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bigdata lalabell68 pixabayThe big data market in oil and gas is all set to receive a slew of new investments, which could lead to a 30 per cent growth in CAGR by the end of this decade

A report titled Global Big Data Market in the Oil and Gas Sector 2016-2020 has said that oil and gas companies have generated large amounts of structured and unstructured data - all of which have to be filtered. This would lead to the need for deploying big data analytics.

The discovery of hydrocarbons is still going on, which has consequently led to the amassing of large amounts of data. Through big data analytics, resource and budget allocation can be planned accordingly. Especially since the data volume could range from terabytes to zettabytes, analysing this data is imperative for companies to maintain an organisation-wide overview of activities.

However, the existing market could be restrained due to lack of awareness among major oil and gas companies. In addition, lack of deploying user-friendly predictive modelling could also hamper growth prospects of this sector.

The findings presented in the report have been obtained following in-depth interviews with industry experts and C-level executives. Vendors that rake in the highest revenues in the global big data market in the oil and gas industry are IBM, Oracle, HP and Teradata.

The other companies that have registered a notable presence in the big data market in the oil and gas sector are DataStax, Cloudera, Alteryx, Opera Solutions and Kognitio, among others.

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