Big Data in the Oil and Gas Sector Global Market Report 2024

The big data in the oil and gas sector market size has grown rapidly in recent years. It will grow from $5.29 billion in 2023 to $6.07 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The expansion observed during the historical period can be attributed to several factors, including improved decision-making processes leading to enhanced operational and business performance, the emergence of unconventional resources, volatility in the energy market, increased demand for effective exploration and production procedures, and overall economic growth.

The big data in the oil and gas sector market size is expected to see rapid growth in the next few years. It will grow to $10.61 billion in 2028 at a compound annual growth rate (CAGR) of 15%. The anticipated growth in the forecast period can be attributed to several key factors, including the escalating demand for predictive maintenance solutions, intensifying competition within the oil and gas industry, the pressing need to optimize production processes, the growing requirement for systematic data analysis systems, and the rising global energy demand. Major trends expected during this period include advancements in sensor technologies, progress in edge computing capabilities, integration of AI and machine learning technologies, continuous technological advancements, and increasing collaborations within the industry.

The anticipated rise in oil and gas production is poised to drive the expansion of big data applications in the oil and gas sector market. Factors contributing to increased production include escalating global energy demand, offshore exploration expansion, infrastructure investments, and regulatory developments. This upsurge presents significant opportunities for deploying big data analytics to enhance operational efficiency, optimize asset performance, bolster safety and environmental standards, and inform strategic decision-making. By integrating and analyzing data from diverse sources, stakeholders can gain comprehensive insights into operations and identify areas for enhancement. Notably, figures from the Energy Information Administration (EIA) indicate that in 2023, US crude oil production averaged 12.4 million barrels per day (b/d), with forecasts projecting a rise to 12.8 million b/d in 2024, underscoring the pivotal role of increasing oil and gas production in fueling the growth of big data in the oil and gas sector market.

Key players in the big data segment within the oil and gas sector market are directing their efforts towards developing innovative solutions to modernize smaller industrial facilities. An example of such innovation is the Nexus OnCore Compact Control System, introduced by Nexus Control, an India-based integrated control solutions provider, in May 2022. This system, comprising multiple autonomous controllers, efficiently manages and controls processes within plants or industrial systems. Offering sophisticated diagnostic capabilities and a digital toolbox akin to a distributed control system (DCS), the Nexus OnCore Compact Control System boasts a compact design suitable for confined spaces typically occupied by programmable logic controllers (PLCs). This advancement translates into heightened efficiency, improved asset understanding, and operational optimization across control applications commonly found in larger facilities.

In April 2023, GE Gas Power, a US-based provider of control systems for gas power plants, completed the acquisition of Nexus Controls for an undisclosed sum. This strategic move aims to consolidate a comprehensive controls business line within GE Gas Power by integrating Nexus Controls' expertise with GE's proprietary Mark Vle controls systems platform. The acquisition enhances the customer experience throughout power plant lifecycles by leveraging Nexus Controls' specialization in industrial automation and control systems, which play a crucial role in the ongoing evolution of the oil and gas sector.

Major companies operating in the big data in the oil and gas sector market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., Hitachi Vantara LLC, General Electric Company, Accenture plc, International Business Machines Corporation, Oracle Corporation, SAP SE, Hewlett Packard Enterprise Company, Schlumberger Limited, Capgemini SE, Baker Hughes Company, Halliburton Company, DXC Technology Company, HCL Technologies Limited, Teradata Corporation, BigPanda Inc., Alteryx Inc., Altair Engineering Inc., Cloudera Inc., Datameer, Inc., Enverus, Northwest Analytics Inc., Hortonworks Inc., MapR Technologies Inc.

North America was the largest region in the big data in the oil and gas sector market in 2023. The regions covered in the big data in the oil and gas sector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the big data in the oil and gas sector market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Big data in the oil and gas sector involves leveraging advanced technologies to manage and analyze extensive datasets generated throughout the industry. This process aims to extract actionable insights, optimize operations, and enhance efficiency, safety, and environmental sustainability. Big data analytics plays a crucial role in improving safety within the oil and gas industries by facilitating predictive equipment maintenance, preemptively identifying potential failures, and ensuring safe logistics through sensor analytics.

The primary components of big data encompass hardware, software, and services. Hardware refers to tangible components of computer systems or electronic devices, such as memory, storage, processors, and peripherals. Various data types utilized include structured, unstructured, and semi-structured data, deployed through various modes such as on-premise and cloud-based solutions. Applications of big data in this sector span across upstream, midstream, downstream operations, and administrative functions.

The big data in the oil and gas sector market research report is one of a series of new reports that provides big data in the oil and gas sector market statistics, including the big data in the oil and gas sector industry global market size, regional shares, competitors with a big data in the oil and gas sector market share, detailed big data in the oil and gas sector market segments, market trends and opportunities, and any further data you may need to thrive in the big data in the oil and gas sector industry. This big data in the oil and gas sector market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The big data in the oil and gas sector market consists of revenues earned by entities by providing services such as predictive maintenance, exploration and production optimization, supply chain management, and asset integrity management. The market value includes the value of related goods sold by the service provider or included within the service offering. The big data in the oil and gas sector market also includes geospatial analytics, data security and compliance, energy efficiency, reservoir monitoring, and management. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.