Global Digital Oilfield Market Size and Forecast To 2025 Global Digital Oilfield Market Analysis According to Verified Market Intelligence, the Global Digital Oilfield Market was valued at USD 21.27 Billion in 2017 and is projected to reach USD 31.12 Billion by 2025, growing at a CAGR of 4.9% from 2018 to 2025.
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What is Digital Oilfield? Digital Oilfield is defined as a section of the energy industry that includes advanced software and data analysis techniques to its operations in order to provide better outputs and enhance the profitability of the production process. The main focus of Digitization of an oilfield is on IT for enhancing the business drivers that comprises of improving safety, optimizing production rate of hydrocarbons, environmental protection, finding reserves and exploiting them to the fullest. Digital oilfield offers numerous advantages such as enhanced decision making, increased return on investment, maximum oilfield recovery, optimum usage of time and Net present value improvement.