According to the research report titled ‘Middle East & Africa Digital Oilfield Market Forecast 2027 By Technology, By Process, By Service, By Application, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, Middle East & Africa digital oilfield market is slated to expand considerably over 2021-2027.
 

Factors such as rising exploration & production of oil & gas, and growing inclination towards smart technology are boosting Middle East & Africa digital oilfield market growth. Moreover, provision of lucrative subsidies and tax rebates has stimulated the development of AI-based technologies in the region’s oil & gas sector.

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Notably, adoption of digital oilfields for real-time monitoring, maintenance & inspection, detecting anomalies, and intimate predictive maintenance alerts is also boosting the market outlook.

The coronavirus pandemic in 2020 led to a slowdown of the economy and subsequent crashes in oil prices. The outbreak dampened the investment outlook and investors' interest in fossil fuel. Thus, post pandemic, increasing investor inclination towards digital technologies is causing the O&G industry to embrace new analytics techniques and robotics to boost savings and increase efficiency.

By process type, Middle East & Africa digital oilfield market is split into production optimization, reservoir optimization, drilling optimization and others. Drilling optimization process is likely to gain significant traction over 2021-2027, due to rising adoption of remote monitoring. Rising preference for IoT techniques and cloud-based storage for data collection at sea drilling sites, smart wells, and reservoir monitoring is likely to propel segmental growth.

Moving on to service type, the market classification comprises instrumentation & automation (security systems, smart wells, wireless systems, distributed control systems, SCADA), and information technology (software, computer equipment & application hardware, IT outsourcing services, others). Instrumentation & automation solutions are likely to witness high demand over 2021-2027, owing to increasing preference for production efficiency and real-time data analysis.

Considering the geographical outlook, Saudi Arabia market is likely to record significant gains by 2027, owing to rapid expansion of offshore activities, increasing oil & gas exploration activities, and growing manufacturer preference for IoT, cloud computing, and advance analytics.

Prominent players in Middle East & Africa digital oilfield industry include Accenture plc, Baker Hughes Co., Halliburton Co., Siemens AG, Weatherford International plc, Sinopec Oilfield Service Corp., Honeywell International Inc., Kuwait Oil Co., and Schlumberger Ltd.