Market Research Report
Digital Transformation Market in the Oil and Gas Industry by Technology and Geography - Forecast and Analysis 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||914193|
|Published||Content info||173 Pages
Delivery time: 1-2 business days
|Digital Transformation Market in the Oil and Gas Industry by Technology and Geography - Forecast and Analysis 2019-2023|
|Published: October 7, 2019||Content info: 173 Pages||
Technavio's digital transformation market in the oil and gas industry analysis considers sales from IoT, E&P software, big data, cloud computing, HPC, AI, AR/VR, and data monetization technologies. Our report also considers the sales of the digital transformation market in the oil and gas industry in APAC, Europe, North America, South America, and MEA. In 2018, the IoT segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as creating a safe work environment throughout the value chain will play a significant role in the IoT segment to maintain its market position. Also, our global digital transformation market in the oil and gas industry looks at factors such as rise in investments and partnerships, rising pressure to improve operational efficiency, and growing need for advanced technologies in exploration activities. However, lack of skilled labor, increasing threat of cyberattacks, and increasing data quality and management challenges may hamper the growth of the digital transformation market in the oil and gas industry over the forecast period.
The process of exploration of an oilfield is complex as it requires the analysis of vast volumes of data such as environmental data, equipment data, and seismic data to detect new reserves of oil and gas. This is encouraging oil and gas producers to adopt advanced technologies such as big data solutions and AI. Considering the environmental impact and costs of exploration activities, they are also implementing real-time decisions using ML and predictive analysis. This will optimize oil and gas exploration and production operations. Thus, the growing need for advanced technologies will lead to the expansion of the global digital transformation market in the oil and gas industry at a CAGR of almost 16% during the forecast period.
Mobility in oil and gas helps enterprises to reduce the time spent on routine activities and provides them with information to address issues and queries. For example, mobile deployment in oil and gas fields for data capture and validation, instead of paper-based forms in daily operations, such as checklist and safety checks, reduces the chances of manual errors and duplications. Connecting an employee's mobile device through a loT of optimizes data transmission across the operations. The integration of mobile devices in everyday operations improves communication, productivity, and safety in the oil fields. Mobility solutions also help oil and gas companies track their employees' movement and performance by using GPS coordinates of smartphones. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global digital transformation market in the oil and gas industry during the forecast period 2019-2023, view our report.
With the presence of a few significant players, the global digital transformation market in the oil and gas industry market is highly concentrated. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of few leading manufacturers, that include Emerson Electric Co., General Electric Co., IBM Corp., Intel Corp., Microsoft Corp., Oracle Corp., Rockwell Automation Inc., SAP SE, Tata Consultancy Services Ltd., and Teradata Corp.
Also, the digital transformation market in the oil and gas industry analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.