Press Release

Global IoT in Oil and Gas market is Expected to Witness Highest Growth at a CAGR of 23% By 2028

The Global IoT in Oil and Gas Market is projected to grow at a CAGR of 23% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. This is owing to the constantly fluctuating crude oil prices, which surges the need for integrating IoT in oil & gas industries to analyze data effectively, precisely forecast their future business plans, and increase their profitability.

The integration of IoT in the concerned market provides access to real-time information and enables the reduction of complexity in work, leading to the proliferation of incredible demand in the market. Further, the other major factor aiding the demand for IoT in the oil & gas industries is to enhance their operational efficiencies across different divisions of the value chain. Additionally, the growing trend of rising cyber-attacks and fraudulent activities facilitates the requirement of IoT in the Oil and Gas Market and therefore creates growth opportunities for the industry.

Moreover, the outbreak of the global pandemic i.e. Covid-19, slowed down the manufacturing and production of items, as well as restricted the working of manpower. Here IoT plays an important role by significantly managing communication between physical objects and enhancing efficiency. This lack of skilled human power and aging infrastructure provide lucrative growth opportunities to drive the Global IoT in the Oil and Gas market, further states the research report, “Global IoT in Oil and Gas Market Analysis, 2023.”

IoT in Oil and Gas Market Segmentation Analysis

Data Management Segment Exhibits Fastest Growth

Based on the Solutions segment, the market is further bifurcated into, Communication, Sensing, data management, and Cloud and Edge Computing. Data Management captured a significant potential market revenue due to primary growing factors such as facilitating users to track, monitor, and manage the devices efficiently. In addition, data management comprises location-based identification, offering effective recovery of data and enabling them to be uniquely identified, this is the crucial reason behind the huge adoption of data management in the global market. Moreover, IoT enables data management to upgrade huge and complex data into useful and crisp information, resulting in extensive implementation to market growth in upcoming years.

North America Capture Substantial Market Revenue

North America acquired the majority of the share in the historic period, owing to the region comprising widespread developed countries, that hold various oil reservoirs and wells coupled with the extensive competence of the IoT industry. Moreover, the growing emergence of technological advancement has led to the penetration of the Internet supporting in operation of equipment, and recording data, resulting in fuelling more technical advances in the category and therefore propelling the market growth. Furthermore, the expanding offshore shipping for oil transportation accelerates further growth. Apart from this, the region consists of a mounting inclination towards the production of unconventional energy sources, including oil and gas, these growing factors led to augmenting the global industry with growth aspects.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 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. are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2023-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?