Markntel Advisors’ report, Internet of Things (IoT) in Oil and Gas Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2028, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Internet of Things (IoT) in Oil and Gas presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.
Internet of Things (IoT) in Oil and Gas Market Research Report & Market Summary:
The Global Internet of Things (IoT) in Oil and Gas Market is projected to grow at a CAGR of around 23% during the forecast period, i.e., 2023-28. The market growth attributes to the surging demand of IoT in enhancing the operational efficiency of the oil & gas industry to accomplish energy requirements. In addition to this, the increasing threat of cyber-attacks and the decline in the availability of skilled labor in the oil and gas industry are other major factors fueling the market growth. Further, the mounting requirement of oil and gas companies to access real-time information across all locations leads to an increase in the demand for integrating IoT in oil & gas industries, thereby boosting the market growth.
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Internet of Things (IoT) in Oil and Gas Market Dynamics:
Growth Opportunities:
Introduction of DDS (Data Distribution Service) For Remote Access – Companies working with IoT devices are required to choose a storage solution for remote access. The proposed DDS (Data Distribution Service) is capable of handling massive amounts of data from many sources. It can be used to store data from a remote location and has the ability to deal with historical data. The storage can be designed to support various data kinds and offer various storage levels. Additionally, it manages high-rate data streams from a variety of IoT objects. By calling particular data flow processing within the DDS, it may adjust to this high-velocity input. Thus, organizations must develop their data management plan in order to fully benefit from cloud-based data storage. While some data may need to be preserved for regulatory considerations, some data needs to be kept locally. Backed by the unparalleled benefits, the industry players are largely leaning towards these solutions.
Internet of Things (IoT) in Oil and Gas Market Segmentation Analysis:
According to MarkNtel study the market is segmented into the following categories:
By Solution
- Communication
- Sensing
- Data Management
- Cloud and Edge Computing
Amongst the above, Data Management captured a substantial share of the Global IoT in the Oil and Gas Market in the historical period and is likely to prevail in the same trend in the forecast period. It is primarily because data management through IoT enables users to refine massive data into essential information.
By Industry Stream
- Upstream
- Downstream
- Midstream
By Application
- Preventive Maintenance
- Pipeline & Equipment Monitoring
- Fleet and Asset Management
- Security Management
- Asset Management
- Others (Data Management and Hazardous Management)
Among all, Asset Management acquired the largest share in the Global IoT in the Oil and Gas Market in the previous few years. It is predominantly attributable to the IoT-enabled asset management solution that is beneficial for integrating every asset with all process & workflows into a single platform, which, in turn, offer a central & consolidated tracking system.
By Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa.
Geographically, North America attained a sizable share of the Global IoT in the Oil and Gas Market in the historical period due to a rapid surge in the production rate of unconventional energy sources, including oil and gas. In fact, developed countries like the United States, possessing several oil wells and reservoirs, hint at the expansive capacity of the IoT in the industry.
As indicated in the latest market research report published by Markntel Advisors, “Internet of Things (IoT) in Oil and Gas Research Report: Forecast (2023-2028)”, this report offers a detailed analysis of the industry, featuring insights into the Internet of Things (IoT) in Oil and Gas industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.
Browse Full Report Along with TOC and Figures – https://www.marknteladvisors.com/research-library/global-iot-in-oil-and-gas-market.html
Top Companies Operating in the Internet of Things (IoT) in Oil and Gas Market:
- Intel Corporation
- Amazon Web Services, Inc.
- IBM Corporation
- Microsoft Corporation
- Alphabet Inc.
- Cognizant
- Siemens AG
- Rockwell Automation Inc.
- General Electric Company
- Wipro Limited
- SAP SE
- Cisco Systems, Inc.
- HCL Technologies Ltd.
- Telit Communications PLC
- PTC Inc.
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Key Report Highlights:
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
Note – If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.
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