Pune, India -- (SBWIRE) -- 01/29/2020 -- Digital Oilfield Market is valued at USD 22.86 Billion in 2018 and expected to reach USD 31.81 Billion by 2025 with the CAGR of 4.83% over the forecast period.

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Digital Oilfield Market report is segmented on Solution, process, application and by regional & country level. Based upon components, digital oilfield market is segmented into Hardware, Data Storage Solutions and Software & Service. On the basis of process, the market is segmented into Reservoir, Drilling Optimizations and Production. Based upon application, digital oilfield market is classified into Offshore and Onshore.
The regions covered in this Digital Oilfield market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Digital Oilfield market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Key Players –
Some major key players for Digital Oilfield market are National Oilwell Varco, Weatherford, BHGE, Emerson, Schlumberger, ABB, Rockwell, Halliburton, and Siemens, among others.

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Increase in the technological advancement coupled with increased demand of oil production from the matured oil and gas wells is the key factor which helps Digital Oilfield Market to grow.

There is an increase in population which has increased the demand for various energy resources on a global scale. It has also increased the demand for oil and gas consumption which in turn drive the growth of oil and gas production on a large scale. There has been technological advancement in digital oilfield market which has increased the productivity and efficiency of the oilfield by the helps of various software and equipments. These advancements help to get maximum production of oil and gas to fulfill the demand of people. Furthermore, increase in the investment by the companies to further increase the efficiency of the oilfield on a large scale. Moreover, various collaborations in the market coupled with launch of new products and software updates will helps in increasing the production and reducing the human effort are expected to create ample opportunities in the digital oilfield market over the forecast period. However, increase in cyber-attacks and data security issues are expected to hamper the growth of oilfield market over the forecast period.
Europe is expected to dominate the Digital Oilfield Market.

Market Segmentation –
By Solution (Hardware, Software & Service, Data Storage Solutions)

By Process (Reservoir, Production, Drilling Optimizations)

By Application (Onshore, Offshore)

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