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Global Digital Oilfield Market Driven by Migration of Drilling to Unconventional Areas: TechnavioAccording to the latest market study released by Technavio, the global digital oilfield market size is projected to grow to USD 32.33 billion by 2021, at a CAGR of close to 5% over the forecast period. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170222005906/en/ 
Technavio has published a new report on the global digital oilfield market from 2017-2021. (Graphic: Business Wire) This research report titled 'Global Digital Oilfield Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Request a sample report: http://www.technavio.com/request-a-sample?report=56711 Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. Based on technology and services, the report categorizes the global digital oilfield market into the following segments:
Services "The services segment of the digital oilfield market is expected to contribute over 40% of the overall revenue by 2021, generating over USD 13 billion. Energy services involve the design and implementation of digital oilfield solutions ranging from providing consultation on the use of appropriate tools, designing full end-to-end digital oilfield solutions, and vendor selections," says Thanikachalam Chandrasekaran, one of the lead analysts at Technavio for oil and gas research. The market segment offers exploration, drilling, production, and completion services to end-users. Also, oilfield services providers are investing in and developing new technologies such as enhanced oil recovery (EOR) and vertical drilling to increase production, thereby driving market growth. Software The software component of the oil and gas industry includes engineering applications such as petroleum data management, asset modeling, analysis and optimization, real-time surveillance and workflow integration, and collaboration. The need to update the existing and new software will drive the demand for software services in the global digital oilfield market over the forecast period. The availability of many vendors offering customized software with value-added services will likely increase the revenue of this segment. Hardware "The hardware segment of the digital oilfield market includes pressure gauges, data management hardware, temperature and gas leak sensors, and field wireless connectivity systems. These are required to keep pace with the advances in software to achieve optimal utilization of the available resources," says Thanikachalam. The growth in field experience and the constantly increasing demand for digital oilfield hardware will drive the growth of the market segment. The major hardware installations are surface systems such as sensors, meters, valves, and actuators; and subsurface systems such as downhole gauges, fiber optic, and distributed temperature sensors. The top vendors highlighted by Technavio's research analysts in this report are:
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