Machine learning is on the rise. As it becomes more powerful and efficient, many industries, including oil and gas, have started implementing and investing in this technology.
According to Verified Market Research, the machine learning market is slated to grow from 1.03 billion USD in 2016 to 8.81 billion USD by 2022, at a Compound Annual Growth Rate (CAGR) of 44.1% during the forecast period. The Asia-Pacific market in particular is expected to grow at the highest pace due to rapid technological developments in the region.
Studies have shown that technological proliferation and advancement in data generations are major driving factors for the machine learning market. Many organizations have decided to adopt machine learning-enabled solutions to enhance customer experience, boost ROI, and gain a competitive edge in business operations. Moreover, machine learning applications in industry verticals will rise exponentially in the next few years.
Machine learning can also make organizing, analyzing, and storing large amounts of data much easier than before. That is why geophysical data management tools such as Exploration Archives are adopting this technology in order to handle the data volume and complexity of seismic data.
Here are the leading factors expected to accelerate the growth in geophysical data management over the next seven to ten years.
World Population Growth
As of 2021, the current world population sits at 7.9 billion and is expected to increase to 8.4 billion by 2028 and 9.7 billion by 2050. This growth in the population along with a corresponding rise in living standards calls for more energy to run everything including homes, cities, factories and agriculture.
Fossil fuels are anticipated to meet more than 50% of the primary energy demand. Research by ET EnergyWorld has estimated that the demand for petrochemicals may double from 20 million barrels per day to 22 million barrels per day in the next 20 to 30 years.
Taking these trends into consideration, we can expect accelerated growth in the geophysical data management market over the next 20 to 30 years due to the increasing population and demand for resources.
Expanding Regional Markets
Oil and gas production has traditionally been a hotspot in certain world regions, such as:
- North America (the US and Canada)
- The Middle East (Saudi Arabia)
- Asia (Russia and China)
Over the next several years — and especially as we get closer to 2050 — oil and gas exploration and production is expected to grow substantially in Asian countries other than Russia and China. Coupled with the technological advances made in the Asia-Pacific region, this means that machine learning-enabled geophysical data management tools will also reach high demands.
Tightening Competition Among Providers
As the demand for oil and gas increases, big companies will become more competitive with one another. This stiffening competition will lead to an emphasis on machine learning-enabled geophysical data management systems, which provide a way to conglomerate varied data sources and produce accurate, reliable, and well-organized data. With this data, companies will be able to make better exploration and business decisions moving forward.
Oil and gas companies will also be facing competition from the rise of alternative energy sources like solar, geothermal and wind.
From 2000 to 2018, renewable energy has become the fastest-growing energy source in the United States. Additionally, solar energy generation is projected to increase from 11% to 48% of the total US renewable generation, making it the fastest-growing source of electricity.
To stay on top of these new competitors, oil and gas companies need to ensure they are making the best decisions against fellow competitors and new-age energy solutions. They can achieve this by using advanced geophysical data management tools that equip them to make informed choices and discoveries.
The Best Geophysical Data Management Platform
To take advantage of this explosive growth in the geophysical data management market, you need the best geophysical data management platform out there: Exploration Archives.
Exploration Archives is a powerful seismic data management solution. Comprehensive and user-friendly, Exploration Archives allows you to manage, access, and monitor geological and geophysical (G&G) data. It supports the full cycle of acquiring, storing, exporting, and downloading data to workstations and gives robust search capabilities, reliable cloud-based data access, and so much more.
Built on a modern technology stack that supports a multitude of deployment options, Exploration Archives is the tool you need to stay relevant in the geophysical data management market — particularly as competition with other energy solutions tightens.
Our platform allows you to:
- Monitor the progression of contract fulfillment
- View asset details
- Track the status of deliverables
- Manage large-scale data acquisition projects
- Maintain administrative files such as transactions, invoices, and contracts
Contact us today to get started using Exploration Archives. With more than 30 years of experience in the oil and gas industry, our team of data specialists offers custom training and documentation as well as long-term, custom-made solutions for you and your company. Our team will also help you migrate your data for a smooth transition while maintaining data integrity across applications, storage platforms, and databases.