Global Internet of Things (IoT) in Oil and Gas Market Research Report: Forecast (2023-2028)

By Solution (Communication, Sensing, Data Management, Cloud and Edge Computing), By Industry Stream (Upstream, Downstream, Midstream), By Application (Preventive Maintenance, Pipeline & Equipment Moni... ... ine & 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 & Africa), By Country (U.S, Canada, Brazil, Argentina, Mexico, Germany, France, The U.K, Spain, Italy, China, India, Japan, Australia, GCC, Africa), By Competitors (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.) Read more

  • ICT & Electronics
  • May 2023
  • 254
  • PDF, Excel, PPT

Market Definition

The Internet of Things (IoT) in the oil & gas industry is beneficial for creating a network of physical objects connected to the Internet. With the help of IoT, these objects can communicate and manage data with other connected devices.

Market Insights

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.

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028) 23%
Regions Covered North America: USA, Canada, Mexico
Europe: Germany, UK, France, Italy, Spain
Asia-Pacific: China, India, Japan, South Korea, Australia
South America: Brazil, and Argentina
Middle East & Africa:  GCC, Africa 
Key Companies Profiled 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.
Unit Denominations USD Million/Billion

 

Moreover, during the COVID-19 outbreak and even after the pandemic, the demand for integrating IoT in oil & gas industries witnessed tremendous augmented in order to achieve operational efficiency. Further, the spread of the pandemic resulted in a declining number of working staff. Hence, the demand for IoT in oil and gas increased significantly to manage communication between physical objects of the industry and improve their efficiency. Furthermore, the concept of smart industries, resulting in efficient functioning, has necessitated innovative and technically advanced devices and solutions. These include real-time monitoring, digital oil-field infrastructure, and reduced power consumption employed in the oil and gas industries, thereby, encouraging market expansion in the coming years.

Market Segmentation

Based on 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. Asset management includes asset maintenance that further helps regulate the operations of assets and achieves an organizational strategic plan. Thus, these factors boost the segment growth, cites MarkNtel Advisors in their research report, “Global Internet of Things (IoT) in Oil and Gas Market Analysis, 2023.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Definition
  2. Executive Summary
  3. Impact of COVID-19 on Global IoT in Oil and Gas Market
  4. Global IoT in Oil and Gas Market Regulations & Policy
  5. Global IoT in Oil and Gas Market Trends & Insights
  6. Global IoT in Oil and Gas Market Dynamics
    1. Drivers
    2. Challenges
    3. Impact Analysis
  7. Global IoT in Oil and Gas Market Hotspots & Opportunities
  8. Global IoT in Oil and Gas Market Start-up Ecosystem, 2018-2023
    1. Entrepreneurial Activity
    2. Year on Year Funding Received
    3. Funding Received by Top Companies
    4. Key Investors Active in the Market
    5. Series Wise Funding Received
      1. Seed Funding
      2. Angel Investing
      3. Venture Capitalists (VC) Funding
      4. Others
  9. Global IoT in Oil and Gas Market Outlook, 2018- 2028F
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Solution
        1. Communication
        2. Sensing
        3. Data Management
        4. Cloud and Edge Computing
      2. By Industry Stream
        1. Upstream
        2. Downstream
        3. Midstream
      3. By Application
        1. Preventive Maintenance
        2. Pipeline & Equipment Monitoring
        3. Fleet and Asset Management
        4. Security Management
        5. Asset Management
        6. Others (Data Management and Hazardous Management)
      4. By Region
        1. North America
        2. South America
        3. Europe
        4. Asia Pacific
        5. Middle East and Africa
      5. By Competitors
        1. Competition Characteristics
        2. Market Share & Analysis
        3. Competitive Matrix
  10. North America IoT in Oil and Gas Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Solution
      2. By Industry Stream
      3. By Application
      4. By Country
        1. The U.S.
        2. Canada
        3. Mexico
    3. The U.S. IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    4. Canada IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    5. Mexico IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
  11. South America IoT in Oil and Gas Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Solution
      2. By Industry Stream
      3. By Application
      4. By Country
        1. Brazil
        2. Argentina
        3. Others
    3. Brazil IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    4. Argentina IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
  12. Europe IoT in Oil and Gas Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Solution
      2. By Industry Stream
      3. By Application
      4. By Country
        1. The U.K.
        2. Germany
        3. France
        4. Spain
        5. Italy
        6. Others
    3. The U.K. IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    4. Germany IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    5. France IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    6. Spain IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    7. Italy IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
  13. Asia-Pacific IoT in Oil and Gas Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Solution
      2. By Industry Stream
      3. By Application
      4. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia
        6. Others
    3. China IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    4. India IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    5. Japan IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    6. South Korea IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    7.  Australia IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
  14. Middle East and Africa IoT in Oil and Gas Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues
    2. Market Share & Analysis
      1. By Solution
      2. By Industry Stream
      3. By Application
      4. By Country
        1. GCC
        2. Africa
        3. Others
    3. GCC IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
    4. Africa IoT in Oil and Gas Market Outlook, 2018-2028F
      1. Market Size & Analysis
        1. By Revenues
      2. Market Share & Analysis
        1. By Solution
        2. By Industry Stream
        3. By Application
  15. Global IoT in Oil and Gas Market Key Strategic Imperatives for Success and Growth
  16. Competition Outlook (Whichever Applicable)
    1. Competition Matrix
      1. Brand Specialization
      2. Target Markets
      3. Target End Users
      4. Research & Development
      5. Strategic Alliances
      6. Strategic Initiatives
    2. Company Profiles
      1. Intel Corporation
      2. Amazon Web Services, Inc.
      3. IBM Corporation
      4. Microsoft Corporation
      5. Alphabet Inc.
      6. Cognizant
      7. Siemens AG
      8. Rockwell Automation Inc.
      9. General Electric Company
      10. Wipro Limited
      11. SAP SE
      12. Cisco Systems, Inc.
      13. HCL Technologies Ltd.
      14. Telit Communications PLC
      15. PTC Inc.
  17. Disclaimer


MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

Data Trangulation

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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