LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global digital transformation market in the oil and gas industry since 2016, and the market is poised to grow by USD 33.89 billion during 2019-2023. The market is expected to post a CAGR of over 16% during the forecast period. Request Free Sample Pages
Read the 173-page research report with TOC on "Digital Transformation Market in the Oil and Gas Industry Analysis Report by Technology (IoT, E&P software, big data, cloud computing, HPC, AI, AR/VR, and data monetization), by Geography (APAC, Europe, MEA, North America, and South America), and Segment Forecasts, 2019 - 2023"
The market is driven by the growing need for advanced technologies in exploration activities. Also, the implementation of mobility solutions in the oil and gas sector is anticipated to further boost the growth of the global digital transformation market in the oil and gas industry.
The process of exploration of an oilfield is very 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 in exploration activities is expected to drive the market during the forecast period.
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Major Five Digital Transformation Market in the Oil and Gas Industry Companies:
Emerson Electric Co.
Emerson Electric Co. owns and operates businesses under various segments such as automation solutions, commercial & residential solutions, and others. The company offers integrated solutions and products, including process control systems, measurement, and analytical instrumentation, and industrial valves and equipment.
General Electric Co.
General Electric Co. offers a mix of integrated oilfield products, services, and digital solutions through their global business units. They operate businesses under various segments such as hospitals, pharmaceutical, and biotechnology companies, medical facilities, and life sciences research market.
IBM Corp.
IBM Corp. has business operations under various segments, namely cognitive solutions, global business services, technology services & cloud platforms, systems, and global financing. Some of the products and services offered by the company are integrated software, technical support services, and infrastructure services.
Intel Corp.
Intel Corp. has business segments, including Client Computing Group (CCG), Data Center Group (DCG), IoT Group (IoTG), Non-volatile Memory Solutions Group (NSG), and Programmable Solutions Group (PSG). Some of the products offered by the company are programmable semiconductors, primarily field-programmable gate arrays and related products.
Microsoft Corp.
Microsoft Corp. offers public, private, and hybrid server products and cloud services, such as SQL Server, Windows Server, Azure, Premier Support Services, and Microsoft Consulting Services. The company focuses on segments such as productivity and business processes, intelligent cloud, more personal computing, and Microsoft Azure AI.
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Digital Transformation Market in the Oil and Gas Industry Technology Outlook (Revenue, USD Million, 2019 - 2023)
- IoT
- E&P software
- Big data
- Cloud computing
- HPC
- AI
- AR/VR
- Data monetization
Digital Transformation Market in the Oil and Gas Industry Regional Outlook (Revenue, USD Million, 2019 - 2023)
- APAC
- Europe
- MEA
- North America
- South America
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