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Digital Oilfield Market Soars to USD 54.22 Billion by 2031 with Digitalization Adoption | SkyQuest Technology

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WESTFORD, Mass., July 24, 2024 /PRNewswire/ — According to SkyQuest, the global Digital Oilfield Market size was valued at USD 35.25 billion in 2022 and is poised to grow from USD 36.98 billion in 2023 to USD 54.22 billion by 2031, at a CAGR of 4.9% during the forecast period (2024-2031).

In the last few years, the demand for digitalization in the oilfields have increased extensively. This is primarily because of the rising portion of unusual oil and gas deposits and reducing production of the current wells. Digital oilfield technologies also provide remote monitoring and automated operations from a centralized location, resulting in the reduction of operational expense. Nowadays, there is a huge inclination for using advanced technologies like IoT sensors, analytics, and automation in the oilfield. These solutions can help in initiating real-time monitoring so that it becomes easy to make decisions based on data and accomplish better performance. Oil and gas companies are increasingly investing in digital services to increase the production. It has also helped in enhancing the recovery of hydrocarbon deposits, minimize downtime, and improve operations. Digitalization will also assist the oil firms to improve the operations in the reservoirs, maintain cost-efficient drilling, and rise the safety from drilling issues.

Download a detailed overview:

https://www.skyquestt.com/sample-request/digital-oilfield-market

Digital Oilfield Market Overview:

Report Coverage 

Details 

Market Revenue in 2023 

$ 36.98 Billion 

Estimated Value by 2031 

$ 54.22 Billion 

Growth Rate 

Poised to grow at a CAGR of 4.9% 

Forecast Period 

2024–2031 

Forecast Units 

Value (USD Billion) 

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends 

Segments Covered 

Process, Solution, Technology, Application, and Region

Geographies Covered 

North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Report Highlights 

Integration of improved technologies to streamline productions

Key Market Opportunities 

Increased investment shale exploration and production for high demand of energy

Key Market Drivers 

Implementing digitalization to augment market growth and automate maintenance

Segments covered in Digital Oilfield Market are as follows:

ProcessProduction Optimization, Drilling Optimization, Reservoir Optimization, Safety management, and Asset managementSolutionHardware Solutions, Software & Service Solutions, and Data Storage SolutionsProcessProduction Optimization, Drilling Optimization, Reservoir Optimization, Safety management and OthersTechnologyInternet of things, Artificial Intelligence, Robotics and Automation, Big data and analytics, Cloud Computing, and OthersApplicationOnshore, and Offshore

Request Free Customization of this report:

https://www.skyquestt.com/speak-with-analyst/digital-oilfield-market

Digitalization Optimizing the Supply Chain with Process Management Boosts the Market Growth

Innovations such as real-time data, virtual worlds, and cloud computing with the help of digitalization are augmenting the transformation of the oil and gas sector. In recent times, digital oilfields were able to restructure the oil and gas systems and allow complete optimization in the supply chain by implementing process management combined with digital technologies. Moreover, digital oilfields also aid the sector to move towards greener practices. AI and predictive analytics can help companies to discover oil leaks before they even happen, reducing various damages. The oil and gas organizations can also automate maintenance and control equipment more efficiently.

Increasing Demand for Mature Oil and Gas Reserves to Extract and Profit from these Assets Drive the Digital Oilfield Market

The rising demand for mature oil and gas reserves is boosting the digital oilfield market as operators are trying to increase the extraction and profits of these ageing assets. The mature fields that have reducing production rates and increasing operational problems immensely benefit from the digital oilfield technologies with their improved monitoring and optimizing abilities. The operators can enhance the performance of the reservoir with the help of real-time data analytics, predictive maintenance, and automated control systems. These innovative technologies help in extending the productive life of the wells and lower downtime, resulting in better recovery rates with continuous use of the aged fields. The digital oilfield technologies also help in precise and efficient enhanced oil recovery process that are vital for gathering the remaining reserves in the mature field. The advanced data analytics and simulation models assist in designing and integration of EOR technologies. It includes features like water flooding, chemical flooding, gas injection, and improved oil recovery. All these can be performed with accuracy and efficiency, augmenting the demand for the digital oilfield market.

View report summary and Table of Contents (TOC):

https://www.skyquestt.com/report/digital-oilfield-market

Improvement in Production by Optimizing Operational Functions with Digital Technologies to Augment Growth

The improvement of production is increasing the demand for digitalization in the oilfield market. The operator’s efforts to improve the efficiency of production and result due to which they are depending on digital oilfield technologies to optimize the operational functions. Such technologies include advanced data and analytics, real-time monitoring systems, predictive maintenance, and automation. These solutions help in streamlining and improving the manufacturing workflows. Integrating such digital technologies also helps the providers in minimizing downtime, enhance resource allocation, and improve operational performance, boosting the growth of the market. The use of digital oilfield technologies also enhances decision making process and better manage the production operations.

