The demand for oil and gas data management software is anticipated to rise as it is being adopted by a huge number of mid-sized and small businesses.
As per the study at FMI, the oil and gas data management software market was valued at US$ 16.9 Billion in 2022 and is predicted to reach US$ 70.4 Billion by 2032, growing at a 15.3% CAGR.
The deployment of data-gathering equipment, such as sensors at various remote sites and operational fields, has resulted in a tremendous increase in demand for oil and gas data management software.
Furthermore, the sales of oil and gas data management software have grown due to greater digitization, the adoption of workplace mobility solutions, and real-time workforce assistance. As a result, market spending on the efficient server, networking, and the demand for oil and gas data management software is expected to rise in order to expedite business operations and improve overall efficiency.
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The demand for oil and gas data management software is anticipated to grow as it enables firms to effectively manage and access their data in real-time. Regulatory compliance management tools, data analytics, data warehousing, and other capabilities, such as process design control, are all being integrated into data management software by a number of software development providers and suppliers.
Furthermore, increased use of IoT and AI is expected to boost the sales of oil and gas data management software and large-scale data management software implementation by small and large firms in the oil and gas market.
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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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 Newgen Software, IBM Corporation, Cisco Systems, SAP SE, Tata Consultancy Services Ltd
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 02, 2023