The energy industry has always faced large price swings as a result of changes in the global economy. But today, this entire sector is facing an unprecedented level of disruption. Industry analysts say it is in the throes of a dramatic upheaval that is requiring companies in this industry to reinvent themselves.
For example, Gartner recently warned, “Oil and gas CIOs face a chaotic and confusing business environment that is likely to continue through the next decade.” They added, “The period between 2020 and 2030 will emerge as the ‘decade of deep redesign’ because all oil and gas companies will need to make significant changes in their investments and operations.”
To navigate this period of intense uncertainty, many energy executives are looking to big data analytics to point the way. According to Mordor Intelligence, “The big data analytics market in energy sector is expected to grow at a CAGR of 11.28%, during the forecast period, 2021-2026. Big data analytics play a crucial role in reducing energy consumption and improving energy efficiency in the energy sector.”
This paper, “insideBIGDATA Guide to Energy,” will:
Take a closer look at some of the biggest disruptors affecting energy companiesExamine how big data analytics can help these firms reduce risk, drive down costs, and improve efficiency.
Current Energy Industry Disruptors
Part of what is making this period of time so difficult for energy companies is that the disruption is coming from mu …