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Oil & Gas Data Monetization Market Segmented By Direct, Indirect Method as Oil & Gas Data-as-a-service Monetization, Professional Oil & Gas Data Monetization Services, Oil & Gas Data Monetization Software/Platform Component
The oil and gas data monetization market is anticipated to have document a CAGR of 14.9% during the period of 2022-2032. The oil and gas data monetization market is anticipated to reach US$ 161.6 Billion in 2032, from US$ 40.3 Billion in 2022.
“The major factor that is expected to accelerate the growth of the Oil and Gas Data Monetization Market during the forecast period includes an increase in adoption of AI for data processing, which extends profitable opportunities to the market players.”
Oil and gas companies are continuously using the large volume and variety of data into intelligence for enhanced asset productivity, which in turn is expected to propel the market growth during the forecast period.
| Attributes | Details |
|---|---|
|
Oil and Gas Data Monetization Market CAGR (2022-2032) |
14.9% |
|
Oil and Gas Data Monetization Market Size (2022) |
US$ 40.3 Billion |
|
Oil and Gas Data Monetization Market Size (2032) |
US$ 161.6 Billion |
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Technological advancements in Big Data and Business analytics is one of the key factors driving the growth of oil and gas data monetization market during the forecast period. In addition, implementation of Industry 4.0 has paved the road to a new era of competitiveness which further is driving the demand for oil and gas data monetization market. 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 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. Oil and gas companies are continuously using the large volume and variety of data into intelligence for enhanced asset productivity.
To derive the value out of unstructured data generated from sensors present in the oil field, real-time analysis is used. Predictive and prescriptive analytics are highly deployed in oil and gas companies to earn money and minimize expenses by turning this data into valuable assets. This factor is expected to propel the market growth over the analysis period.
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Moreover, the advent of open standards and centralized data management for seamless integration and operation across the number of pipeline operation systems, and high usage of these operation systems such as simulation, measurement and asset management further influence the market over the analysis period.
Furthermore, increased system availability, rapid digitization, rise in the adoption of Internet of Things and huge amounts of data generated positively affect the oil and gas data monetization market. Additionally, an increase in adoption of AI for data processing extends profitable opportunities to the market players during the forecast period.
The integration of oil and gas data monetization solutions with the existing legacy infrastructure as well as lack of awareness regarding the adoption of advanced technologies are the major factors that are expected to hinder the growth of oil and gas data monetization market.
Moreover, varying structure of regulatory policies and lack of awareness regarding the requirement of the interventions are some other factors expected to impede the market growth.
In addition, an Increase in complexities in data structures and concerns regarding privacy and data are projected to challenge the oil and gas data monetization market during the forecast period.
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| Attributes | Oil and Gas Data Monetization Market |
|---|---|
|
CAGR (2022-2032) |
14.9% |
|
Market Value (2032) |
US$ 161.6 Billion |
|
Growth Factor |
The increase in the number of oil and gas companies across the globe acts as one of the major factors driving the growth of oil and gas data monetization market. |
|
Opportunity |
The advent of open standards and centralized data management for seamless integration and operation across the number of pipeline operation systems. This factor is expected to create lucrative opportunities for the market growth. |
|
Key Trends |
The rise in the adoption of Internet of Things and huge amounts of data generated positively affect the oil and gas data monetization market. |
| Attributes | Telecom Data Monetization Market |
|---|---|
|
CAGR (2022-2032) |
25.9% |
|
Market Value (2032) |
US$ 92.2 Billion |
|
Growth Factor |
The major factor that is expected to accelerate the growth of the Telecom Data Monetization market includes the swift adoption of advanced analytics and visualization |
|
Opportunity |
The growing volume and variety of business data is one of the factors that is expected to create lucrative opportunities for the market growth. |
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Key Trends |
The rising usage of external data sources is one of the key growth drivers of the global telecom data monetization market. |
| Attributes | Automotive Data Monetization Market |
|---|---|
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CAGR (2022-2032) |
39.8% |
|
Market Value (2032) |
US$ 178.0 Billion |
|
Growth Factor |
The growing number of connected vehicles and the permission and activation rate of these vehicles among consumers is the major factor that is expected to propel the market growth. |
|
Opportunity |
Increased and sophisticated analytics and big data in automotive applications to provide extra features and services in cars, lower operating costs and investment, and improve driver and passenger safety are driving the global automotive data monetization market revenue growth. |
|
Key Trends |
To stay ahead in a highly competitive market, automakers are concentrating on creating new monetization mechanisms and improving software deployment capabilities. |
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.
