Rapid Digital Transformation of Oil-Exporting Regions to Drive Demand in Global Digital Oilfield Market Exploration activities are engulfing digital technologies and systems at an exhilarating pace. The global oil and gas industry continues to make quantum leaps in unifying people, processes, and technologies. Therefore, it is safe to say that oil and gas companies are the brink of digitalizing their workflows and processes in order to minimize risks and maximize profits. The digital oilfield market is expanding alongside the growing popularity of artificial intelligence, the internet of things (IoT), and the cloud. The sensitive nature of operations conducted across oilfields makes it imperative for operators to have an advanced view of production-related information. Digital oilfields enable operators to gather, assess, analyze, and respond to information and events taking place across the oilfield. This is an important point of utility for oilfield operators. Get Sample Copy of Global Digital Oilfield Market @ https://www.fairfieldmarketresearch.com/report/digital-oilfield-market/request-sample Big Data Analytics and IoT to Dominate Digital Technologies Used by Oil and Gas Companies Big data/analytics and IoT were surveyed to be the most sought-after technologies for oil companies during the period between 2016 and 2021. While big data and analytics were an investment priority for 38% of the companies, 36% of the companies showed a sense of proclivity towards investing in IoT. Over the course of the next decade, adoption of other key technologies such as mobile devices, robotics and drones, cloud, wearables, artificial intelligence, and social tools shall also gain momentum. The digital oilfield market is at an important juncture on its journey to acquire robust growth. This assertion is based on the visible growth in ocean vessels deployed by oil companies across the globe. As the fleet of vessels expands, the use of digital technologies to monitor and track their operations shall also increase. Middle East to Witness Surge in Demand for Digital Oilfield Technologies Middle Eastern countries like Saudi Arabia and UAE are advocating for a non-oil-based economy that thrives on cutting-edge digital technologies. However, instead of being at loggerheads with the oil and gas industry, this new vision has benefitted oil and gas companies. Increased digitalization has ensured that these companies have better access to digital technologies that can be integrated into the oilfield. Therefore, the digital oilfield market in the Middle East would tread along a lucrative track in the forthcoming years. Advancements in technologies for ocean mapping and bathymetry have also caused a rise in adoption of digital technologies by oil companies. However, growth in digital technologies across oilfields also poses several challenges related to data privacy, interoperability, and
Digital Oilfield Market Trends, Challenges, In-Depth Insights, Strategies (2021-2025)
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