Global Smart Oilfield IT Services Market 2015-2019
About Smart Oilfield IT Services
With the presence of volatile market conditions, global energy requirements are continuing to rise, creating challenging competitive environment for companies in the O&G sector. Forecasting and budgeting have become extremely difficult in the face of ongoing price volatility and many other uncertainties in the oil sector. The challenging environment has forced companies to look for innovative, upstream oil technologies. Furthermore, the volume and detail of data generated in exploration and production need to be put into better use so that the O&G companies can gain value from the same and act upon the insights generated by data produced during exploration and production. Smart oilfield services comprise IT services, including IT consulting, business consulting, integrating services, and outsourcing services. The implementation of these services enables companies to increase production, improve recovery rates, and cut capital and operating expenses. In addition, the time-to-value also gets enhanced with the implementation of these services.
Technavio's analysts forecast the global smart oilfield IT services market to grow at a CAGR of 5.93% over the period 2014-2019.
Covered in this Report
The global smart oilfield IT services market is segmented on the basis of geography.
Technavio's report, Global Smart Oilfield IT Services Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the market landscape and its growth prospects in the coming years. The report also includes a discussion on the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Smart Oilfield IT Services Market 2015-2019
Technavio recognizes the following companies as the key players in the global smart oilfield IT services market: Accenture, IBM, Tata Consultancy Services and Wipro
Other Prominent Vendors in the market are: Capgemini, CGI, Cisco, Deolitte, EDS, EMC, Energistics, Huabei, Infosys, KPMG, L&T Infotech, Microsoft, PwC, SAS, Schlumberger, TCS, TechMahindra and Wipro
Commenting on the report, an analyst from Technavio’s team said: “Effective implementation of big data in the oil and gas industry is likely to benefit both traditional and digitized oilfields. Big data analytics is one of the major trends in the market. With increase in volume of data from different channels, analytics solutions are being adopted by smart oilfield IT services providers to gain meaningful insights and formulate strategies.”
According to the report, fluctuating oil prices and increased regulations have increased the operational costs for smart oilfields. IT service providers are offering a comprehensive range of services from integration to analytics, resulting in better control of activities in oilfields.
Further, the report states that corporate data security is one of the strongest barriers to the adoption of IT services in the oil and gas sector.
Accenture, IBM, Tata Consultancy Services, Wipro, Capgemini, CGI, Cisco, Deolitte, EDS, EMC, Energistics, Huabei, Infosys, KPMG, L&T Infotech, Microsoft, PwC, SAS, Schlumberger, TCS, TechMahindra, Wipro