Oil and gas companies are turning the large volume and variety of data into intelligence for improved asset productivity. Real-time data analysis is essential for deriving value out of unstructured data generated from sensors present in the oil field. 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.
The creation and consumption of data continues to grow in the oil and gas industry and with it, the investment in data analytics and data management software and services. Data monetization can be used to leverage insights to identify new revenue opportunities, trigger product, process & service innovation and optimization, improve production, and enhance service quality in the oil and gas industry.
Large proven oil reserves in Venezuela, Saudi Arabia, Canada, Iran, Iraq, Kuwait, UAE, Russia, the U.S. and China brings an opportunity to drive growth of the oil and gas data monetization market as there is significant growth opportunity for adoption of indirect data monetization i.e., the software and services for driving insights for development of these fields and direct data monetization i.e., mainly the exploration data products. Seismic surveys and geophysical surveys conducted in these regions to find new exploration sites and their potential, and the anticipated use of software solutions will continue to drive the market over the forecast period.
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 a large amount of generated data led to technological innovation in analytics solutions.
Such highly analyzed 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.
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 increased spending by national oil and gas companies and maximum share of production by national oil and gas companies globally.