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OIlThe global big data market in the oil and gas sector will grow at a compound annual growth rate (CAGR) of 56.45 per cent by 2018, according to a new report

Big data offers a wide range of solutions required for processing and analysing enterprise data that are too large for traditional data processing tools to manage. The oil and gas sector generates various types of structured and unstructured data.

Big data solutions are used in the oil and gas sector to provide a faster consolidated view of organisation-wide information. They also help in improving operational performance and maximising profitability.

According to the Global Big Data Market in the Oil and Gas Sector 2014-2018 report, one of the major drivers of the market is the huge data explosion. With the presence of a large amount of data, enterprises need big data solutions to automatically track the performance and behaviour of the information stored in their IT systems.

One major trend upcoming in this market is the adoption of user-friendly predictive modelling. Using a predictive modelling tool, oil and gas companies can predict future development strategies based on historical results, added the report.

The report recognised the following companies as the key players in the global big data market in oil and gas sector — HP, Hitachi Data Systems, IBM, Oracle, Cloudera, EMC, MapR Technologies and SAP. It also mentioned that the lack of awareness is one of the major challenges confronting this market. It added that many enterprises in the oil and gas sector lacked a full understanding of the importance of big data and were unaware of ways to decode it, which has affected investment in the big data industry.


To read the latest Big Data stories in the oil and gas sector, please visit: http://www.oilreview.me/information-technology