Related Report:

Digital Twin Market

Industry 5.0 Market

Industry 4.0 Market

Oilfield Equipment Market

Oilfield Service Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:

Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/

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AI-Powered Earbuds Transforming North American Smart Offices: Exclusive Insights from viaim CPO at CES 2025

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LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — At CES 2025 in Las Vegas, Liu Da, Chief Product Officer (CPO) of viaim, an AI technology hardware company deeply rooted in the smart office sector, gave an exclusive interview, sharing valuable insights into viaim’s exploration of the field of AI-powered earbuds, its innovative product concepts, and how the technology addresses common workplace challenges in North America. Mr. Liu also delved into the market potential of AI-powered earbuds and viaim’s strategic blueprint for shaping the future of smart offices, especially in the North American market.

North American business professionals have widely embraced remote and hybrid work models. The rise of multilingual communication has fostered a highly digitalized consumer landscape with diverse user needs, particularly for smart office solutions. In response, viaim is dedicated to developing practical AI solutions that alleviate repetitive and tiring office tasks. By addressing the evolving demands of North American professionals with its AI-driven innovations, viaim is advancing its global mission to transform work efficiency and productivity.

Unique advantages of AI-powered smart earbuds

In the interview, Mr. Liu said earbuds, being close to the user’s senses, are seamlessly integrated into daily life and serve as an ideal platform for AI technology. Unlike traditional office hardware, AI-powered earbuds are portable and versatile, fitting various scenarios such as remote meetings, commuting, and entertainment. He highlighted that viaim’s AI-powered smart office solutions position the Company to bridge the gap between people and devices, transforming earbuds from simple audio tools into smart office partners. 

viaim’s technology and design challenges during the R&D  phase

Mr. Liu detailed the challenges the Company faced during the R&D phase, including integrating AI computing power, storage, and sensors into earbuds with limited space while maintaining portability and battery life. He also highlighted the difficulty of balancing human auditory sensitivity with machine signal processing to ensure a natural user experience. To tackle these challenges, viaim employed multi-terminal collaboration, integrating earbuds, apps, and cloud services to ensure seamless voice processing and secure data management tailored to the needs of North American professionals.

Market potential, insights, and positioning in North America

A report from Upwork, the world’s largest work marketplace, projects 36.2 million Americans will work remotely in 2025, marking an 87% increase from pre-pandemic levels. AI-powered earbuds, with capabilities including meeting recording and follow-up task management, cater to the digitalized and multilingual North American market. As remote and hybrid work rises, AI earbuds are becoming vital for workplace efficiency and language learning. viaim stands out with a competitive strategy focused on technological innovation and market segmentation, offering unique value beyond traditional earbud brands.

Future strategy and product vision

Mr. Liu believes technology’s true value lies in solving real-world problems. “When users actively engage with our AI solutions, it demonstrates their true value,” he stated. AI earbuds remain the Company’s core focus, empowering professionals to shift their attention from routine tasks to meaningful creative endeavors. Looking ahead, viaim plans to expand its product lineup to include smart glasses and office accessories, creating a comprehensive AI office ecosystem. The Company aims to rapidly iterate based on user feedback, expanding AI earbuds from niche to mass markets and advancing industry development.

Media Contact: 

Qian Wang
+86-15321782927
wangqian@vision-intelligence.tech

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SOURCE VIAIM

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Steller Unveils Group Trip Planning

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KIRKLAND, Wash., Jan. 10, 2025 /PRNewswire/ — Steller, a video-based, travel planning platform that allows travelers to discover, connect and book based on experiences shared by creators, introduced its most requested feature yet: group trip collaboration. The feature transforms how travelers plan group trips by consolidating everything—discovery, communication, organized planning, and booking—into one platform. 

Steller launches group trip planning, streamlining discovery, communication, and booking into one collaborative platform.

Traditional Trip planning involves multiple surfaces and when traveling with others, multiple communication channels. It is difficult to stay organized when communication is spread across text messages, social DMs, email, etc.  

Steller’s new collaboration feature eliminates communication chaos and streamlines trip planning by offering a central group hub for organizing every piece of the process. Travelers can invite others to join their Trip itinerary, keeping communication, discovery, and booking in one place. With Steller’s library of more than 30 million pieces of user generated travel content, groups can share videos of activities, dining spots, attractions, add notes, and co-create custom itineraries. Flexible itinerary views—list, map, and video—give everyone a complete picture of the plan to share and edit with their travel companions.

“Collaborative trip planning has been a top request from our community.  When we launched Trips by Steller   last January, we knew it would resonate, but the response has far exceeded expectations. In a short time, over 50,000 users have planned and booked trips by incorporating their favorite user-generated travel videos into personalized itineraries. For our destination clients,  Trips by Steller has seamlessly connected travel influencer marketing to planning and commerce. Steller clients see more than 18% of viewers who engage with their influencer campaigns planning trips to their destination—a result that sets a high bar in the travel industry. Adding collaboration to the mix amplifies that impact, inspiring more people to explore, engage and transact together!” said Pete Bryant, CEO of Steller. 

