software solutions due to technological advancements like predictive analytics solutions, real-time analysis, better and enhanced performance, and popularity.”
According to a market analysis of oil and gas data management software, companies that use cloud computing and virtualization to improve industrial workflow and streamline processes. Data management as a service is gaining pace in the oil and gas market thanks to cloud platform acceptance, next-generation data centre evolution, and cost-effective and adaptable data management solutions.
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The oil and gas data management software is expected to be driven by the rising trend of cloud use in the coming years. Data breaches are becoming more common around the world, demanding the modernization of existing organizational infrastructure.
As a result, global enterprise data management infrastructure modernization is expected to drive the global oil and gas data management software market size during the forecast period. However, the lack of complete data security assurance and abuse of obtained data is stifling the sales of oil and gas data management software in both international and domestic sectors.
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COMPETITIVE LANDSCAPE:
Oil and gas data management market players are focusing on providing customised solutions that are in sync with the procedures of various oil and gas organisations. These solutions contribute to the market’s increased growth rate for oil and gas data management software.
Some of the?oil and gas data management software market players profiled in the FMI’s study are
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Apr 13, 2023