The digital transformation market share in the oil and gas industry is expected to grow at a CAGR of 16.56% between 2022 and 2027. The rise in investments and partnerships and the use of digital twin technology provide promising grounds for the digital transformation market in the oil and gas industry.
Digital twin technology is designed to transform the upstream segment of the oil and gas industry by creating a digital replica of the actual oilfield on a computer to measure the performance of the reservoir based on IoT. Building a digital twin for a site in the oil and gas industry first involves the creation of a 3D model.
Technavio’s analysis on the “Digital Transformation Market in the Oil and Gas Industry” projects that the market share is expected to increase by USD 58.66 billion at an accelerating CAGR during 2023-2027.
Browse Technavio's 195-page report and in-depth TOC on "Digital Transformation Market in the Oil and Gas Industry by sector (downstream, upstream, and midstream), technology (IoT, E&P software, big data, cloud computing, and others), and geography (APAC, North America, Middle East and Africa, Europe, and South America).
View detailed Table of Contents Here: https://www.technavio.com/report/digital-transformation-market-size-in-the-oil-and-gas-industry-analysis
The digital transformation market in the oil and gas industry is segmented by sector (downstream, upstream, and midstream), technology (IoT, E&P software, big data, cloud computing, and others), and geography (APAC, North America, Middle East and Africa, Europe, and South America).
The market share growth by the downstream segment will be significant during the forecast period. Improving business processes is required for the downstream oil and gas industry to effectively execute a digital transformation framework. North America is estimated to contribute 37% to the growth of the global market during the forecast period.
Lack of skilled labor is a major challenge to the global digital transformation market in the oil and gas industry growth. The skills gap in the oil and gas industry is a significant issue for hiring managers and other decision-makers in the industry. Data management will remain a prime challenge for enterprises within the oil and gas sector because of the increasing volumes of data.
The market structure is fragmented, and the vendors are implementing various strategies such as technological innovations to compete in the market.
Some of the major digital transformation market in the oil and gas industry vendors are Accenture Plc, Amazon.com Inc., AVEVA Group Plc, Bluware Corp., Emerson Electric Co, General Electric Co., Halliburton Co., Informatica Inc., Intel Corp., International Business Machines Corp., Microsoft Corp., NVIDIA Corp., Oracle Corp., Rockwell Automation Inc., SAP SE, Siemens AG, Sierra Wireless Inc., Tata Consultancy Services Ltd., Teradata Corp., and TIBCO Software Inc..
accenture.com - The company offers digital transformations such as a single strategy and operating model.
amazon.com- The company offers digital transformations to record, analyze, and regulate information.
aveva.com- The company offers digital transformations for planning and operations, engineering, and asset performance.
Download the PDF Sample Report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.
Precise market size estimation during the forecast period 2023-2027.
CAGR of the digital transformation market in the oil and gas industry forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the digital transformation market share in the oil and gas industry.
Prediction of the upcoming trends, drivers, and factors that challenge the digital transformation market in the oil and gas industry.
Digital transformation market growth in the oil and gas industry across APAC, North America, Middle East and Africa, Europe, and South America.
