The oil and gas industry operates in a volatile environment. Fluctuations in the oil prices and the digitization boom in the industry has driven the demand for innovation and investment to meet the cost, ease the cost, and optimize the industry’s operations. The use of IoT can help streamline operations and help companies to enhance workflow and provide data useful in making decisions. Despite challenges in deploying IoT solutions, investment in innovation continues as oil and gas companies attempt to be more quick, efficient and productive while reducing costs.
IoT is helping the oil and gas companies in attaining global presence. Embedded sensors, automation and connectivity with data communications can gather and provide operational data from remote locations, which helps the sensor manufactures understand the operations in an accurate and detailed manner. IoT also removes physical barriers so that the companies can reach remote locations. The advantages of IoT technology for oil and gas are wide-ranging from equipment manufacturers to internet service providers. Adoption of IoT technology in the oil and gas industry results in increased productivity and sustainability. The shift towards the use of IoT in the oil and gas industry has been encouraged due to the falling cost of the sensors and the increasing availability of wireless network.
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The IoT in oil and gas market research study offers a wide perspective on where the industry is heading to. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
The report answers the following questions about the IoT in oil and gas market:
- What is the IoT in oil and gas market size in terms of revenue from 2017-2023, and what is the expected growth rate during the forecast period 2018-2023?
- What is the revenue generated from the different applications, such as fleet and asset management, preventive maintenance, pipeline monitoring, security management, safety management and others?
- What are the key trends and opportunities in the market pertaining to the Global IoT in the oil and gas industry?
- What are the key solutions covered in the IoT in oil and gas market?
- How attractive is the market for different stakeholders present in the industry on the basis of the analysis of futuristic scenario of the Global IoT in oil and gas industry?
- What are the major driving forces that are expected to increase the demand for Global IoT in oil and gas market during the forecast period?
- What are the major challenges inhibiting the growth of the Global IoT in oil and gas market?
- What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the Global IoT in oil and gas market on the basis of the analysis of their financial stability, product offerings, and regional presence?
The report further includes a thorough analysis of the impact of the Porter’s five major forces to understand the overall attractiveness of the industry. The report also focuses on the key developments and investments made in the global IoT in oil and gas market by the players, research organizations, and government bodies.
Further, the report includes an exhaustive analysis of the regional split into North America, Europe, Asia-Pacific and Rest-of-the-World. Each region details the individual push-and-pull forces in addition to the key players from that region. Some of the prominent players in the Global IoT in oil and gas market are CISCO Systems Inc., IBM, Intel, C3IoT, Microsoft, ABB Ltd., and General Electric Company among others.