Global digital oilfield market is anticipated to grow at a significant CAGR of 13.3% during the forecast period (2024-2031). The market growth is attributed to the growing demand for efficient extraction from maturing oilfields, advancements in digital technologies, and the rising focus on data-driven decision-making. The digital oil field software applications replicate the behavior of an oil or gas field on a computer, using workflows for automation and clusters to speed up calculations. The applications are used as an online management system throughout the entire lifecycle of any asset. For instance, in January 2023, Baker Hughes launched new digital solutions for more intelligent operations and cleaner energy. New solutions expand on Baker Hughes’ digital ecosystem, providing new levels of efficiency, performance, and emissions reduction for oilfield, gas, and industrial segments.
Browse the full report description of “Digital Oilfield Market Size, Share & Trends Analysis Report by Process (Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management, and Asset Management).by Solution (Hardware Solutions, Software & Service Solutions, and Data Storage Solutions).and by Application (Onshore and Offshore).Forecast Period (2024-2031).” at https://www.omrglobal.com/industry-reports/digital-oilfield-market
Leveraging advanced analytics, artificial intelligence, and machine learning, the platform synthesizes data from across the digital oilfield operator’s business to help find and prioritize production-uplift opportunities, identify bottlenecks, detect and predict failures, and plan and execute workovers. For instance, in December 2021, Weatherford International Plc awarded a three-year digital oilfield contract from one of the digital leaders in the upstream industry, Kuwait Oil Company (“KOC”), aiming to support its digital transformation strategy in the North Kuwait heavy oil field and for deploying its integrated enterprise excellence platform across KOC.
To accelerate the data-to-decisions cycle by implementing automated work processes and digital twins across major assets to enhance operational performance and increase ultimate recovery. For instance, in June 2021, Halliburton Company announced it received a contract from Kuwait Oil Company (KOC), in digital transformation, to expand KOC’s digital transformation journey by implementing solutions to maximize operational efficiency and increase production. Halliburton collaborate with KOC to accelerate their data-to-decisions cycle by implementing automated work processes and digital twins across KOC’s major assets.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Process
o By Solution
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Baker Hughes Company, General Electric Company, Microsoft Corp., SAP SE, and Siemens AG, among others.
Key questions addressed by the report.
Global Digital Oilfield Market Report Segment
By Process
By Solution
By Application
Global Digital Oilfield Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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