Global Digital Oilfield Market Size and Forecast To 2025
Global Digital Oilfield Market Analysis
According to Verified Market Intelligence, the global Digital oilfield Market was valued at USD 21.27 Billion in 2017 and is projected to reach USD 31.12 Billion by 2025, growing at a CAGR of 4.9% from 2018 to 2025.
What is Digital oilfield?
Digital Oilfield is defined as a section of the energy industry that includes advanced software and data analysis techniques to its operations in order to provide better outputs and enhance the profitability of the production process. The main focus of Digitization of an oilfield is on IT for enhancing the business drivers that comprises of improving safety, optimizing production rate of hydrocarbons, environmental protection, finding reserves and exploiting them to the fullest. Digital oilfield offers numerous advantages such as enhanced decision making, increased return on investment, maximum oilfield recovery, optimum usage of time and Net present value improvement.
Frequently Asked Questions (FAQs)
Global Digital Oilfield Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Emphasis on process optimization through digitalization by Oil & Gas Operators, growing need from Oil & Gas operators and availability of cloud computing services in the Oil & Gas industry have been driving the global digital oilfield market. On the other hand, factors such as fluctuations in crude oil price and cyber-threats along with resistance toward new technologies might hinder the overall growth at a global level.
Verified Market Intelligence narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Digital oilfield Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market. This can be of a great use in gaining knowledge about the cutting-edge technologies in the market.
Global Digital oilfield Market Competitive Landscape
The “Global Hardware Security Module Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Schlumberger Limited, The Halliburton Company, Baker Hughes, Weatherford International Plc, Sinopec Oilfield Service Corporation, Rockwell Automation, Inc., Honeywell International Inc., Accenture PLC, Siemens AG, and International Business Machines (IBM) Corporation. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Global Digital oilfield Market Segmentation, by Process
• Reservoir Optimization
• Production Optimization
• Drilling Optimization
Global Digital oilfield Market Segmentation, by Solutions
• Hardware Solutions
o Distributed Control System
o Supervisory Control & Data Acquisitions
o Safety System
o Wireless Sensor
o Programmable Logic Controller
o Others (process automation manager and human-machine interaction)
• Software & Service Solutions
o IT Outsourcing
o IT servicing & Commissioning
o Collaborative Product Management
• Data Storage solutions
Global Digital oilfield Market Segmentation, by Application
Global Digital oilfield Market Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
• Rest of the World
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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