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North America Digital Oilfield Market Size

Report ID: GMI5738
Published Date: May 2023
Report Format: PDF

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North America Digital Oilfield Market Size

North America Digital Oilfield Market size surpassed USD 10.5 billion in 2023 and is anticipated to expand at 7.2% CAGR from 2024 to 2032.

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The global digital oilfield industry is likely to cross USD 54.5 billion by 2032. The increasing need for optimizing oil and gas production operations has propelled the adoption of digital technologies in the oilfield sector. Digital oilfield solutions offer real-time data monitoring, predictive analytics, and automation, enabling operators to enhance production efficiency, reduce costs, and improve decision-making, which in turn complement the technology acceptance across upstream activities.

North America Digital Oilfield Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Digital Oilfield Market Size in 2023:	USD 10.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.2%
2032 Value Projection:	USD 19.5 Billion
Historical Data for:	2019 to 2023
No. of Pages:	140
Tables, Charts & Figures:	154
Segments covered:	Process, Service, Application, Technology
Growth Drivers:	Volatile crude oil & gas prices Increasing exploration and production activities
Pitfalls & Challenges:	Budget constraints and limited availability of skilled workforce Poor data quality and increased cybersecurity risks

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of North America digital oilfield reached USD 10.5 billion in 2023 and will depict 7.2% CAGR from 2024 to 2032 led by the increased spending to optimize oil & gas production through features such as predictive analytics and automation.

Production optimization process captured 28% share of North America digital oilfield industry in 2022 owing to advantages such as real-time monitoring, advanced production surveillance and data analytics, among others.

North America digital oilfield industry size from IoT technology was over USD 3 billion during 2022 and will expand at a robust pace with increased deployment of components such as sensors and other connected equipment to support real-time monitoring of parameters.

Some key competitors in the North America digital oilfield industry include Accenture, Intel Corporation, Schneider Electric, ABB, General Electric, Siemens, Rockwell Automation, and Emerson Electric Co., among others.