How It Works  

Whether it’s a getaway for two or a large group adventure, collaboration makes organizing travel plans easy with an all-in-one solution. 

Build Your Itinerary Together: Group members can contribute by adding things to do, activities, and notes.Stay Organized: Add notes and structure by day, activity, or group to eliminate confusion.Flexible Views: View your itinerary as a detailed list, on a map, or through video for a fully customizable planning experience.Real-Time Updates: Keep track of changes, additions, and edits made by group members.On-the-Go Access: Everyone can access the itinerary on their phone.

Steller continues to lead the charge in innovative travel planning, ensuring that its platform evolves based on user feedback. Collaborative trip planning is the latest step in its mission to evolve travel. 

About Steller 

Steller, headquartered in Kirkland, Wash., is the market leading travel planning platform that guides travelers from inspiration to planning and booking through authentic experiences of their favorite creators. Steller’s patent pending platform distributes millions of pieces of bespoke, worldwide video content that can be found and booked on the Steller app. Learn more at www.steller.co  and  stellerforbusiness.com

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RAAPID Raises Series A from M12, Microsoft’s Venture Fund to Scale Next-Generation Healthcare Risk Adjustment

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Company reports 300% revenue growth in 2024 and advances partnerships with nation’s leading health systems

LOUISVILLE, Ky., Jan. 10, 2025 /PRNewswire/ — RAAPID, the industry-leading healthcare AI company, announced today a significant Series A investment from M12, Microsoft’s venture fund. This strategic funding positions RAAPID to expand its groundbreaking Neuro-symbolic AI platform that is reshaping healthcare risk adjustment.

RAAPID’s explosive growth – marked by a 300% revenue increase in 2024 – demonstrates the market’s strong validation of its advanced technology platform. The company has quickly established itself as a trusted partner for major health plans and provider., At the core of RAAPID’s success is its pioneering VisionAI technology, which tackles one of healthcare’s most pressing challenges: making sense of unstructured medical data. While over 70% of medical records exist as unstructured data when shared outside EHRs, RAAPID’s AI engine transforms this complex information into actionable insights, enabling unprecedented accuracy in risk capture and care gap identification.

“Our vision extends beyond traditional risk adjustment,” states Chetan Parikh, Founder and CEO of RAAPID. “We’re creating a future where AI augments healthcare professionals’ capabilities, leading to better patient outcomes and more accurate appropriate reimbursements. This investment from M12 accelerates our mission to transform healthcare through advanced AI.”

RAAPID’s purpose-built Risk Adjustment platform has achieved remarkable results:

Slashing chart review time by 60-80%Surpassing industry standards with 95%+ coding accuracyGenerating additional appropriate and compliant revenue per memberImproving risk capture accuracy by 25%

The HITRUST-certified platform stands out for its unique Neuro-symbolic AI approach, combining neural networks with an extensive medical knowledge graph containing over 4 million clinical entities and 50 million relationships. This sophisticated technology enables both retrospective analysis and prospective risk adjustment, helping organizations identify and address care gaps to positively impact patient health.

“Healthcare organizations are increasingly seeking innovative solutions to manage risk and improve care delivery in value-based arrangements,” said Todd Graham, Managing Partner at M12. “RAAPID’s AI-driven risk adjustment platform aligns perfectly with our investment strategy. Through M12, we are committed to providing our portfolio companies with access to Microsoft’s resources and expertise to drive significant impact in the healthcare sector.

Led by a team with over 25 years of healthcare technology expertise, RAAPID has collaborated with experts from the top 4 tech giants in developing its clinical AI solutions. RAAPID continues to push the safe boundaries of what’s possible in healthcare AI. The company’s selection as an M12 portfolio company validates its position as a leader in healthcare technology innovation.

As value-based care becomes increasingly important, RAAPID’s AI-powered solutions are becoming essential tools for healthcare organizations striving to improve timeliness and quality of care all patients expect. With this new funding, RAAPID is poised to further advance its technology and expand its positive impact on patients, providers and payers.

About RAAPID
RAAPID develops AI-powered solutions for healthcare payers, providers, and supporting organizations. The company’s cloud-based risk adjustment platform uses neuro-symbolic AI to identify chronic conditions, determine HCC codes, calculate risk scores, and analyze population health trends. RAAPID serves organizations that participate in Medicare Advantage, ACA, Medicare ACO, and Medicaid programs.

For more information about RAAPID’s AI-powered risk adjustment solutions, visit www.raapidinc.com

CONTACT:
Mayur Vyas
(502) 699-3044
388583@email4pr.com

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