Technavio’s latest global big data market in the oil and gas sector report highlights the top three emerging trends predicted to impact market growth through 2020. Technavio defines an emerging trend as something that has potential for significant impact on the market and contributes to its growth or decline.
“Primary activities of an oil and gas company, which involves exploration, drilling, production, and maintenance generates large amounts of data. As it is almost impossible to analyze such large volumes of data using traditional data applications, organizations require big data analytics and solutions. With new advances in the sector, big data finds increased application for tracking machinery, equipment, and personnel performance,” said Navin Rajendra, one of Technavio’s lead industry analysts for enterprise application research.
“Over the next four years, big data solutions will be increasingly used by oil and gas companies to effectively track and manage enormous volumes of data generated. Big data analytics is slated to play an important role in the sector to optimize business decision making and innovation,” added Navin.
Technavio’s market research study identifies the following three emerging trends that are expected to propel the global big data in oil and gas sector:
- Adoption of user-friendly predictive modelling
- Increased demand for advanced analytic
- Emergence of cloud computing technology
- Adoption of user-friendly predictive modelling
There has been an aggressive introduction of user-friendly predictive modelling tools, which are offered either independently or as embedded features of big data solutions for the oil and gas sector. Enterprises in the oil and gas sector have identified predictive modelling techniques as an efficient tool to accelerate decision-making. These organizations have started using collaborative structured and unstructured data to enhance pattern recognition and optimize oil and gas operations. For instance, pressure, volume, and temperature data generated in real time can be collected and analysed against historical databases to create patterns for equipment failure.
Offerings from most of the big data vendors include predictive modelling, interactive visualization, and automation. This accelerates methods for developing, ascertaining, and analysing predictive models.
Increased demand for advanced analytics
An increase in demand for advanced analytics is one of the major trends in the global big data market in the oil and gas sector. Planning and forecasting of production data, data generated from wells, and sets of data produced during seismic acquisition are some of the applications of advanced analytics. Advanced analytics helps in enhancing exploration and drilling efforts. For instance, comparisons between land under exploration and land of well performance can assist in recognizing shale basins effectively.
Various advanced analytics projects include seismic data processing during exploration, competitive intelligence for development, identifying abnormalities during production data processing, and predictive maintenance for maintenance efforts. Advanced analytics also helps in operational analytics; for instance, analysing information such as weather patterns and ice flows can help analysts improve operational processes, such as the impact of storms on rigs.
Emergence of cloud computing technology
The emergence of cloud-based solutions has enabled oil and gas organizations to increase their efficiency and reduce the cost of deploying valuable big data solutions. Enterprises are therefore investing in cloud-based solutions to store the data of their applications, infrastructure, automation, and collaboration. Data is collected on a daily basis in oil and gas enterprises and it is stored in databases, which are then analysed big data solutions.
Cloud computing technology enables access to this information at any time and from any location. However, many oil and gas companies are still analysing the feasibility and relevance of cloud computing solutions in their IT operations. Some concerns and risks around data security are affecting the steady adoption of such solutions. Despite this, cloud computing is expected to have a significant positive impact on the global big data market in the oil and gas sector because of its many benefits.
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