Industry and News Digital Oilfield Market | Page 2

The purpose of the digital oilfield is to maximize oilfield recovery, eradicate non-productive time,
and raise profitability through the plan and deployment of combined workflows. Digital oilfield
workflows syndicate business process management with engineering expertise and advanced
information technology to streamline and, in several cases, computerize the accomplishment of
tasks executed by cross-functional teams.
The industry’s inclination and efforts to enhance upstream asset is one of the major drivers for the
global digital oilfield market. Additionally, the retrieval in crude oil price after recent dropping is also
expected to drive investments in digital oilfield market. Moreover, given the perilous nature of the
oil & gas industry, the anxieties over safety of human resource as well as on environment are
increasing among the mishaps happened over the past few years in the industry. Growing E&P
activities in regions such as Eastern Siberian, where extreme weather circumstances possess a
challenge to work, is also anticipated to contribute towards the global digital oilfield market. Apart
from the drivers of global digital oilfield market, a few constraints are prevailing, which is off-putting
the investments in digital oilfield market. The key constraint in the digital oilfield market is the
reluctance to adapt the change from conservative to a digital oilfield.
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The global digital oilfield market can be segmented into process and services. On the basis of
process it can be classified as drilling optimization, reservoir optimization, and production
optimization. Services can further be segmented into instrumentation & automation and IT
expenditure, services can be classified as SCADA, Smart Well, Safety Systems, PLC, CPM, and
Distribution Control System. However, on the basis of IT expenditure it can be classified as Software,
IT outsourcing, IT services and commissioning and computer equipment.
The key market players in global digital oilfield market includes Baker Hughes Inc., Schlumberger
Ltd., Honeywell International, Halliburton Company, Paradigm Limited, Pason Systems Inc., Petrolink
Services Inc. Pointcross Inc., Kongsberg GruppenAsa, National Oilwell Varco, Inc., and Oleumtech
Corporation Digital oilfield market valuation for several segments was attained by using provincial