The global digital oilfield market size is calculated at USD 34.85 billion in 2024 and is predicted to reach around USD 72.5 billion by 2034, expanding at a CAGR of 7.6% from 2024 to 2034.
The digital oilfield market refers to the industry that includes the integration of advanced digital technologies to automate and digitalize the processes in the oil and gas industries. The goal is to optimize processes, improve safety, and reduce cost and environmental processes. The market includes a variety of technologies like artificial intelligence, machine learning, augmented reality, mobile connectivity, and the cloud. The market growth is driven by the rising global energy demand, integration of various technologies like cloud computing, government initiatives and funding, increasing focus on health, safety, and environment, cost reduction pressures, growing adoption of the Internet of Things and artificial intelligence, etc.
The digital oilfield market will grow in the future due to advancements in technologies and integration, increasing focus on sustainability, global shift towards digital transformation, expansion of the oil and gas industry, increasing industrialization and urbanization, integration of renewable technologies, adoption of the technologies like artificial intelligence, etc. The key restraints that the market will face in the future are high initial cost investment, lack of skilled workforce, regulatory and environmental concerns, and dependence on infrastructure.
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| Stats ID: | 7644 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
| Price | US$ 1550 |
| Stats ID: | 7644 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
| Price | US$ 1550 |
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