As per the study at FMI, the oil and gas data management software market was valued at US$ 16.9 Bn in 2022 and is predicted to reach US$ 70.4 Bn by 2032, growing at a 15.3% CAGR.
As per the study at FMI, the oil and gas data management software market was valued at US$ 16.9 Bn in 2022 and is predicted to reach US$ 70.4 Bn 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.
In today’s economy, digital data is growing at an exponential rate which is propelling the growth of oil and gas data management software market share. The growth of the Internet of Things is generating massive amounts of digital data in the oil and gas industry at an exponential rate which further increases the demand for oil and gas data management software.
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More than 80% to 90% of the digital data on the market today was developed in the last two years. The number of data breaches has increased as the amount of data has grown. Data management software for oil and gas companies is a type of advanced software that helps them manage and preserve their data.
Such organizations’ projects are difficult in terms of operations, resource management, capital management, inventory management, and so on. Furthermore, the sales of oil and gas data management software are growing as it aids businesses in maximizing resources, tracking project progress, and increasing efficiency.
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.
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.
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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.
KEY TAKEAWAYS:
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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Recent Developments
Future Market Insights (ESOMAR certified 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.
Oil & Gas Data Management Software Market , Oil & Gas Data Management Software Market Size , Oil & Gas Data Management Software Market Share
Aug 16, 2022