Global Smart Oilfield Market 2016-2020

  • Published: Apr 2016
  • Pages: 80
  • SKU: IRTNTR9308

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The global smart oilfield market is expected to generate a revenue of approximately USD 35 billion by 2020. This industry research report provides a detailed analysis of the market by technology and services (hardware, software, and services) and by geography the Americas, APAC, and EMEA). The report also provides an analysis of the market’s competitive landscape and offers information on several smart oilfield companies including Baker Hughes, CNPC, Halliburton, Honeywell International, and Schlumberger. 

The infographic below contains key findings from our smart oilfield market forecast report

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Global Smart Oilfield Industry Outlook

The global smart oilfield market is envisaged to witness steady growth at a CAGR of more than 4% by 2020. With oil and gas companies looking for seamless data access to speed up their production life cycles, the market for smart oilfield will have a positive outlook in the next four years. Most oil companies find it difficult to get real-time and seamless access to structured and unstructured seismic data, which is required for oil exploration activities. Big data solutions provide transparent and real-time data on process performance including upstream, midstream, and downstream processes. With the help of this data, oil companies can develop geophysical interpretation frameworks, understand seismic surveys better, and develop competitive intelligence information to support decision-making processes. Integrating seismic survey data with unstructured information helps such enterprises to enhance their decision-making ability. Since smart oilfields facilitate the use of big data solutions, their demand is likely to increase significantly in the next few years.

According to the analysts at Technavio, the smart oilfields market is expected to grow over the predicted period because of rapid advancements in the smart oilfields technology. Factors such as the growing demand for oil and gas and increasing number of maturing oilfields have resulted in the augmented adoption of smart oil field technology. These technological advancements will help the oil companies to enhance production rates, redevelop existing oil fields, facilitate production from unconventional resources, and improve oil well management. Moreover, smart oil fields also facilitate the use of advanced simulation techniques that improve monitoring and data collection and increase overall recovery from maturing wells. With leading vendors like Halliburton and CNPC heavily investing in R&D, the reliability and efficiency of smart oilfields are likely to undergo considerable improvements in the future.

Smart oilfield market segmentation by technology and services 

  • Hardware
  • Software
  • Services

During 2015, the services segment dominated the market and accounted for more than 40% of the market share in terms of revenue. The smart oilfield services are envisaged to increase the NPV of an oilfield by 25% by reducing the exploration and production costs and shortening schedules, increasing productivity, and reducing the downtime. Furthermore, smart oilfield services also improve worker safety and health and extend the lifetime of brownfield, which in turn will impel the growth prospects for this market segment until the end of 2020.

Smart oilfield market segmentation by geography

  • Americas
  • APAC
  • EMEA

The Americas was the largest revenue contributor in the global smart oilfield market and is expected to reach more than USD 14 billion over the forecast period. North America is the world's second-largest consumer of crude oil due to the constant demand from countries like the US, Canada, and Mexico. Factors such as the increasing production from unconventional oil and gas resources such as shale formation will contribute to the growth of the market in the region. Additionally, growing energy demand, efforts to maximize production from existing wells, and increasing deepwater exploration activities are the some of the major factors driving the market in the Americas.

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Competitive landscape and key vendors

The global smart oilfield market is highly consolidated with the top five vendors accounting for nearly 70% of the market. However, smaller companies are making a mark in the market with new innovative offerings at low costs. The analysts expect M&A by major vendors to be the primary strategy for consolidation, which will be driven by the focused acquisition of companies that build new advanced technologies and R&D capabilities.

The report offers a detailed analysis of several leading companies, including:

  • Baker Hughes
  • CNPC
  • Halliburton
  • Honeywell International
  • Schlumberger

Other prominent vendors in the market include Accenture, Kongsberg Gruppen, Microseismic, National Oilwell Varco, Paradigm, Pason Systems, Petrolink, Redline Communications Group, Rockwell Automation, Shell, Siemens, and Weatherford.

Key highlights of the global smart oilfield market for the forecast years 2016-2020:

  • CAGR of the market during the forecast period 2016-2020
  • Detailed information on factors that will accelerate the growth of the smart oilfield market during the next five years
  • Precise estimation of the global smart oilfield market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behaviour
  • Growth of the smart oilfield industry across various geographies such as the Americas, APAC, and EMEA
  • A thorough analysis of the market’s competitive landscape and detailed information on several vendors
  • Comprehensive information about factors that will challenge the growth of smart oilfield companies

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Table of Contents

PART 01: Executive summary

  • Highlights

PART 02: Scope of the report

  • Market overview
  • Top-vendor offerings

PART 03: Market research methodology

  • Research methodology
  • Economic indicators

PART 04: Introduction

  • Key market highlights

PART 05: Market landscape

  • Market overview
  • Market size and forecast
  • Five forces analysis

PART 06: Market segmentation by technology and services

  • Global smart oilfield market by technology and services
  • Global smart oilfield market by services
  • Global smart oilfield market by hardware technologies
  • Global smart oilfield market by software technologies

PART 07: Geographical Segmentation

  • Global smart oilfield market by geographical segmentation
  • Smart oilfield market in the Americas
  • Smart oilfield market in EMEA
  • Smart oilfield market in APAC

PART 08: Key leading countries

  • US
  • China

PART 09: Market drivers

  • Reduction in production costs
  • Increase in patent filing
  • Low oil prices
  • Remote onshore and deep and ultra-deepwater offshore explorations
  • Need for fast and easy data access
  • Enhanced business productivity

PART 10: Impact of drivers

PART 11: Market challenges

  • Cyber security concerns
  • Integration of smart oilfield systems with existing application systems
  • Resistance to change
  • Uncertainties about benefits of smart oilfield technologies

PART 12: Impact of drivers and challenges

PART 13: Market trends

  • Advances in smart oilfield technology
  • Growing use of big data analytics, IoT, and robotics
  • Workforce, data, and asset security
  • Increased use of mobile devices

PART 14: Vendor landscape

  • Competitive scenario
  • Other prominent vendors

PART 15: Key vendor analysis

  • Baker Hughes
  • CNPC
  • Halliburton
  • Honeywell International
  • Schlumberger

PART 16: Appendix

  • List of abbreviations

PART 17: Explore Technavio

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.


Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases


Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts



  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis


  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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