Automation has revolutionized entire industries, from auto manufacturing, to ride sharing, to farming and retail. So it shouldn’t come as a surprise that energy companies, which rely on complex equipment for drilling and oil well maintenance, are particularly well positioned to benefit from automation fueled by big data technologies.
According to a new marketing report published by Credence Research, the Global Big Data Services Market for the Oil and Gas Industry is expected to reach $33.5 billion by 2023, including a CAGR of 17.3 percent, from 2016 to 2023. Introducing big data technology to drilling ultimately means lower labor costs, improved data quality and faster information flow for decision-making, all of which result in fewer workers involved in dangerous well site tasks and harsh environments.
Author: Rachel Wolfson