The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Internet of Things (IoT) in Oil and Gas Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape. The research company provides an extensive range of strategic reports on diverse industry verticals to substantial and varied client bases, including multinational corporations, financial institutions, governments, and individuals, among others.
Internet of Things (IoT) in Oil and Gas Industry Analytical Overview (2023-2028): Drivers, Opportunities, Challenges, and Trends,
According to the latest report, 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 report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data. These include the widespread segmentation, geography, and recent developments, entailing information on the fluctuation in the demand, sales, revenue, and other parameters experienced and expected in the industry for the forecasting year i.e. 2023 to 2028.
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What is Included in Internet of Things (IoT) in Oil and Gas Market Segmentation?
The report has segmented the market into the following categories:
By Solution
- Communication
- Sensing
- Data Management
- Cloud and Edge Computing
Amongst the above, Data Management captured a substantial share of the Global IoT in the Oil and Gas Market in the historical period and is likely to prevail in the same trend in the forecast period. It is primarily because data management through IoT enables users to refine massive data into essential information. It also allows the user to track, monitor, and manage the devices efficiently, resulting in the broad adoption of IoT-enabled devices, which, in turn, emerges as a prominent booster to the market growth in the forthcoming years. Another vital aspect of data management in the Internet of Things (IoT) is Location-based identification, enabling efficient retrieval of data from various IoT devices and making entities of the same kind to be uniquely identified. The wide adoption of location-based identification projected by the oil and gas industry has accelerated the market growth in recent years and is likely to maximize revenue growth in the forecast period.
By Industry Stream
- Upstream
- Downstream
- Midstream
By Application
- Preventive Maintenance
- Pipeline & 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 and Africa
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Who are the Key Players Operating in the Internet of Things (IoT) in Oil and Gas Industry?
The top companies of the Internet of Things (IoT) in Oil and Gas market ruling the industry 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
- PTC Inc.
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FAQs (Frequently Ask Questions)
- What are the industry’s overall statistics or estimates including CARG and USD Value of the forecasting years?
- What are the trends influencing the current scenario of the Internet of Things (IoT) in Oil and Gas Market?
- What are the key factors that would propel and hinder the industry?
- Which geographical area dominates the Internet of Things (IoT) in Oil and Gas industry?
- Which is the Leading segment in the market?
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