According to the latest report by IMARC Group, titled “Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global digital oilfield market was valued at US$ 24 Billion in 2019. A digital oilfield utilizes a combination of network sensors, cloud computing, artificial intelligence (AI) and advanced big data analytics to maximize oilfield recovery and increase profitability. The workflow combines business process management with advanced digital technologies to automate several tasks and streamline the performance of cross-functional teams. The technology-centric solutions offered by these oilfields use data analysis and software systems, which enable intelligent data filtering, thereby simplifying the overall decision-making process. Its employment enhances operational efficiency, production optimization and data integration in a cost-effective manner.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
Some of the top manufacturers/ Key players in Digital Oilfield Market include:
1. Schlumberger Limited (SLB)
2. Weatherford International plc (WFT)
3. General Electric Company (GE)
4. Halliburton Energy Services, Inc. (HAL)
5. Honeywell International Inc. (HON)
6. Siemens AG (SIEGY)
7. Rockwell Automation, Inc. (ROK)
8. KONGSBERG GRUPPEN ASA (KOG)
9. Paradigm Group BV
10. PASON SYSTEMS INC. (PSI)
11. Petrolink AS
12. Accenture plc (ACN)
13. International Business Machines (IBM)
14. EDG, Inc.
15. OleumTech Corporation
Global Digital Oilfield Market Trends:
The significantly increasing demand for oil and oil derivatives from various industries is primarily driving the growth of the market. This has resulted in the rising adoption rate of digital oilfields, which is further propelled by the growing trend of digitalization and the escalating need to increase oil production. The need for enhanced safety measures, owing to the hazardous nature of the oil extraction process, is also driving the demand for digital oilfields. Furthermore, growing exploration activities have led to the saturation of numerous oilfields globally. This has enabled the end users to shift toward digital resources for improving oil recovery, thereby positively influencing the market growth. Furthermore, constant technological advancements in sensing, automation, connectivity and data analytics are further providing a boost to the market growth.
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Key Market Segmentation:
Market Breakup by Solution:
1. Hardware Solution
2. Software Solution
On the basis of the solution, the market has been hardware solutions [Distributed Control Systems (DCS), Supervisory Control and Data Acquisition (SCADA), smart wells, safety systems and wireless sensors], software solutions [IT outsourcing, software, IT services and commissioning and Collaborative Product Management (CPM)] and others [Data Storage Solutions (Hosted) and Data Storage Solutions (On-Premise)].
Market Breakup by Process:
1. Production Optimization
2. Drilling Optimization
3. Reservoir Optimization
4. Safety Management
Based on the process, the market has been categorized into production optimization, drilling optimization, reservoir optimization, safety management and others.
Market Breakup by Application:
On the basis of the application, the market has been bifurcated into onshore and offshore.
Market Breakup by Region:
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
On the geographical front, the market has been segregated into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
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