Additionally, the 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.
The oil and gas data monetization market is segmented into Method, Component, Application, E&P Lifecycle, Oil Companies, and Region.
On the basis of component, the Software/Platform segment of the oil and gas data monetization market is expected to hold a larger market size with a CAGR of 14.6% during the forecast period. As SaaS and IoT implementations continue to rapidly expand, suppliers require the flexibility to implement new business models.
A software monetization platform, unlike a basic licensing solution, supports multiple licensing models in a single software licensing system, so suppliers can quickly adapt as their markets change.
Based on Method, the Indirect Data Monetization segment of the Oil and Gas Data Monetization Market is anticipated to grow with the highest CAGR of 14.0%.
The Indirect Data Monetization segment of the market can be benefitted, attributed to the increasing spending by national oil and gas companies and maximum share of production by national oil and gas companies globally.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
14.4% |
|
China |
17.9% |
|
Japan |
16.8% |
|
U.K |
15.1% |
The global oil and gas data monetization market covers five major geographic regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. North America dominates the oil and gas data monetization market due to the increasing oil production, availability of necessary infrastructure, and use of indirect data monetization solutions within the region. The U.S is expected to represent a massive growth of US$ 41.0 Billion in the oil and gas data monetization market, with a CAGR of 14.4% during the forecast period.
Asia-Pacific is expected to witness highest growth during the forecast period, owing to the rising investments in the E&P sector. China is expected to represent a CAGR of 17.9%, to reach a market share of US$ 20.6 Billion during the forecast period. Middle East & Africa is 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 South America 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.
Halliburton, Schlumberger Limited, Informatica Corporation, SAP SE, Oracle Corporation, Accenture plc, IBM Corporation, EMC Corporation, Microsoft Corporation, Tata Consultancy Services Ltd., Datawatch, Drilling info, Hitachi Vantara Corporation, Hortonworks, Inc., Capgemini SE, Newgen Software, Inc., Cloudera, Inc., Cisco Software, Inc., SAS Institute, Inc., MapR Technologies, Inc., Palantir Solutions, OSIsoft LLC, Infosys Limited, and NETSCOUT among others are the top companies in the global oil and gas data monetization market.
In order to strengthen their position in the global oil and gas data monetization market, organizations are focused on industry collaborations, mergers & acquisitions, and partnerships.
The research offers a comprehensive competition analysis of some top competitors in the oil and gas data monetization market, including company biographies, recent developments, and significant market strategies. It shows how the competitors are taking advantage of the opportunities present in the oil and gas data monetization market.
| Attributes | Details |
|---|---|
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Forecast Period |
2022-2032 |
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Historical Data Available for |
2015-2021 |
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Market Analysis |
USD Mn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
Oil and Gas Monetization by Method
Oil and Gas Monetization by Component
Oil and Gas Monetization by Application
Oil and Gas Monetization by E&P Lifecycle
Oil and Gas Monetization by Oil Companies
Oil and Gas Monetization by Region
The oil and gas data monetization market is projected to register a CAGR of 14.9% until 2032
Japan is the leading country, with an anticipated CAGR of 16.8% by 2032
On the basis of component, the software/platform category leads the market with the projected CAGR of 14.6% by 2032
The oil and gas data monetization market is predicted to grow US$ 161.6 Billion by 2032
By method, the indirect data monetization segment leads the market with the projected CAGR of 14.0% in 2032.
