Global Drilling Data Management Systems Market 2016-2020
About Drilling Process
The drilling process is one of the most crucial links in not only the upstream segment but the entire oil and gas value chain. Once the presence of a perceived commercial hydrocarbon reservoir is established by the surveying and analysis of the geophysical data, the actual drilling process takes place. As with the process of introduction of any new technology, the implementation of new generation smarter drilling data management systems is contingent upon key factors. These are the factors that are heavily scrutinized by the stakeholders before they actually invest in the purchase and implementation of these systems.
Technavio’s analysts forecast the global drilling data management systems to grow at a CAGR of 12.31% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global drilling data management systems for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top vendors operating in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Drilling Data Management Systems 2016-2020
Technavio recognizes the following companies as the key players in the global drilling data management systems: Baker Hughes, Halliburton, Honeywell, IBM, National Oilwell Varco, Oracle, Pason Systems, and Schlumberger
Other Prominent Vendors in the market are: EMC, SAP, SAS, Accenture, Capgemini, WIPRO, Tata Consultancy Services, and Infosys
Commenting on the report, an analyst from Technavio’s team said that smart oilfield technologies is one of the trends spurring growth for the market. The digitization of the oil and gas industry holds the key to many issues faced by the industry. Throughout the report, we have discussed the potential of data in the drilling and completion segment of the E&P business. However, this is now largely becoming part of the digitization process of all the aspects of the upstream business. This is indicative of the rise of the smart oil field technology.
According to the report, end of era of easy oil is a key driver aiding to the growth of this market. Financial services are one of the most data-intensive industries. As discussed in the earlier sections, the era of easy oil is coming to an end. This has resulted not only in inflated costs of hydrocarbon acquisition but has also displaced the operations geographically. Much of the past century was witness to drilling operations that were being carried out in established locations in the world. The major hydrocarbon rich regions around the globe were identified in the early 20th century and most operations were based out of these areas for the next century or so. However, things have started to change significantly now and the E&P companies have started to look at unconventional avenues for exploration.
Further, the report states that cyber security concerns are challenge the market is facing. Cyber-attacks are one of the main concerns in any digital workflow, and the oil and gas industry is no different. The growing adoption of digitization of technologies has made oil and gas companies increasingly dependent on data generation and analysis to sustain their production. With advances in technology, the risks associated with cyber thefts have also increased.
Baker Hughes, Halliburton, Honeywell, IBM, National Oilwell Varco, Oracle, Pason Systems, Schlumberger, EMC, SAP, SAS, Accenture, Capgemini, WIPRO, Tata Consultancy Services, Infosys
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