IBM Corporation - Oracle Corporation - Internap Corporation - Packet Inc. (An Equinix Inc. Company) - Scaleway Inc. - Amazon Web Services Inc. - Rackspace Inc. - CenturyLink, Inc. - LightEdge Solutions, Inc. [Report Description] The oilfield communication market was valued at USD 3.35 billion in 2020, and it is anticipated to reach USD 5.31 billion by 2026, growing at a CAGR of 8% Oil and gas industry is a profoundly controlled and dynamic market. Depending on anticipated demand and the extent of an oil glut in the market, it goes through cycles of production cuts and price controls.

Highlights: This year, the world's oil supply increased significantly, with the top three producers-the United States, Russia, and Saudi Arabia-supplying more than a third of the world's demand. However, according to a monthly report that was released in March 2019 by the Organization of Petroleum Exporting Countries, the demand for its crude will average 30.46 million barrels per day in 2019, which is 130,000 barrels per day less than what was predicted last month and below what it is currently producing. As a result, the production cuts may continue.
These elements of the market are driving moderate organizations in the area to utilized information put together answers for upgrade get back with respect to speculations.
For instance, the industry has developed healthy communication networks as a result of the complex data requirements, field operations, and collaborative work processes. Oil exploration companies are looking for oilfields in harsh environments with a variety of operational challenges in order to increase oil production. This has led to a demand for communication solutions with a high bandwidth.
Key Market Trends Growing Adoption of Cloud-Based Services to Drive Market Growth Oil companies are compelled to use oil field communication as a result of growing adoption of cloud-based services. This helps improve supply chain management by keeping their offshore and inshore production statistics connected. Oil companies need to avoid downtime because their profitability is heavily dependent on turnover and the smooth flow of materials is critical.
For example, GE Oil and Gas, the specialist organization to oil and gas organizations has moved 350 of its applications to Amazon's cloud offering, AWS, over the beyond more than two years. GE found that the complete expense of responsibility for its venture applications on the cloud frameworks gave saving of 52% by and large. In the most innovative businesses in the industry, this is the predominant trend.
Data-based solutions, according to Siemens AG, will result in significant efficiency and cost savings. Siemens claims that digitization can reduce the upstream capital cost index by 25% and the operations cost index by 18%, respectively, as well as the Brent price cost per barrel by 45 percent.
As a result of the Cloud technology's ability to effectively address security concerns that had previously limited its adoption, pioneering businesses now have the transparency to revolutionize their outdated on-premise systems.
North America to Hold a Significant Share North America is the market's pioneer and is anticipated to hold a substantial share because it is the largest producer of oil and gas, and businesses there are looking for cutting-edge digital communication solutions for their onshore and offshore field operations.
The United States houses the headquarters of numerous oil producers. The majority of businesses test out new services in the country before launching them globally.
The market is moving forward because of the rapid adoption of new technology in this nation and the growing emphasis on global communication.
Additionally, due to the approval of the Outer Continental Shelf Leasing Program by OCS and the newly discovered shale resource, the region is anticipated to be one of the fastest-growing markets for oilfield communications over the forecast period.
The annual U.S. crude oil production is projected to increase by 1.4 million barrels per day in 2019 and by 0.9 million barrels per day in 2020, with 2020 production averaging at 13.3 million barrels per day, according to statistics released in June 2019 by the US Energy Information Administration.
The market for oilfield communications is dominated by a small number of major players that offer a wide range of solutions. Baker Hughes (General Electric Company), Inmarsat PLC, Speedcast International Limited, and Siemens AG are just a few of the major players. One of the most important market growth strategies, mergers and acquisitions are expected to alter the dynamics of competition in this sector and increase opportunities for new product development.

In March 2019, a consortium known as Triton Bidco, which is made up of UK-based Apax Partners, US-based Warburg Pincus, and two Canadian pension funds-CPPIB and the Ontario Teachers' Pension Plan Board-announced a deal worth USD 3.4 billion for the acquisition of the mobile satellite communications company Inmarsat.
In August 2018, Siemens AG announced that it would implement Topsides 4.0, a virtual oil and gas industry planning tool, on Brazil's offshore facilities. The workflow and data integration of standalone solutions that have been successfully delivered to the oil and gas industry for many years serve as the foundation for Topsides 4.0.