Digital Oilfield Market Worth $35 Billion by 2026, Says Global Market Insights, Inc.

The digital oilfield industry is expected to register over a 7% CAGR between 2020 and 2026, impelled by increasing exploration and production activities, coupled with volatile crude oil prices.

The digital oilfield market value is projected to cross USD 35 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Rising focus toward the deployment of integrated workflow solutions, followed by the adoption of cloud-based solutions technologies, will boost the industry outlook. Ongoing technological advancements to enhance asset management and operational efficiency will further drive product adoption.

The information technology-based digital oilfield industry will witness an appreciable momentum on account of increasing investments toward refurbishment as well as the expansion of existing oil and gas infrastructure networks. For instance, in 2019, Kuwait Oil Company planned to introduce the second phase of its KwIF project, offering integrated operations which involves optimization of field assets, modeling and real-time surveillance. In addition, the ability of these services to enhance the production and operational efficiency, coupled with reducing maintenance costs will thrust the product demand.

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Ongoing technological advancements to simplify the complex process, as well as to provide user-friendly software with improved visualization and dashboard, will propel the SCADA-based digital oilfield market’s growth. For instance, in 2019, ABB launched its new cloud-based visualization system allowing immediate access to data, notifications, and alarms, while reducing the downtime as well as risk. Applicability of these systems to provide real-time solutions and integrity monitoring of potential hazardous leakages will further sway the product demand.

Some prime findings of the digital oilfield market report include:

  • Global market is growing rapidly owing to digitization of oil & gas sector.
  • Increasing investments toward analytical based solutions is set to drive the industry development.
  • Key players operating across the market includes Kuwait Oil Company, National Oil Varco, Schneider Electric, General Electric, Rockwell and ABB.
  • Declining cost of advanced IoT based solutions have positively swayed the digital oilfield industry dynamics.

Browse key industry insights spread across 380 pages with 553 market data tables & 48 figures & charts from the report, “Digital Oilfield Market By Application (Onshore, Offshore), Process (Production Optimization, Reservoir Optimization, Drilling Optimization), Service (Instrumentation & Automation {Security Systems, Smart Wells, Wireless Systems, Distributed Control System, SCADA}, Information Technology {Software, Computer Equipment & Application Hardware, IT Outsourcing Services}), Technology (IoT, Advance Analytics, Robotics, Cloud Computing, Mobility), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

Favorable government policies toward the integration of advanced analytics and IoT based solutions will strengthen the digital oilfield industry. Robust increase in the oil & gas demand across the emerging economies will introduce a positive business scenario. In addition, rapid technological enhancement including utilization of 3D seismic surveys as well as machine learning platforms and advanced AI solutions across the E&P sector will drive the industry landscape.

Middle East & Africa digital oilfield market is anticipated to witness over 6% CAGR through 2026. The growing requirement to transform business operations owing to economic dependency on oil & gas production and trade will foster the industry scenario. Increasing investments by regional industry giants including Saudi Arabia and Kuwait toward adoption of advanced digitalized solutions to boost their production output will further augment the product demand.

The impact of COVID-19 has resulted in the decline in public & private investments along with a delay in the project pipeline, which in turn may influence the industry scenario. However, favorable government measures to continue operations across manufacturing facilities, industries as well as infrastructure projects will positively complement business growth.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Source: Global Market Insights, Inc.