According to MarkNtel Advisors’ research report, “Global Internet of Things (IoT) in Oil and Gas Market Analysis, 2023,” the market is likely to grow at a CAGR of 23% during 2023-28. It owes 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. 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. Moreover, aging infrastructure and lack of skilled human power also provide lucrative growth opportunities to drive the Global IoT in Oil and Gas market.
Pipeline & Equipment Monitoring Exhibits Fastest Growth
Based on the Application, the market bifurcates into Preventive Maintenance, Pipeline & Equipment Monitoring, Fleet and Asset Management, Security Management, Asset Management, and Others including Data Management and Hazardous Management. Of these, Pipeline & Equipment Monitoring is likely to grow at a substantial rate during the forecast period. The Integration of IoT in the pipeline helps oil & gas industries monitor & inspect pipelines. In addition to this, it is also beneficial for minimizing risks & various environmental concerns.
“Global IoT in Oil and Gas Market Analysis, 2023” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for IoT in Oil and Gas providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Exhibits Fastest Growth
The Asia-pacific region is likely to register the fastest growth in the Global IoT in Oil and Gas market during 2023-28 due to a surge in technology upgrades in this region. China is the largest economy and is the biggest importer. Further, the burgeoning adoption of smart meters has also boosted the growth of the IoT in the oil and gas market in the APAC region. Therefore, based on these factors, the Asia-Pacific region is likely to contribute to the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report.
According to MarkNtel Advisors, the major leading players in the IoT in Oil and Gas Market are 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, and PTC Inc.
Key questions answered in the study: