BLOOMINGTON, Minnesota, August 31, 2017 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled, "Global IoT in Oil and Gas Market- Analysis & Forecast, 2017-2026", the global IoT in oil and gas market is expected to reach to $30.57 billion by 2026, growing at a CAGR of 24.65% during the forecast period from 2017 to 2026. After a period of fluctuation in crude oil prices, approximately priced at $100 a barrel, they decreased significantly in 2014, primarily due to the advanced forms of extraction technologies which opened new sources of supply leading to a higher supply as compared to the demand. This downturn in crude oil prices has affected the profitability of the oil and gas industries and if this scenario continues for a prolonged period of time, it will not be a major surprise if companies are compelled to declare bankruptcies or minimize their number of mergers and acquisitions.
Low prices of crude oil, growth in the demand for electric vehicles, increased production of shale oil in the U.S., decreased demand rate of crude oil in China, and the prospect of an increased supply from Iran are driving the oil and gas industry to focus on increasing operational efficiencies, improving asset performance and management, and maximize capital productivity.
Browse 43 Market Data Tables and 100 Figures spread through 178 Pages and in-depth TOC on "IoT in Oil &Gas Market"
Usage of IoT technologies and solutions can enable the oil and gas industry to overcome these challenges in an effective manner. The collected and analyzed data can benefit oil and gas industries with various operational processes such as production optimization, asset maintenance, business operations, and supply chain, among others. There is an impending need to monitor these business operations and optimize them to increase the efficiency of the process and reduce operational costs. It has been witnessed that there is substantial fuel loss throughout the supply chain, i.e., upstream, midstream and downstream, which results in financial losses. Moreover, shortage of skilled labors in the near future and an increasing number of cyber attacks are expected to drive the market for IoT in oil and gas industry.
Privacy and security concerns related to data, coupled with the lack of technical expertise and awareness are some of the constant challenges for the effective implementation of IoT projects in oil and gas industry globally. The growing interconnection of Internet of Things (IoT) devices actively provides various channels for the hackers to peep into the other systems through various decentralized entry points. Moreover, different layers of software, application programming interface (API), and machine-to-machine communication create more complexity as well as risk in terms of security. Owing to this, oil and gas companies are reluctant to invest in IoT projects. This has created a viable opportunity for service providers, consultants and niche analytics players to make profits from oil and gas industry. Furthermore, next generation devices such as wireless networks, edge computing devices, and digital core platforms, among others, are expected to revolutionize the oil and gas industry in the coming future.
According to Ankit Agarwal, an analyst at BIS Research, "Reduced crude oil price per barrel has compelled the oil and gas industries to improve operational efficiency which is expected to drive the need for IoT solutions at a high growth rate of 24.65%. Recent partnerships between many companies and new product launches are expected to expand and diversify product portfolio for oil and gas industry. For instance, Hitachi in 2016, launched an open and adaptable software architecture, Lumada, which created IoT solutions for a range of industrial applications including oil and gas. With increasing levels of interest of oil and gas companies towards analytics, platforms and analytics together will be the major focus area for investment in the nearby future."
This market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary and SWOT analysis. The overall market has been segmented by subsystems, namely, platform and analytics, and by applications, namely: upstream, midstream and downstream. The report also includes a comprehensive section on the geographical analysis which has been sub segmented into 4 major regions namely, North America, Europe, Asia Pacific and Rest of the World (RoW).
This report is a meticulous compilation of research on more than 50 major players in the IoT industry which are providing efficient solutions to oil and gas industry. Moreover, it draws upon insights from in-depth interviews with the key opinion leaders of more than 15 leading companies, market participants, and vendors. The report also profiles around 15 companies, which are the leading solution providers, including GE, SAP SE, Microsoft Corporation, IBM, and Cisco, among others.
Key questions answered in the report:
What was the size of IoT in O&G market in 2016 in terms of revenue?
What will be the growth rate of the IoT in O&G market during the forecast period, 2017-2026?
What are the different types of IoT solutions used in oil and gas industry globally and what are their sub segments?
What was the market value of IoT for different applications of oil and gas in 2016, on the basis of upstream, midstream and downstream?
What is the market size of IoT solutions in oil and gas industry on the basis of different geographical regions?
What are the key trends in the global IoT in O&G market, pertaining to different applications?
What are the major driving forces and challenges in the IoT in O&G market?
What is the percentage of the market share of IoT players in oil and gas industry for 2016?
What kinds of new strategies are being adopted by the existing market players to make a mark in the industry?
Which segment of the value chain has a high opportunity where investors can invest and make significant profit margins?
How attractive is the market for different stakeholders present in the market by using Porter's Five Forces model?
Which are the major companies providing IoT solutions (platforms and analytics) to oil and gas industry?
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials & Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data, but also complement it with valuable insights and actionable inputs for the success of our clients.
Contact: Bhavya Banga Email: [email protected] BIS Research™ 9100 West Bloomington Freeway, Suite 159, Bloomington, MN 55431