The ever-increasing need to develop cost-cutting solutions for companies in the oil and gas industry is a key factor driving market growth of the global smart oilfield IT services market, according to a report from research firm Technavio.

The global smart oilfield IT services market is expected to grow at a compound annual growth rate (CAGR) of 6% from 2014 to 2019, the firm says.

The increased demand for real-time data, distributed sensors, high-speed communications and data mining techniques has resulted in the rising adoption of IT services in the market, according to the report.

“Considering the amount of data generation, service providers have come up with sophisticated algorithms and software tools to enhance the decision-making process and optimize productivity, ROI [return on investment] and NPV [net present value] of the project,” Faisal Ghaus, vice president of Technavio, said in a statement.

Among the major drivers for services in the market are cost reduction, the need for increased productivity, the increased use of mobile devices and the need for fast and easy data access. And among the key market trends are the emergence of advanced analytics for big data, the Internet of Things (IoT) and cloud analytics services.

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