Global Smart Oilfield IT Services Market to Grow at 5.93% CAGR from 2014 to 2019

Strategic Insights -

The global smart oilfield IT services market is expected to experience significant growth, driven by the increasing adoption of IT services in the oil and gas industry. The report by Research and Markets states that the market will grow at a Compound Annual Growth Rate (CAGR) of 5.93% over the period 2014-2019. Smart oilfield services, including IT consulting, business consulting, integration, and outsourcing services, enable companies to increase production, improve recovery rates, and reduce capital and operating expenses. The effective implementation of big data analytics is a major trend in the market, with the adoption of analytics solutions by smart oilfield IT services providers to gain valuable insights and formulate strategies.

Key Takeaways:

  • The global smart oilfield IT services market is expected to grow at a CAGR of 5.93% over the period 2014-2019, driven by the increasing adoption of IT services in the oil and gas industry.
  • The implementation of smart oilfield services enables companies to increase production, improve recovery rates, and reduce capital and operating expenses.
  • The effective implementation of big data analytics is a major trend in the market, with the adoption of analytics solutions by smart oilfield IT services providers to gain valuable insights and formulate strategies.
  • The report identifies Accenture, IBM, Tata Consultancy Services, and Wipro as key vendors in the market, along with other prominent vendors such as Capgemini, CGI, and Cisco.
  • Corporate data security is a major barrier to the adoption of IT services in the oil and gas sector.
  • The report covers key topics such as market growth drivers, market challenges, market trends, and vendor landscape.

Statistics:

  • The global smart oilfield IT services market is expected to grow from $XX billion in 2014 to $XX billion in 2019, at a CAGR of 5.93%.
  • The market is expected to grow at a rate of 5.93% over the period 2014-2019.
  • The effective implementation of big data analytics is expected to benefit both traditional and digitized oilfields.

Sources:

  • Research and Markets, "Global Smart Oilfield IT Services Market 2015-2019" report
  • Businesswire, "Research and Markets: Global Smart Oilfield IT Services Market 2015-2019" press release
  • Research and Markets website, "Global Smart Oilfield IT Services Market 2015-2019" report