London, 11 June 2015: Technavio, the independent tech-focused global research firm, has published a report on the global smart oilfield IT services market 2015-2019, which is expected to grow at a CAGR of 5.93% during the forecast period of 2014-2019.
The ever-increasing need for developing cost-cutting solutions for companies in the oil and gas industry is a major factor that drives market growth of the global smart oilfield IT services market. Many vendors are now harnessing IT and digital technologies to reduce cost and achieve crucial efficiencies. Also, the increased demand for real-time data, distributed sensors, high-speed communications, and data mining techniques has resulted in the increasing adoption of IT services in the global oilfield services market.
“With advances in technology, geophones installed in the oilfields help monitoring and observing activities during hydraulic fracture flow backs. Smart oilfields also measure and store data using installed fiber,” says Faisal Ghaus, Vice President of Technavio.
“Considering the amount of data generation, service providers have come up with sophisticated algorithms and software tools to enhance the decision-making process and optimize productivity, ROI, and NPV of the project.”
Key Market Drivers:
- Cost Reduction.
- Need for Enhanced Business Productivity.
- Increased Use of Mobile Devices.
- Need for Fast and Easy Data Access.
Key Market Trends:
- Big Data Analytics.
- IoT.
- Cloud Analytics Services.
Key Market Vendors:
- Accenture plc
- IBM Corp.
- Tata Consultancy Services (TCS) Ltd.
- Wipro Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
