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The global digital oilfield market is estimated to reach US$ 32 Billion by the end of 2027. Increasing investments for adopting digital technologies in upstream oil & gas is estimated to have a positive impact on the market. Additionally, implementation of advanced technologies such as artificial intelligence, machine learning, internet of things (IoT).
The focus of the oil & gas industry on adoption of better technology for operations to increase efficiency. Remote monitoring of the oilfields is made possible with the use of digital oilfields. Additionally, increasing investments in the digital oilfields market oil is estimated to have a positive impact on the market. Consistently increasing demand in the market is projected to generate heavy profits which in turn results in higher spend on IT infrastructure, thus, driving the digital oilfield market in the forecast period.
INDUSTRY 4.0 has both expanded digital transformation and increased its importance to the organization. Industry 4.0 combines and connects digital and physical technologies—artificial intelligence, the Internet of Things, additive manufacturing, robotics, cloud computing, and others—to drive more flexible, responsive, and interconnected enterprises capable of making more informed decisions. The adoption of industrial automation is escalating at a significant rate due to the growing population and the need to suffice the growing expectations of the masses. Faster production is also necessary to cope up with the demand-supply ratio.
Improved productivity, by better understanding where a business’s bottlenecks are, and how they can be overcome. Improved quality assurance using greater automation is possible with the implementation of industry 4.0 in the oil & gas vertical. Additionally, managing complex global supply chains through IT and robotics and using real-time data to respond swiftly to changing consumer needs is projected to boost the market growth in the forecast period.
However, delays occur in decision-making by the analytics tools deployed. This might have a negative impact on the market. Moreover, cybersecurity and data-related threat are estimated to cause hindrances in the market growth.
The current COID-19 pandemic has negatively affected the digital oilfield market as the emergence of lockdown across the major oil-producing and consuming countries led to the disruption in the oil & gas market. Companies incurred heavy losses. However, the losses were recovered immediately after the opening of lockdown due to increased prices and a sudden rise in demand.
Based on region the digital oilfield market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is projected to hold the highest share considering the technological advancements technological penetration in the work. Additionally, it is observed that the workers are technically aware, hence, digitization is not only easier but also effective across the oil & gas vertical. The Middle East and Africa account for considerable market share due to the presence of the highest number of oil reserves across the world. However, the highest production of oil is obtained from North America due to better use of technology and efficient management of resources & assets.
Competitors in Digital Oilfield include IZEA Worldwide, ABB Ltd., Accenture PLC, Aker Solutions, Archer, Cenosco, China Oilfield Services, DNV GL, Expro Group, Intel Corporation, Microsoft Corporation, Nalco Champion, SAP SE, and others, which are major platform providers of Global Digital Oilfield Market. The current market is observing a shift towards fragmented nature from being oligopolistic in the recent past. The entry of several new players in the market and horizontal integration by Oil and gas majors towards building internal digital technology capabilities, has further made market competition intricate. Moreover, the competitors are constantly striving to sustain the competitive nature of the market by new product launches and consolidation across capabilities.