Market overview:
The main drivers of the global digital oilfield market are the advancement of technology, the increasing need for productivity of mature oil and gas wells, the good use of cloud computing in the oil and gas industry and the Improvisation of operational efficiency. Whereas data security / computer theft may be a limitation for this global digital oilfield market. However, service provider companies work very meticulously to secure networks to avoid any inconvenience during operation.

Recent developments:
Schlumberger and NOV today reported a joint effort to speed up the reception of mechanized penetrating arrangements by oil and gas administrators and drilling workers for hire. The arrangement will permit clients to join Schlumberger's surface and downhole drilling computerization arrangements with NOV's drilling robotization stage to convey predominant execution in well development.

Market Drivers and Restrains:
The digital oilfield is a technology-driven concept that enables companies to take advantage of limited resources. Integrated operations in the oil and gas industry's smart domains unite operational technology (OT) with information technology (IT) to improve decision-making and operational performance; thus improving the return on investment. Reduces downtime and total cost of ownership (TCO) and improves operations productivity. The digital oilfield includes both tools and processes to collect data on all upstream activities. The demand for digital operational solutions for oil fields increased due to the limited supply of fuel in the market, forcing the oil industry to adopt new and improved technologies. One of the main obstacles in the digital oilfield market is the collection of real-time data and its productive analysis. Predictive analytics condenses big data, making it more valuable in the digital oilfield market, but knowing how to make information cross-functional would be key to providing useful information about assets.

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Report is segmented as:
By Solutions:
• Hardware
• Software and service
• Data storage solutions
By Processes:
• Reservoir
• Production
• Drilling optimizations
By Application:
• Onshore
• Offshore

Geographical Segmentation:
Digital Europe determined most of the global oilfield market in 2020. According to the International Energy Agency, the total crude produced by the region in 2019 was 17.1 million barrels per day, 0.05% less than in 2018. In addition, new explorations and fields Development activities are multiplying, thus increasing the opportunities for digital development of new fields.

Impact of COVID-19 on Digital Oilfield Market:
The digital oilfield market is expected to decline in 2020, due to the COVID-19 outbreak. The global spread of COVID-19 has slowed the growth of many industries. The effects of the COVID-19 pandemic, including measures by companies and governments to contain the spread of the virus, are having a large and rapid reduction in demand for oil and gas. As of May 28, 2020, 212 countries have been affected by the pandemic and the governments of each country have ordered closures at the national level. This allowed for a considerable drop in transportation and related activities, which had an impact on the demand for oil and gas. Together, these events negatively impacted demand for oil and natural gas, as well as well intervention products and services, and resulted in significant oil prices.

Key market players:
The major key player in global digital oilfield market are Schlumberger Limited (US), Weatherford International plc (Switzerland), Halliburton (US), National Oilwell Varco (US), Baker Hughes Incorporated (US), Siemens AG (Germany), Kongsberg Oil & Gas Technologies Inc. (UK), Emerson Electric Co. (US), Rockwell Automation, Inc. (US) and they are highly capable to give finest service in the industry.