ABI Research forecasts that in 2014, the energy industry will spend $7 billion on big data, of which over 60% is for upstream operations. This will rise to $22 billion in 2019 ($14 billion in upstream).
A new report, ‘Digital oil field market by services’ from Markets and Markets has it that the digital oil field market will be worth $38.49 billion by 2024 (dontcha love the two decimals!). This reflects a 4.6% growth from $24.60 billion in 2014. The report covers automation, DCS, SCADA, PLC, smart well, IT services and more. Another M&M report on the oil and gas analytics software market predicts 35.5% growth from $4.29 billion in 2014 to $19.65 billion in 2019 with the Middle-East and Africa set to be the biggest market.
And finally, Transparency Market Research values the global wireline services market at $19.10 billion in 2014 and predicts 10.36% growth to $34.96 billion by 2020.
Our new, occasional Forecasts and fantasies feature was inspired by the Financial Times’ Tim Hartford who observed, ‘Our predictions are about the future in only the most superficial way. They are really advertisements...’
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