Analytics, Big Data spending to hit $7 billion this year

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Spending on Big Data and analytics in the energy industry will amount to US$7 billion in 2014, representing over 15 percent of the overall cross-industry spending, according to ABI Research.

In 2019, the spending on energy analytics will exceed $21 billion, following a CAGR of 25 percent.

As a sector, energy has traditionally been very conservative in adopting new forms of IT, but the resistance to change has already started softening.

In 2014, 63 percent of the spending is expected within upstream operations, where Big Data is bound to revolutionize the exploration and production of resources. Meanwhile, the downstream accounts for 31 percent of the total, reflecting the growing use of data in refining and the smart grid.

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