A new ReportsnReports research forecasts the global big data market in the oil and gas sector will grow 56.45 percent in size by 2018.
The report predicts the oil and gas big data market will implement predictive modeling tools to forecast future development strategies through the use of historical data, ReportsnReports said Monday.
The research also indicates “huge data explosion” is one of the major market drivers.
ReportsnReports cited the lack of awareness as “one of the major challenges” facing the big data market in oil and gas sector.
The company also reports big data investments will represent about $30 billion in 2014 and will grow at a 17 percent compound annual rate over the next six years.