Digital Oilfield Market Share, Size, Growth Analysis, Demand by Region and Forecast Till 2024

Global Digital Oilfield Market Research Report and Forecast 2024

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Global Digital Oilfield Market Overview: According to the latest report by IMARC Group, titled “ Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-202 4 ,� the global digital oilfield market size reached US$ 23.1 Billion in 2018. 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 oilfield 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.

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 further propelled by the growing trend of digitalization and the escalating need to increase oil production.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Billion US$

in Billion US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

Furthermore, constant technological advancements in sensing, automation, connectivity and data analytics are further providing a boost to the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 29.7 Billion by 2024, expanding at a CAGR of around 4% during 2019-2024.

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The need for enhanced safety measures, owing to the hazardous nature of the oil extraction process, is also driving the demand for digital oilfield. 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.

For more information, click here: https://www.imarcgroup.com/digital-oilfield-market Digital Oilfield Market Segmentation Market Segmentation by Type •

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Hardware Solution o Distributed Control Systems (DCS) o Supervisory Control and Data Acquisition (SCADA) o Smart Wells o Safety Systems o Wireless Sensors Software Solution o IT Outsourcing

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o Software o IT Services and Commissioning o Collaborative Product Management (CPM) Others o Data Storage Solutions (Hosted) o Data Storage Solutions (On-Premise)

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 Segmentation by Product • • •

Production Optimization Drilling Optimization Reservoir Optimization

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Safety Management Others

Based on the process, the market has been categorized into production optimization, drilling optimization, reservoir optimization, safety management and others.

Market Segmentation by Application • •

Onshore Offshore

On the basis of the application, the market has been bifurcated into onshore and offshore.

Market Segmentation by Region • • • •

Asia Pacific Europe North America Middle East and Africa

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Latin America

On the geographical front, the market has been segregated into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.

Competitive Landscape: The report has also examined the competitive landscape of the market with profiles of major players that are currently operating in the industry.

• • • • • • • •

Schlumberger Weatherford International Plc General Electric Halliburton Honeywell International Siemens AG Rockwell Automation Kongsberg Gruppen ASA

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Paradigm Group B.V Pason Systems Petrolink AS Accenture PLC IBM Corporation EDG, Inc Oleumtech

A partial List of

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Clients world's leading corporates, governments, and ourPartial ClientsList of institutions

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of Clients leading corporates, governments, and ourPartial ClientsListworld's institutions

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