Broadly segmenting the oil and gas data management market by solution (IT infrastructure, data organisation and services) and by region (North America, Europe, Asia-Pacific, Middle East and Africa [MEA] and Latin America), the group expects the market to grow from $6.08 billion in 2015 to $21.22 billion by 2020, at a compound annual growth rate of 28.4%.

The oil and gas data management includes the full life cycle of exploration, refining, storage and transportation data in the Oil and Gas industry from production to end user distribution.

These solutions and strategies are state of the art technology specifically for the oil and gas industry to empower clients to better understand access and manage their data assets, MarketsandMarkets said.

"The challenges involved in data management increases with growing volume and velocity of the storage requirements," it said.

"The purpose of the IT technology adoption is to maximise oilfield recovery, eliminate non-productive time, and increase profitability through the design and deployment of integrated workflows.

"Digital oilfield workflows combine business process management with advanced information technology and engineering expertise."

The group said the evolution of advanced technology in the oil and gas industry would continue to enable geophysical assessment, drilling, E&P, refining, transportation and distribution.

The group's Oil and gas data management market research report analyses market dynamics, future roadmaps and global trends, and also provides competitive intelligence and forecasts over the next five years.

"The oil and gas industry is rapidly shifting from traditional processes to smarter operations for deploy minimum workforce over remote and offshore exploration sites. SAP, IBM, Wipro, NetApp and Oracle and VMware Inc are some of the key players in the global software defined data center market," the group said.