Rising Scope of Digital Solutions in Oil & Gas Industry is Driving Growth
Digital transformation and revolution of connected technologies is providing businesses with unparalleled opportunities for value creation and capture.
The ongoing industrial revolution along with the adoption of digital technologies in oil & gas industry is playing a crucial role in the economic transformation and thus creating potential growth opportunities for oil and gas data monetization market.
In past few years, the oil & gas industry is redefining its limitations through digitalization and owing to the continuous fluctuations in demand and supply chain, the oil & gas companies are adopting advanced solutions such as oil and gas data monetization to make data driven decisions and solve hurdles across the value chain.
In last few years, oil & gas companies are adopting prescriptive and predictive analytics solutions to minimize the expenses and for real-time data analysis.
Oil and gas data monetization solution is helping the companies in identifying new revenue opportunities, improving production, and in triggering product and process innovation along with enhance service quality.
Furthermore, developments in technologies such as the cloud, big data, and analytics are creating immense opportunities for the growth of oil and gas data monetization market and helps oil & gas companies to stay ahead of ongoing digital transformation.
Oil and Gas Data Monetization Market: Market Dynamics
The implementation of Industry 4.0 is one of the key factors driving the growth of oil and gas data monetization market as this implementation is playing a vital role in helping oil and gas companies to tackle the challenging landscape of the industry and helps them in improving their operational and maintenance needs.
Moreover, the recent advent of the technological advancements in Big Data and analytics has paved the road to a new era of competitiveness which further is driving the demand for oil and gas data monetization market.
Furthermore, the adoption of IoT solutions built around the applications such as factory optimization, predictive maintenance, and supply chain automation is creating potential growth opportunities for the oil and gas data monetization market.
Apart from this, the integration of oil and gas data monetization solutions with the existing legacy infrastructure and lack of awareness regarding the adoption of advanced technologies are the key challenges for the growth of oil and gas data monetization market.
Impact of COVID-19
The emergence of COVID-19 pandemic has brought with disruptions in slowing down the supply chain, and the fall in business confidence. However, the COVID-19 outbreak also brings the high spending on advanced solutions and technologies such as cloud computing, IoT, AI, and data analytics.
The COVID-19 has huge impact on the oil & gas projects and it is creating some serious issues in supply, demand, and trade activities. Moreover, the supply chain disruptions and contracting demand are the key challenges impacting the growth of oil and gas data monetization market.
According to estimates, the oil and gas data monetization market has grown around 15% Y-o-Y in the past 2 years, but due to COVID-19, the growth of oil and gas data monetization market is expected to be severely impacted in first two quarter of 2020.
Amid COVID-19, the oil and gas data monetization market is expected to witness the growth of around 10% in 2020 and 2021. However, the long-term view of connected oil & gas market remains positive as the integration of advanced technologies is expected to trigger the adoption of oil and gas data monetization market.
Oil and Gas Data Monetization Market: Competition Landscape
Most of the leading players in the oil and gas data monetization market are coming with innovation and advanced solutions to meet the growing demand for automation and digital technologies in oil and gas sector.
Also, leading players in the oil and gas data monetization market are focusing on entering into partnerships and collaborations to better serve the customers and to enhance their capabilities and roadmaps of advanced analytics solutions.
Some of the key players in the oil and gas data monetization market are-
- IBM Corporation
- Microsoft Corporation
- Tata Consultancy Services
- Infosys Limited
- Cisco Systems, Inc.
- Hitachi Vantara
- Schlumberger, among others.
Oil and Gas Data Monetization Market: Regional overview
On the basis of regions, North America and Middle East & Africa are expected to be the key market for oil and gas data monetization market owing to the presence of leading oil and gas companies in the region and adoption of advanced technologies by leading oil and gas companies in the region.
Moreover, the oil and gas data monetization market in Latin America and Asia Pacific is also expected to create significant growth opportunities, owing to the rising adoption of digital technologies, increasing oil and gas demand, and government’s initiatives towards the adoption of digital solutions.
The Oil and Gas Data Monetization market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
- Oil and Gas Data Monetization Market Segments
- Oil and Gas Data Monetization Market Dynamics
- Oil and Gas Data Monetization Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in Oil and Gas Data Monetization Market
- Technology Landscape
- Value Chain of the Oil and Gas Data Monetization Market
- Market Drivers and Restraints
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia)
- Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)
- Detailed overview of parent Oil and Gas Data Monetization market
- Changing Oil and Gas Data Monetization market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape of Oil and Gas Data Monetization Market
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Oil and Gas Data Monetization Market: Segmentation
The Oil and Gas Data Monetization market has been segmented on the basis of component, application, and method
basis of Component:
- Professional Services
- Managed Services
basis of Application :
basis of method:
- Indirect Data Monetization
- Direct Data Monetization
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