Albany, NY -- (SBWIRE) -- 11/15/2018 -- Data generated in the oil and gas industry is increasing in volume, variety, and velocity. Oil and gas industry needs new technologies to integrate and interpret such large amounts of structured and unstructured data generated daily from different data sources such as seismic data, geological data, well logging data, etc. Information technology providers are continuously looking for solutions that could provide new opportunities to capture the big data and are researching tools for data managementin the oil and gas industry. Potential for deriving new insights from data generated in the oil and gas industryis the key factor driving the data business in oil and gas market.

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Companies in the oil and gas industry are improving operational performance by adopting data management and big data solutions to classify and streamline the data and to monitor daily workflows, thus fuelling the data business market growth. However, declined oil prices and the falling CAPEX, especially in resource development, supply chain, and IT spending in the oil and gas industry hindered the growth of the data business in oil and gasmarket for the short term. Increasing foreign investments in refineries and petrochemicals across developing countries and large proven oil reserves in Venezuela, the U.S., China, Ecuador, and Brazil brings an opportunity to drive growth of the data business in oil and gas market.

The data business in oil and gasmarket is segmented based on component, oil companies, application, and region. By component, the market is segmented as big data, data management, and direct data monetization. Big data component is further segmented into software and services. Big data software includes data analytics, data collection, data discovery and visualization, and data management software. Big data services in the oil and gas market are classified into consulting, system integration, and operation and maintenance.

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Data management component is also segmented into software and services. Data management software includes Corporate Data Management (CDM)/ Enterprise Data Management (EDM), Project Data Management (PDM) and National Data Repository (NDR). Data management services include consulting & planning, integration & implementation, and operation & maintenance. Data business market is also segmented based on oil companiesinto National Oil Companies (NOCs), Independent Oil Companies (IOCs), and National Data Repository (NDR).National Oil Companies (NOCs) segment is anticipated to dominate the global data business in oil and gas market.