The global big data market was valued at over USD 27 billion in 2014. Big data refers to information that is complex and large in size such that traditional data process applications are incompetent. The concept of big data and analytics s fairly new to a few industries, but the oil & gas sector has been one of the major consumers of this service as the industry deals with a large volume of data to formulate several technical decisions. Over the past few years’ numerous energy companies have highly invested in visualization tools, seismic software and other digital technologies in order to understand well dynamics and introduce new technologies in the market.
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Accuracy in big data helps in making efficient and improved decisions that can result in increased operational efficiency, reduced risk and cost reduction. Data sets are expanding rapidly because they are progressively gathered by cheap and various information sensing mobile devices, software logs, microphones, and wireless network sensors.
Approximately one third of the firms have capabilities of the service as big data analytics is one of the top priorities for over 88% of the companies. One of the major drivers of the global big data market is a huge amount of data, enterprises require big data solutions to automatically record the behavior and performance of the information stored in their information technology systems.
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Majority of the firms use big data analytics to track their equipment and assets, to analyze operating issues and enable maintenance. Over 60% have enforced network automation to assemble a large amount of data in diffused environments such as along pipelines or remote farms. Approximately two-third of the companies were assessed across eight industrial countries and they said that they would be losing their market position over the next few years if did not switch to big data strategy.
With the correct technology solutions, oil & gas companies move apart from traditional real time monitoring to more rapid real time prediction. By rapidly evaluating incoming technical and business data and implementing that information to complicated models in real time, they can bring out tactical insights that help in increase production and drilling performance while avoiding problems.
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