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Pump jack Copyright Zeljko RadojkoOil and gas companies are continuing to discover new hydrocarbon deposits, with Big Data playing a key role in resource and budget allocation

A new report from MarketResearchReports.biz, the global big data market for the oil and gas industry, titled ‘Global Big Data Market in the Oil and Gas Sector 2016-2020’ looks at the global big data market for the oil and gas industry.

According to the report, the oil and gas industry creates volumes of structured and unstructured data. The data needs to be sorted so it can be recategorised into actionable insight.

Researchers at MarketResearchReports.biz noted in the report that as a result of increased use of big data solutions by oil companies, the global big data market in the oil and gas sector is projected to see a recorded growth of 30.6 per cent CAGR between 2016 and 2020.

The report also added that the market may be affected by a lack of awareness about the advantages of Big Data among oil and gas companies.