According to a new market report published by Transparency Market Research, the global oil and gas data monetization market is expected to reach a value of US$ 81,600.0 Mn by 2026 on account of large volume of data generated across the oil and gas industry and the selling/trading or the software/platform usage to derive value from such large volumes of structured, unstructured, and semi-structured data. The market is projected to expand at a CAGR of 18.5% during the forecast period from 2018 to 2026 driven by the increasing trading of data products such as seismic data, geophysical data, magnetic surveys, well data, production data, interpretive studies, etc. and the increasing adoption of data management and data analytics solutions in the oil and gas industry. After the fall in CAPEX during the years 2015 to 2017, spending in the oil and gas industry is anticipated to increase gradually from 2018, thus further driving the digitization across the industry using software/platforms and related services. North America is anticipated to be the dominant region in the oil and gas data monetization market followed by Middle East & Africa during the forecast period.The exploration segment in the E&P lifecycle is expected to see flourishing growth to maintain the production and to meet the demand in the next decade with sufficient oil and gas discoveries now. Further, the use of analytics solutions and data management solutions mainly for seismic data, drilling data, and production data processing drives the data monetization market in the oil and gas industry.
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Turning data into intelligence for improved asset productivity is driving the global oil and gas data monetization market
Predictive and prescriptive analytics are the approaches that help oil and gas companies to minimize expenses and earn money by turning this data into valuable assets. Real-time data analysis is essential for deriving insights from unstructured data generated from sensors present in the oilfield. The creation and consumption of data continues to grow and with it the investment in software, services, and data science. The availability of large amount of generated data led to technological innovation in analytics solutions. Such highly analysed and streamlined data is now being traded from oil and gas service companies and national data repositories in collaboration with oil companies. The oil and gas data monetization market is expected to flourish over the forecast period driven mainly by indirect data monetization i.e. software/platforms and professional services used to increase operational efficiencies deriving value from data for oil and gas companies. However, direct data monetization i.e. the data exchange/transaction for direct monetary benefits is expected to grow at the highest rate over the forecast period.
Oil and Gas Data Monetization Market: Scope of the Report
The oil and gas data monetization market is segmented based on method, component, oil companies, application, E&P lifecycle, and geography. By 2026, the upstream application segment will account for more than 53% of the global indirect oil and gas data monetization market and more than 56% of the global direct oil and gas data monetization market due to increasing IT spending in the upstream sector of the oil and gas industry. National oil companies segment is anticipated to have more than 44% market share in indirect data monetization and more than 33% market share in the direct data monetization market by 2026 due to increasing spending by national oil and gas companies and maximum share of production by national oil and gas companies globally.