Oil and Gas Data Monetization Market size is anticipated to reach USD 271 Billion by the end of 2036, growing at a CAGR of 14% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of oil and gas data monetization was over USD 46 Billion. Potential avenues for data monetization include investing in renewable energy, cutting carbon emissions, and increasing operational transparency. Major oil and gas firms are expected to invest more than USD 4.6 billion in renewable energy projects by 2021, with offshore wind power generation accounting for more than half of total capital expenditure (USD 2.7 billion).
Companies make sure that, in the framework of changing data privacy laws, they safeguard the security and privacy of their stakeholders and consumers. It will take cross-industry cooperation, including alliances between oil companies and technology businesses, to fully monetize oil and gas data. All of these factors contribute to the oil and gas data monetization market growth.
Furthermore, oil and gas firms can use data monetization to leverage their current data sets and obtain insights into their operations. In addition to cutting expenses, it can raise safety regulations and customer satisfaction. Moreover, data monetization can help businesses discover new oil and gas data monetization market and customize goods and services to suit the wants of their clients. Data monetization can help oil and gas companies compete more successfully, in addition to finding new business opportunities and creating creative solutions.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
14% |
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Base Year Market Size (2023) |
USD 46 Billion |
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Forecast Year Market Size (2036) |
USD 271 Billion |
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Regional Scope |
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Component (Software, Data-as-a-service, Professional Services, Managed Services)
In oil and gas data monetization market, data-as-a-service segment is poised to dominate over 42% share by 2036. Oil and gas companies may now easily and affordably access and use critical data due to data-as-a-service. They can rely on specialist data service providers rather than purchasing pricey infrastructure and resources to gather, store, and analyze data themselves. Furthermore, data-as-a-service offers flexibility and scalability.
Businesses may find it challenging to maintain the requisite infrastructure and knowledge as the amount and complexity of data in the oil and gas sector continue to rise. Additionally, vendors of data-as-a-service frequently possess knowledge of data science and advanced analytics methods. They can use artificial intelligence (AI), machine learning, and complex algorithms to extract useful patterns and trends from the data.
Application (Upstream, Midstream, Downstream)
In oil and gas data monetization market, upstream segment is estimated to account for around 46% revenue share by 2036. The upstream segment, which involves exploration and production activities, generates a vast amount of data throughout the entire lifecycle of oil and gas projects. Data monetization in the upstream segment enables companies to enhance their asset management and predictive maintenance capabilities. Also, advancements in technology made it easier to collect, store, and analyze large volumes of data in the upstream segment.
Techniques like horizontal drilling and hydraulic fracturing have opened up previously inaccessible reserves, leading to increased activity in the upstream segment. Also, the rising global population and increasing energy consumption drive the demand for oil and gas. For instance, in 2018, worldwide energy demand climbed by 2.9%. If nothing changes, by 2040, global energy consumption is expected to reach 740 million terajoules or an extra 30% growth. As economies grow and industries expand, the need for energy continues to rise. Therefore, these factors are escalating the growth of the upstream segment.
Our in-depth analysis of the global market includes the following segments:
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Component |
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Application |
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Method |
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North American Market Forecast
By 2036, North America region, is expected to dominate over 36% oil and gas data monetization market share. The growth can be attributed to the growing production and consumption of oil in the region. For instance, oil production in North America increased to 25.3 million barrels per day in 2022 from about 24 million barrels per day the year before.
Also, the implementation of necessary infrastructure in the oil and gas industries in the region is propelling market growth. Furthermore, the growing use of indirect data monetization solutions in the industry may further accelerate the growth of the market.
APAC Market Statistics
By 2036, Asia-Pacific region in oil and gas data monetization market is anticipated to account for around 27% revenue share. The growing adoption of digital technologies in the region is one of the major factors driving the growth of the market. Also, the increasing demand for oil and gas is driving the growth of the market. Furthermore, the increase in initiatives taken by the government for the adoption of renewable energy in various industries is also escalating oil and gas data monetization market growth in the region.
Author Credits: Abhishek Verma, Hetal Singh
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