In the globalized world, the oil and gas (O&G) industry relies on information technology (IT) to meet its business goals. The O&G industry has realized that IT is the key to manage future oil platforms, and also for an efficient production of existing reserves. The need for a collaborative environment is expected to be a prerequisite in the near future. This market insight discusses the digital oilfield that is being implemented across the globe by major oil companies to make informed decisions by analyzing a large volume of data.