By the Blouin News Technology staff

Big data’s future for oil and gas

by in Enterprise Tech.

Chevron refinery. (Robert Stupka/flickr)

Chevron refinery. (Robert Stupka/flickr)

Most of the talk around big data and how it improves certain industries has focused on health care such as disease control, urban development, and advertising opportunities. But big data will eventually touch each market; speculation about its role in the oil and gas industries has surfaced. As monolithic as those industries are, and as slow as they are to adopt new technologies, recent research points to the potential growth of big data in oil and gas — something that is likely a product of the swiftly changing energy markets around the world.

In a report titled Global Big Data Market in the Oil and Gas Sector 2016-2020, Research and Markets forecasts the global big data market in the oil and gas sector to grow at a compound annual growth rate of 30.67% during those four years. Thus far, oil and gas have relatively ignored the evolution of data-driven analysis, preferring to rely on legacy systems for operation. But as global energy markets shift, and alternative energy markets continue to build out in the global effort to steer away from fossil fuel reliance, oil and gas are looking for ways to improve efficiency. This is where big data comes in…

…The rest of this article lives on Blouin News. Read it here.