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The Global Digital Oilfield Market was valued at USD 23.97 billion in 2019 and is expected to reach USD 38.90 billion by 2030, expanding at a CAGR of 4.5%, during the forecast period, from 2020 to 2030.
Digital oilfield, also known as digitization of oilfield, entails the automation of various upstream, midstream, and downstream oilfield activities. It involves advanced software and various data analysis technique that help provide better outputs and improved profitability. Digital oilfields offer various other advantages including the ease in finding oil and gas reserves, improved safety, environmental protection, and optimized production of hydrocarbons. They deploy various resources to offer efficient and cost-effective outcomes.