Oil and Gas Data Monetization Market Size & Share, by Component (Software, Data-as-a-service, Professional Services, Managed Services); Application (Upstream, Midstream, Downstream); Method (Indirect, Direct) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5497
  • Published Date: Jan 05, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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. The reason behind the growth of the market is the rising investments in renewable energy. 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.

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. Additionally, data monetization can help businesses discover new markets 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.


Oil & Gas Data Monetization Market
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Oil and Gas Data Monetization Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 14%

Base Year Market Size (2023)

~ USD 46 Billion

Forecast Year Market Size (2036)

~ USD 271 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Oil and Gas Data Monetization Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Growing Adoption of Big Data - Due to the ongoing changes in the supply chain and demand, the oil and gas industry has been redefining its boundaries in recent years. As a result, oil and gas companies are implementing cutting-edge solutions like oil and gas data monetization to overcome obstacles throughout the value chain and make data-driven decisions. Oil and gas industries have been using prescriptive and predictive analytics systems for real-time data analysis and cost reduction in recent years. As a result, advancements in big data, analytics, and cloud computing are opening up enormous prospects for the oil and gas data monetization market and assisting oil and gas organizations in keeping up with the continuous digital transformation.
  • Growing Number of Oil and Gas Industries Globally - The growing number of oil and gas companies across the globe acts as one of the major factors driving the growth of the market. Also, the growing production and consumption of oil and gas are escalating the growth of the market. For instance, the production of oil globally exceeds four billion metric tons annually, with the Middle East holding about half of the proven oil reserves. The increase in the adoption of advanced technologies in the oil and gas industry has enabled the collection of real-time data from various sources such as sensors, equipment, and production systems.
  • Growing Implementation of Industry 4.0 in the Oil and Gas Industry - Oil and gas industries have improved remarkably with the introduction of innovations like automation, artificial learning (AI), and machine learning. For instance, smart sensors and thermal detectors have been installed on transportation railcars and tracks midstream to improve safety and reduce the risk of a derailment; advanced 4D modeling in seismic imaging is being used upstream to enable more efficient and effective exploration and production; and predictive data analytics are helping to improve forecasting and automation downstream for increased productivity and efficiency and less waste.

Challenges

  • Integration with Existing Legacy Infrastructure - One of the main things that is anticipated to impede the growth of the oil and gas data monetization market is the integration of oil and gas data monetization solutions with the current legacy infrastructure. It can be difficult to comply with data protection laws, intellectual property rights, and data-sharing agreements, particularly when working with outside parties. Therefore, this factor may hamper the growth of the oil and gas data monetization market.
  • Lack of Awareness Regarding the Implementation of Advanced Technologies may Hamper the Market Growth
  • Increase in Complexities of Data Structures may Hinder the Growth of the Market.


Oil and Gas Data Monetization Segmentation

Component (Software, Data-as-a-service, Professional Services, Managed Services)

Oil and gas data monetization market from the data-as-a-service segment is anticipated to hold the largest share of 42% during the forecast period. 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)

The upstream segment in the oil and gas data monetization market is anticipated to hold a share of 46% during the forecast period. 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, the 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 altogether are escalating the growth of the upstream segment.

Our in-depth analysis of the global oil and gas data monetization market includes the following segments:

Component

  • Software
  • Data-as-a-service
  • Professional Services
  • Managed Services

Application

  • Upstream
  • Midstream
  • Downstream

Method

  • Direct
  • Indirect

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Oil and Gas Data Monetization Industry - Regional Synopsis

North American Market Forecast

Oil and gas data monetization market in North America is expected to hold the largest share of 36% by the end of 2036. The growth can be accredited 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 the 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

Asia Pacific region for oil and gas data monetization market is anticipated to hold a share of 27% during the forecast period. 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 the oil and gas data monetization market growth in the region.

Research Nester
Oil & Gas Data Monetization Market size
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Companies Dominating the Oil and Gas Data Monetization Market

top-features-companies
    • Microsoft UAE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Baker Hughes
    • GE Digital
    • Schlumberger NV
    • Chevron Corporation

In-the-news

In The News

  • To establish global best practices for the aluminum industry and enhance the sustainability of EGA's computing operations, Microsoft UAE and Emirates Global Aluminum, the largest industrial company in the United Arab Emirates outside of oil and gas, announced their partnership on Industry 4.0 and broader digital transformation.
  • The BHC3 output OptimizationTM program, developed by C3.ai and Baker Hughes, enables well operators to better forecast future output, analyze real-time production data, and optimize operations for increased rates of oil and gas production. The application is the most recent addition to the expanding library of BHC3 AI apps.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5497
  • Published Date: Jan 05, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing adoption of big data, rising number of oil and gas industries globally, and the increasing implementation of Industry 4.0 in the oil and gas industry are the major factors driving the growth of the oil and gas data monetization market.

The market size of oil and gas data monetization is anticipated to attain a CAGR of 14% over the forecast period, i.e., 2024-2036.

The major players in the market are Microsoft UAE, Baker Hughes, GE Digital, Schlumberger NV, Chevron Corporation, ExxonMobil, INPEX CORPORATION, ENEOS Corporation, HACARUS INC, Iwatani Corporation and others.

The upstream segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Oil and Gas Data Monetization Market Report Scope
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