- March 2020 |
- Energy and Power / Oil and Gas
Digital Oilfield Market, By Solution (Software, Hardware, and Services), By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, and Others), By Application (Onshore and Offshore) and By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2016-26
Global Digital Oilfield Market Forecast and Trends
The global Digital Oilfield market has reached USD 24.19 Billion and anticipated to grow nearly at a CAGR of 4.68% to reach USD 33.2 billion by 2026. The upcoming technological transition is caused by today's low-cost of crude oil along with the combination of information technology and the Internet of Things with Virtual Oilfield operational technology. Increasing emphasis on operational management, capital, and operating expenses reduction will contribute to the adoption of smart digitized devices and solutions.
Advancement in wireless technology, connectivity, data analysis, and collection systems have allowed significant improvements in decision making and efficiency. The market share of digital oilfields is set...