Global Big Data in Oil and Gas Markets 2019-2023: Use of Blockchain Solutions to Improve Big Data Security & Use of Big Data by AI and ML

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Dublin, May 30, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The big data market in the oil and gas sector will register a CAGR of over 15% by 2023. Health, safety, and environmental concerns in the oil and gas sector are one of the key factors that will trigger the growth of the market in the oil and gas sector during the forecast period. The presence of government regulations related to environmental protection, workers protection, cultural protection, and public health and safety is enforcing the companies in the oil and gas sector to take effective measures. Therefore, vendors in the market are opting big data solutions, as it helps enterprises to tackle this challenge efficiently. The need to safeguard the health and safety of the workforce and address environmental concerns will increase the adoption of big data solutions in the oil and gas sector. Exploration of oil and gas Vendors in the global big data market in the oil and gas sector offer different solutions to help enterprises make precise and well-informed oil and gas explorations. The solution is designed to reduce cost by improving modeling for exploration and analyzing drilling and completion operations data for real-time optimization. Lack of professional expertise The oil and gas sectors are currently facing a shortage of data scientists who possess both the industry knowledge and technical skills. Such a shortage is a challenge for the growth of the global big data market in the oil and gas sector. The market in the oil and gas sector appears to be fragmented and with the presence of several companies including GE and IBM Corp., the competitive environment is quite intense. Vendors and enterprises in the global big data market in the oil and gas sector had made significant efforts to harness the power of blockchain in the oil and gas sector. Oracle Corp., SAP SE, and Teradata Corp. are some of the major companies covered in this report.

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Globe Newswire: 10:26 GMT Thursday 30th May 2019

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