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Pulished Date September, 2020
ID: 10156
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Global Digital Transformation Market in Oil and Gas Industry – Segmented By Technology (Big Data/Analytics and Cloud Computing, Internet of Things (IoT), Artificial Intelligence, Industrial Control Systems, Extended Reality and Field Devices ), Sector (Upstream, Midstream, Downstream), and Geography – Forecast to 2025

Pulished: September, 2020
ID: 10156
Pages: 150

Global Digital Transformation Market in Oil and Gas Industry Size & Growth (2020 – 2025)

The global digital transformation market in the oil and gas industry is expected to grow by USD 33.89 billion between 2020 and 2025, with a CAGR of 16% over the outlook period.

Digital transformation refers to the process of harnessing current and emerging digital technologies for tangible, game-changing benefits across all fields of application.

Digital transformation has been one of the main trends in the global oil and gas industry for the past decade. This transformation enables operations to take advantage of advanced digital technologies such as AI, IoT, Big Data, etc. to stimulate business. efficiency and therefore open up new opportunities for everything as this could involve digital twins, which obviously improves the efficiency of predictive maintenance of critical assets and therefore limits the exposure of the hazardous task to facility workers.

The process of exploring an oilfield is complex because it requires the analysis of large volumes of data, such as environmental data, equipment data, and seismic data to detect new oil and gas reserves. This pushes providers in oil and gas industry to implement novel technologies like big data and AI. In view of the ecological concerns and expenses related to exploration, they further adopt real-time decisions with the assistance of ML and predictive analytics. This is supposed to optimize exploration and production operations in oil & gas sector. Hence, the increasing need for advanced technologies will lead to the expansion of the global oil and gas industry digital transformation market during the forecast period.

Recent Developments:

  • October 2019: IBM introduced a new integrated supply chain suite, integrated with Watson AI and IBM Blockchain and open to developers, to help organizations make their supply chains smarter, more efficient and able to take decisions needed to adapt to disruptions and opportunities in a market where supplier networks are more complex and vulnerable.
  • September 2019: Schneider Electric announced the launch of its Eco Structure Power & Process in India to increase efficiency and increase profitability in the oil and gas sector. The company aims to combat the volatility associated with the oil and gas industry by reducing operating expenses and private equity by 20% to 30%. This system classifies end users to connect the assets that are the hub of projects with the assets that are the hub of operations. In addition, the company has also partnered with Microsoft to create professional IoT solutions.

Impact of Covid-19 on Digital Transformation Market in Oil & Gas Industry:

The recent COVID 19 outbreak halted global oil production with closures and uncertainties with China leading the way. For example, Carbon Brief reported that operating oil refineries in Shandong Province fell 71.4% in December from 2019 to 38.9% in February 2020.

Market Growth and Trends:

The downstream sector is expected to register a significant market share

  • Digital transformation is seen as one of the main innovations used to drive downstream operations in the oil and gas industry. Companies are focused on increasing the use of assets by improving the efficiency of manufacturing in factories.
  • The downstream activities of oil and gas companies, both petrochemical and refining, have always adopted technology to improve their operations. Several innovative approaches have been implemented that can manage complex processes and interpret information to enhance performance. The pursuit of the digital switchover is expected to have even greater potential, given the strategic will of many companies to expand their activities down the oil and gas value chain, particularly in petrochemicals.
  • The main concern of suppliers is how to predict and prevent or reduce maintenance costs. The automation solutions used for delivery and maintenance planning tools use AI-based simulation and application performance management and can be easily added to an existing operating system. Additionally, upgrading sensor systems to enable better predictive and prescriptive maintenance can lead to long-term operational efficiency gains.
  • Many oil and gas companies rely on technologies such as AI, IoT, Big Data, among others, in their operations to improve their operations. For example, Shell's downstream business, which is responsible for supplying oil and gas to the end consumer, uses artificial intelligence technology to predict consumer demand for petroleum products and measure fuel shortages. find and recommend an oil blend for a refining process.

Market Drivers and Restraints:

Factors such as creating a safe working environment throughout the entire value chain will play an important role in the IoT segment to maintain its position in the market. Additionally, our global oil and gas industry digital transformation market examines factors such as increased investments and partnerships, increasing pressure to improve operational efficiencies, and the growing need for advanced technologies in business exploration. However, the lack of a trained workforce, the growing threat of cyberattacks, and increasing data quality and management issues can hamper the growth of the digital transformation market in the oil and gas industry in the foreseen period.

