Digital Transformation Market in Technology Hardware & Equipment,Technology Hardware, Storage & Peripherals sector Expected To Grow At A CAGR of 17.58% For The Period 2019-2023
Dec 7, 2019 11:04 AM ET
Industry Research Report On-Digital Transformation Market in the Oil and Gas Industry by Technology and Geography – Forecast and Analysis 2019-2023, will use to
- Pinpointing up-to-date and upcoming prospects in the Digital Transformation Market by determining the largest and fastest-growing segments across regions
- Analyzing demand-side factors based on the impact of macroeconomic factors such as GDP, population size, per capita income, the beer and wine industry, and microeconomic factors such as technological advancements, growing innovations, and the cost/price of enzymes used in the market
- Identifying and profiling key players in Technology Hardware and Equipment,Technology Hardware, Storage and Peripherals Sector of Digital Transformation Market.
- Industry researcher project The Digital Transformation market was valued at USD 33.89 Billion and CAGR of 17.58% during the period 2019-2023.
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“The latest trend gaining momentum in the market is the implementation of mobility solutions in oil and gas sector.”
According to the report, one of the major drivers for this market is the growing need for advanced technologies in exploration activities.
Further, the report states that one of the major factors hindering the growth of this market is the increasing data quality and management challenges.
Global Digital Transformation Market in the Oil and Gas Industry: About this market
The digital transformation market in the oil and gas industry analysis considers sales from IoT, EandP software, big data, cloud computing, HPC, AI, AR/VR, and data monetization technologies. Our report also considers the sales of the digital transformation market in the oil and gas industry in APAC, Europe, North America, South America, and MEA. In 2018, the IoT segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as creating a safe work environment throughout the value chain will play a significant role in the IoT segment to maintain its market position. Also, our global digital transformation market in the oil and gas industry looks at factors such as a rise in investments and partnerships, rising pressure to improve operational efficiency, and growing need for advanced technologies in exploration activities. However, lack of skilled labor, increasing threat of cyberattacks, and increasing data quality and management challenges may hamper the growth of the digital transformation market in the oil and gas industry over the forecast period.
Global Digital Transformation Market in the Oil and Gas Industry: Overview
- The growing need for advanced technologies in exploration activities.
- The process of exploration of an oilfield is complex as it requires the analysis of vast volumes of data such as environmental data, equipment data, and seismic data to detect new reserves of oil and gas. This is encouraging oil and gas producers to adopt advanced technologies such as big data solutions and AI. Considering the environmental impact and costs of exploration activities, they are also implementing real-time decisions using ML and predictive analysis. This will optimize oil and gas exploration and production operations. Thus, the growing need for advanced technologies will lead to the expansion of the global digital transformation market in the oil and gas industry at a CAGR of almost 16% during the forecast period.
- Implementation of mobility solutions in the oil and gas sector
- Mobility in oil and gas helps enterprises to reduce the time spent on routine activities and provides them with information to address issues and queries. For example, mobile deployment in oil and gas fields for data capture and validation, instead of paper-based forms in daily operations, such as checklist and safety checks, reduces the chances of manual errors and duplications. Connecting an employee’s mobile device through a loT of optimizes data transmission across the operations. The integration of mobile devices in everyday operations improves communication, productivity, and safety in the oil fields. Mobility solutions also help oil and gas companies track their employees’ movement and performance by using GPS coordinates of smartphones. This development is expected to have a positive impact on the overall market growth.
- For the detailed list of factors that will drive the global digital transformation market in the oil and gas industry during the forecast period 2019-2023, click here.
Competitive Landscape
- With the presence of a few significant players, the global digital transformation market in the oil and gas industry market is highly concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of few leading manufacturers, that include 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.
- Also, the digital transformation market in the oil and gas industry analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Porter’s five forces analysis included in the report educates the buyer on the current situations along with anticipated future Digital Transformation market size.
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The report splits the global Digital Transformation market intothe Americas, Asia-Pacific, Europe, the Middle East, and Africa Region. The Digital Transformation Market report provides a detailed analysis of the key players in the market which provides a company overview,financial overview, service offering, different strategies used by them, and comprehensive SWOT analysis of –
- 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.
The CAGR of each segment in the Digital Transformation market along with the global market (as a whole) is explained with great ease. Also, global and regional Digital Transformation market supply chain analysis provides vital info about producers, distributers and key end-users in the market. It also explains import-export situations, affecting factors etc. to fully and deeply reveal market situations.
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Influencing Factors of Market:
- Market Environment:- Government Policies, Market Risks, Technological Changes,
- Market Drivers:- Progressing Demand, Cost Reduction, Market Opportunities, Limits, and Challenges.
- Market Size:- Global Size, by Type/Product Category, Applications/End Users, and By Regions/Geography.
- Key Data:- Market Size, Market Share, Product Sales Price, Growth, and Growth Rate.
This Digital Transformation market research is the result of
Other Analyses:- Apart from The Aforementioned Information, Trade and Distribution Analysis for The Manufactured Industry, SWOT Analysis for New Projects and Feasibility Analysis for New Investment Are Included.
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