A new report has been released on the global oil and gas data management market for the period 2015 to 2020.
The market is expected to grow from $6.08 billion to $21.22 billion over the five years at a rate of 28.4% CAGR according to the report.
The oil and gas data management market includes the full cycle of data within the industry, from production to distribution. The challenges faced by those within the data management industry include the growing volume and velocity of the storage requirements.
The evolution of advanced technology in the oil and gas industry will continue to enable geophysical assessment, drilling, exploration and production, refining, transportation and distribution. This report shows the projected growth of the market and how this will benefit the oil and gas industry as a whole.
North America is estimated to hold the largest share of the market but APAC is expected to grow at the highest rate – 34.4% CAGR from 2014-2019.