Internet of Things (IoT) in Oil and Gas Market Poised for Robust Growth, Forecasted to Expand at 23% CAGR from 2023-28

MarkNtel Advisors has released its latest report highlighting strong growth in 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.

Report Coverage

This report offers a comprehensive analysis of the Internet of Things (IoT) in Oil and Gas Market, providing valuable insights across historical trends, current dynamics, and future forecasts.

• Base Year: 2022
• Forecast Years: 2023-28
• Historical Years: 2018-21

Internet of Things (IoT) in Oil and Gas Market Overview

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 Segmentation Outlook

The Internet of Things (IoT) in Oil and Gas is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

By Solution

• Communication
• Sensing
• Data Management
• Cloud and Edge Computing

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)

By Region

• North America
• South America
• Europe
• Asia Pacific
• Middle East and Africa

Internet of Things (IoT) in Oil and Gas Market 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.

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Top Internet of Things (IoT) in Oil and Gas Market Brands & Their Strategic Market Positioning

MarkNtel Advisors Research identifies 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. Others as key players shaping the market landscape.

Internet of Things (IoT) in Oil and Gas Market News

• In November 2022, Telit, a global leader in the Internet of Things (IoT), collaborated with Lantech Intelligent Network Connection (LINC) to facilitate Intelligent Stretch Wrapper Solutions Designed to Improve Serviceability, Shipment Costs, and Load Quality.
• In October 2022, Huawei launched two scenario-based oil and gas solutions i.e. Integrated Oil & Gas Field Network and Smart Gas Station at HUAWEI CONNECT 2022 Dubai.

Key Questions Answered in the Report

• What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
• How the industry has been evolving, and which segments would dominate the market during the forecast period?
• What are the key opportunity areas that companies foresee in the coming years 2028?
• Who are the key players in the market, and what are their competitive strengths?
• What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?

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