LONDON--(BUSINESS WIRE)--Dec 6, 2018--The global digital oilfield market is expected to post a CAGR of nearly 5% during the period 2018-2022, according to the latest market research report by .

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181206005504/en/

Technavio has released a new market research report on the global digital oilfield market for the period 2018-2022. (Graphic: Business Wire)

A key factor driving the growth of the market is the rise in rig count. The operation facilities in most of the industries, including oil and gas have evolved with the emergence of digital technologies. Advantages like cost savings, increased productivity, and safer operations can be achieved through digitization of the oil and gas industry. The adoption of digital technology helped provide the required resilience against the downturns of the industry even when the oil and gas industry witnessed a downturn in the industry due to weak oil prices.

This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

This report is available at a USD 1,000 discount for a limited time only:

In this report, Technavio highlights the increasing applications of digital oilfields as one of the key emerging trends in the global digital oilfield market:

Global digital oilfield market: Increasing applications of digital oilfields

Globally, the increasing demand for hydrocarbon fuel is putting pressure on the oil and gas industry. However, the oil and gas companies are not able to cater to the demand due to the complexity in hydrocarbon extraction. Even though the exploitation of shale gas has been enabled due to the high cost of imported fossil fuels, the exploration and production companies need to go deeper and farther to locate new oil and gas fields.

“Companies need to increasingly invest to maintain safety in the processes and provide transparency in the process owing to the increased regulations and operational guidelines. Hence, the need for digital oilfields is increasing. Digital oilfield systems allow better management of the plants, with more reliable and accurate performances management when compared with manually monitored management,” says a senior analyst at Technavio for research on oil and gas.

Global digital oilfield market: Segmentation analysis

This market research report segments the global digital oilfield market by technology (services, software, and hardware) and geographical regions (APAC, EMEA, and the Americas).

The services segment held the largest market share in 2017, accounting for nearly 40% of the market. This segment is expected to dominate the global market throughout the forecast period.

The Americas led the market in 2017 with a market share of nearly 46%. This region is expected to dominate the market through 2022, with over 1% increase in its market share.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystemMarket characteristicsMarket segmentation analysis

Market Sizing

Market definitionMarket size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparisonKey leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors coveredVendor classificationMarket positioning of vendorsCompetitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at .

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

KEYWORD:

INDUSTRY KEYWORD: ENERGY OIL/GAS TECHNOLOGY DATA MANAGEMENT HARDWARE SOFTWARE OTHER TECHNOLOGY

SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 12/06/2018 09:16 AM/DISC: 12/06/2018 09:15 AM

Copyright Business Wire 2018.

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

PLEASE BE ADVISED: Soon we will no longer integrate with Facebook for story comments. The commenting option is not going away, however, readers will need to register for a FREE site account to continue sharing their thoughts and feedback on stories. If you already have an account (i.e. current subscribers, posting in obituary guestbooks, for submitting community events), you may use that login, otherwise, you will be prompted to create a new account.

Load comments