Despite a lack of awareness regarding the availability of big data solutions in the market, the industry is poised to grow at a compound annual growth rate (CAGR) of 56.45 per cent by 2018, according to a new report
Big data offers a wide range of solutions required for processing and analysing enterprise data too large for traditional data processing tools to manage. The oil and gas sector generates various types of structured and unstructured data.
Big data solutions are used in the oil and gas sector to provide a faster consolidated view of organisation-wide information, which are also helping improving operational performance and maximise profitability.
According to the Global Big Data Market in the Oil and Gas Sector 2014-2018 report, global enterprises in the oil and gas sector lack understanding of the importance of big data tools and are unaware of the ways to decode it, which is affecting investment in big data industry.
The report mentioned, however, that one of the major drivers of the market is the huge data explosion. With the presence of a large amount of data, enterprises need big data solutions to automatically track the performance and behavior of the information stored in their IT systems.
One major trend upcoming in this market is the adoption of user-friendly predictive modeling. Using a predictive modeling tool, oil and gas companies can predict future development strategies based on historical results, added the report.
The report recognises the following companies as the key players in the global big data market in oil and gas sector — HP, Hitachi Data Systems, IBM, Oracle, Cloudera, EMC, MapR Technologies, and SAP.
To register for Big Data Analytics for Oil & Gas, please visit: http://www.oilandgasbigdata.com/register
