Global IoT in Oil and Gas Market Insights by Emerging Trends, Leading Key Players, Future Growth and Revenue, Demand and Revenue Forecast (2021-2026)

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

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 According to MarkNtel Advisors’ research report, “Global IoT in Oil and Gas Market Analysis, 2021,” the market is likely to grow at a CAGR of around 23% during 2021-26. The market growth attributes to the surging demand for 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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The Final Report will cover the impact analysis of COVID-19 on this industry: Global IoT in Oil and Gas Market Insights by Emerging Trends, Leading Key Players, Future Growth and Revenue, Demand and Revenue Forecast (2021-2026)

The sudden outbreak of the COVID-19 pandemic has aided the need for technological developments and new applications within different end-use verticals. Moreover, due to the spread of disease, the demand for integrating IoT in oil & gas industries witnessed tremendous growth to enhance 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.

Asset Management Accounted for the Largest Market Share
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. Among these segments, Asset Management acquired the largest share in the Global IoT in the Oil and Gas Market in the previous few years. IoT-enabled asset management solution 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 control operations of assets and achieves an organizational strategic plan. Thus, these factors lead to boost the segment growth, cites MarkNtel Advisors in their research report, “Global IoT in Oil and Gas Market Analysis, 2021.”

Data Management Dominated the Market
Based on the Solution, the market segments into Communication, Sensing, Data Management, Cloud, and Edge Computing. Amongst these, Data Management captured a significant share in the Global IoT in the Oil and Gas Market in the previous few years. Data management through IoT enables users to refine massive data into essential information and helps the user track, monitor, and manage the devices efficiently, thereby augmenting the segment growth.

North America Attained the Highest Market Share
Geographically, the North American region held the largest share in the Global IoT in the Oil and Gas Market in the past few years due to a surging production rate of unconventional energy sources, including oil and gas. In addition to this, the rapid expansion of offshore shipping for oil transportation, increasing awareness, and technological advancements in the region further propel the market growth.

Surging Demand for Digital Solution in the Industry boost the Market Growth
The oil and gas companies face a significant challenge in addressing the fluctuation of demand and pricing in their industry. Therefore, there is an increasing demand for a digital solution in these sectors to help connect physical objects to the Internet and enhance communication & management of massive data among all connected devices.

Competitive Landscape
According to MarkNtel Advisors, the major leading players in the global 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 Market Research Report:
1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the Global IoT in the Oil and Gas Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in Global IoT in Oil and Gas Market?

TABLE OF CONTENT

1. Introduction
1.1. Product Definition
1.2. Research Process
1.3. Assumptions
1.4. 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
6.1. Drivers
6.2. Challenges
6.3. Impact Analysis

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