IoT in Oil and Gas Market Report, 2018-2023 Featuring Key Players - CISCO Systems Inc., IBM, Intel, C3IoT, Microsoft, ABB Ltd., and General Electric

DUBLIN, Jan. 9, 2019 /PRNewswire/ --

The "Global IoT in Oil and Gas Market: Focus on Solutions, Applications, Industry Stream - Analysis and Forecast (2018-2023)" report has been added to ResearchAndMarkets.com's offering.

Global IoT in Oil and Gas Market to Reach $39.40 Billion by 2023

Oil and gas industry has been facing several challenges over the last few years. Decreasing oil prices have decreased the cash flows and have forced companies to examine their exploration and production strategy. Oil and gas companies are undergoing a major challenge on how to use digital solutions to address the fluctuation in the demand and pricing. Though oil and gas companies have been slow to adopt new technologies, they also recognize that to compete in the digital era they should transform their business models, processes, and IT operations.

Fortunately, for the companies IoT, as an area of technology includes the possibility for companies to overcome these challenges. Access to real time information across remote locations is one of major demands of oil and gas companies which is now being achieved with the help of Internet of Things (IoT) sensor data, which brings extraordinary insight into process performance.

The IoT in oil and gas market includes a wide array of solutions, such as sensing, communication, cloud and edge computing, and data management. Sensing systems encompass a broad range of systems including different sensors, GPS devices, and Radio Frequency Identification (RFID). Addition of sensing and navigation capabilities makes it even more promising. Site-specific exploration and production and variable rate application are two of the major applications of IoT based solutions; and sensing and navigation components are two of the most critical contributors for its execution.

Major application areas of IoT in oil and gas include fleet and asset management, preventive maintenance, pipeline monitoring, security management, and safety management, among others. Fleet and asset management represents the most significant application in the market for the IoT based technologies. During the forecast period, application areas, such as pipeline monitoring, and preventive maintenance are expected to display the maximum growth, owing to the high possibilities of value addition in these application areas.

Deployment of automation and control and sensing systems to steer the application of oil and gas is expected to augment the growth of the market. In emerging countries, the growth of the market is expected to be driven by rising awareness among the governments of different countries about the need of elevating the oil and gas produce while taking care of the environment. Widespread implementation of the cloud-based software systems has fueled the market for IoT in oil and gas by reducing risks and increasing overall production capacities.

The IoT in oil and gas market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). North America is at the forefront of the global IoT in oil and gas market, with high market penetration rate in the U.S., Mexico, and others, which are expected to display robust market growth in the coming five years. North America, followed by the European region, generated the highest revenue in the IoT in oil and gas market in 2017.

The Europe market for IoT in oil and gas technologies is significantly developed with major growth opportunities arising from countries in the Eastern Europe region. The increasing adaptability of modern technologies and the positive support from the government is also expected to augment the growth in the region. The fastest growth rate is expected from the Asia-Pacific region. Significant economic development in countries, such as Singapore, India, and Malaysia is estimated to boost the market.

Competitive Landscape

The IoT in oil and gas market comprises major companies providing solutions, platform, automation system and others. This varied range of market participants provides opportunities to other players willing to bear the high risks involved in the industry. This chapter details the latest strategies and developments adopted by the key market players in the IoT in oil and gas market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products. Moreover, the growing market of IoT in oil and gas is further expected to increase the involvement of companies across different segments of the value chain.

The key players actively taking part in the IoT in oil and gas market are: CISCO Systems Inc., IBM, Intel, C3IoT, Microsoft, ABB Ltd., and General Electric Company among others.

The competitive landscape for the IoT in oil and gas market demonstrates an inclination toward the companies that are adopting strategies such as partnerships and collaborations along with new product launches for introducing new technologies and enhance their existing product portfolio. The majority of the companies are launching new products actively to enhance their presence, while the relatively less adoptive strategies comprise business expansion and contracts.

Moreover, major players operating in this industry are focusing on mergers and acquisitions to maintain a strong hold in the market. Successful mergers and acquisitions among the companies across the value chain of the IoT industry can be seen as a major strategic move.

Key Topics Covered:

Executive Summary

1 Market Dynamics
1.1 Market Drivers
1.1.1 Increasing cyberattacks leveraging the spending on IoT in the oil and gas industry
1.1.2 Need of Increased Operational Efficiency
1.1.3 Scarcity of Skilled Labor
1.2 Market Restraints
1.2.1 Privacy and Security Concern
1.2.2 Obsolete Communication Infrastructure
1.3 Market Opportunities
1.3.1 Introduction of Next Generation Sensors, Edge Computing and Software in the Oil and Gas Industry
1.3.2 IoT based Smart Automation Using Drones in Oil and Gas Industry
1.3.3 Growth Opportunity in IoT Analytics Market

2 Competitive Landscape
2.1 Key Market Developments and Strategies
2.1.1 Partnership, Collaboration and Joint Venture
2.1.2 New Product Launch and Development
2.1.3 Business Expansion and Contract
2.1.4 Mergers and Acquisitions
2.1.5 Others (Awards and Recognition)
2.2 Leading Player Analysis
2.2.1 Leading Player Analysis of IoT Solution Providers in IoT in Oil and Gas Market

3 Industry Analysis
3.1 Industry Attractiveness
3.1.1 Threat of New Entrant
3.1.2 Bargaining Power of Buyers
3.1.3 Bargaining Power of Suppliers
3.1.4 Threat from Substitutes
3.1.5 Intensity of Competitive Rivalry
3.2 Key Venture Capital Investments
3.3 Emerging Trends in the IoT in Oil and Gas Market
3.4 Opportunity Matrix
3.5 Regulatory Bodies/Acts
3.6 Associations/Consortiums/Alliances
3.7 Privacy Laws Across Different Countries
3.8 Patent Filed by Key Companies

4 Global IoT in Oil and Gas Market, (by Industry Stream)
4.1 Assumptions and Limitations for Analysis and Forecast of the Global IoT in Oil and Gas Market
4.2 Upstream
4.3 Midstream
4.4 Downstream

5 Global IoT in Oil and Gas Market, (by Solutions)
5.1 Sensing Systems
5.2 Communication
5.3 Cloud and Edge Computing
5.4 Data Management

6 Global IoT in Oil and Gas Market, (by Application)
6.1 Fleet and Asset Management
6.2 Preventive Maintenance
6.3 Pipeline Monitoring
6.4 Security Management
6.5 Others

7 Global IoT Oil and Gas Market (by Region)
7.1 North America
7.2 Europe
7.3 Asia-Pacific
7.4 Rest of the world (RoW)

8 Company Profiles

• ABB Ltd.
• C3 IoT
• Cisco Systems
• Equinor
• General Electric
• Honeywell International Inc.
• Intel Corporation
• International Business Machines Corporation (IBM)
• Microsoft Corporation
• Rockwell Automation Inc.
• Royal Dutch Shell
• Schlumberger
• Schneider Electric
• Siemens AG
• Telit

For more information about this report visit https://www.researchandmarkets.com/research/hzjdkx/iot_in_oil_and?w=5

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