Global Digital Oilfield market report 2024, Forecast To 2033

The digital oilfield market size has grown strongly in recent years. It will grow from $27.89 billion in 2023 to$29.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to rise of edge computing, increased focus on sustainability, rise in data analytics adoption, automation of oilfield operations, enhanced connectivity and communication, increased focus on health, safety, and environment (HSE). The digital oilfield market size is expected to see strong growth in the next few years. It will grow to $36.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to advancements in artificial intelligence (AI), increasing demand for oil and gas, shift towards predictive maintenance, cybersecurity measures, remote operations and collaboration, sustainable practices in oil and gas. Major trends in the forecast period include remote operations and collaboration, integration of internet of things (IoT), digital twin implementation, partnerships, shift towards predictive maintenance.