Market Segmentation:

By technology:

  • Big Data/Analytics
  • Cloud Computing
  • Internet of Things (IoT)
  • Artificial Intelligence
  • Industrial Control Systems
  • Extended Reality
  • Field Devices

By Sector:

  • Upstream
  • Midstream
  • Downstream

 

Regional Analysis:

  • Asia Pacific (APAC)
  • Europe
  • MEA
  • North America
  • South America

In recent times, with the situation of low oil prices, the APAC region's refining capacity has experienced record growth between 2014 and 2019. According to a 2019 report published by BP Statistical Review of World Energy, the Asia Pacific has the highest large oil refining capacity. worldwide, processing nearly 34.75 million barrels per day (BPD) in 2018

Given the long lead times and huge capital expenditures involved in oil and gas production, major industry players are looking to gain a competitive advantage through transformative technologies such as artificial intelligence. For example, Woodside, Australia's largest natural gas producer, has implemented IBM Watson to run AI algorithm operations and search over 25 million documents, retrieve content, and compare historical performance and suggest related information. to anyone in business.

Countries such as China, India, Japan and South Korea have one of the most active downstream oil and gas sectors in the APAC area, which together is responsible for more than 78% of capacity, with large refineries deeply integrated with petrochemical production units, in the Asia Pacific region.

Key market players:

Key players in the global digital transformation in the oil and gas industry are Emerson Electric Co., General Electric Co., IBM Corp., Intel Corp., Microsoft Corp., Oracle Corp., Rockwell Automation Inc., SAP SE, Tata Consultancy Services Ltd., and Teradata Corp.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                          

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Digital Transformation in Oil and Gas Industry , By Technology                            

                                6.1.1 Big Data/Analytics

                                6.1.2 Cloud Computing 

                                6.1.3 Internet of Things (IoT)     

                                6.1.4 Artificial Intelligence           

                                6.1.5 Industrial Control Systems               

                                6.1.6 Extended Reality  

                                6.1.7 Field Devices          

                                6.1.8 Market Size Estimations & Forecasts (2019-2024)   

                                6.1.9 Y-o-Y Growth Rate Analysis             

                                6.1.10 Market Attractiveness Index        

                6.2 Digital Transformation in Oil and Gas Industry , By Sector                       

                                6.2.1 Upstream

                                6.2.2 Midstream              

                                6.2.3 Downstream          

                                6.2.4 Market Size Estimations & Forecasts (2019-2024)   

                                6.2.5 Y-o-Y Growth Rate Analysis             

                                6.2.6 Market Attractiveness Index          

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                  

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Technology       

                                7.2.3 By Sector 

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Technology       

                                7.3.3 By Sector 

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Technology       

                                7.4.3 By Sector 

                7.5 Latin America                             

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Technology       

                                7.5.3 By Sector 

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Technology       

                                7.6.3 By Sector 

8. Key Player Analysis                                    

                8.1 Emerson Electric Co                

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 General Electric Co                  

                8.3 IBM Corp                     

                8.4 Intel Corp                    

                8.5 Microsoft Corp                          

                8.6 Oracle Corp                

                8.7 Rockwell Automation Inc                      

                8.8 SAP SE                          

                8.9 Tata Consultancy Services Ltd                             

                8.10 Teradata Corp                         

9. Market Outlook & Investment Opportunities                                

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of Technology, Sector along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.
  1. Global Digital Transformation in Oil and Gas Market By Region, From 2020-2025 ( USD Billion )
  2. Global Digital Transformation in Oil and Gas Market By Technology, From 2020-2025 ( USD Billion )
  3. Global Big Data/Analytics Market By Region, From 2020-2025 ( USD Billion )
  4. Global Cloud Computing Market By Region, From 2020-2025 ( USD Billion )
  5. Global Internet of Things (IoT) Market By Region, From 2020-2025 ( USD Billion )
  6. Global Artificial Intelligence Market By Region, From 2020-2025 ( USD Billion )
  7. Global Industrial Control Systems Market By Region, From 2020-2025 ( USD Billion )
  8. Global Extended Reality Market By Region, From 2020-2025 ( USD Billion )
  9. Global Field Devices  Market By Region, From 2020-2025 ( USD Billion )
  10. Global Digital Transformation in Oil and Gas Market By Sector, From 2020-2025 ( USD Billion )
  11. Global Upstream Market By Region, From 2020-2025 ( USD Billion )
  12. Global Midstream Market By Region, From 2020-2025 ( USD Billion )
  13. Global Downstream Market By Region, From 2020-2025 ( USD Billion )

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