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Global IoT in Oil and Gas Market to Reach $39.40 Billion by 2023, 2018 Report - ResearchAndMarkets.com

January 9, 2019

DUBLIN--(BUSINESS WIRE)--Jan 9, 2019--The “Global IoT in Oil and Gas Market: Focus on Solutions, Applications, Industry Stream - Analysis and Forecast (2018-2023)” report has been added to ResearchAndMarkets.com’s offering

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.

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.

Market Dynamics

Market Drivers

Increasing cyberattacks leveraging the spending on IoT in the oil and gas industry Need of Increased Operational Efficiency Scarcity of Skilled Labor

Market Restraints

Privacy and Security Concern Obsolete Communication Infrastructure

Market Opportunities

Introduction of Next Generation Sensors, Edge Computing and Software in the Oil and Gas Industry IoT based Smart Automation Using Drones in Oil and Gas Industry Growth Opportunity in IoT Analytics Market

Key Topics Covered:

Executive Summary

1 Market Dynamics

2 Competitive Landscape

3 Industry Analysis

4 Global IoT in Oil and Gas Market, (by Industry Stream)

5 Global IoT in Oil and Gas Market, (by Solutions)

6 Global IoT in Oil and Gas Market, (by Application)

7 Global IoT Oil and Gas Market (by Region)

8 Company Profiles

ABB Ltd. C3 IoT Cisco Systems Equinor General Electric Honeywell International Inc. Intel Corporation International Business Machines Corporation (IBM) Microsoft Corporation Rockwell Automation Inc. Royal Dutch Shell Schlumberger Schneider Electric Siemens AG Telit

For more information about this report visit https://www.researchandmarkets.com/research/kv8jcv/global_iot_in_oil?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20190109005373/en/

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Related Topics:Gas,Oil,Internet of Things and M2M

KEYWORD:

INDUSTRY KEYWORD: ENERGY OIL/GAS TECHNOLOGY HARDWARE SOFTWARE

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 01/09/2019 06:36 AM/DISC: 01/09/2019 06:36 AM

http://www.businesswire.com/news/home/20190109005373/en

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