Internet of Things (IoT) in Oil and Gas Market Growth Analysis with Investment opportunities for 2023-2028

The 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.                         

Key Findings of the Study: Internet of Things (IoT) in Oil and Gas Market

Growth Opportunities: Introduction of DDS (Data Distribution Service) For Remote Access

Companies working with IoT devices are required to choose a storage solution for remote access. The proposed DDS (Data Distribution Service) is capable of handling massive amounts of data from many sources. It can be used to store data from a remote location and has the ability to deal with historical data. The storage can be designed to support various data kinds and offer various storage levels. Additionally, it manages high-rate data streams from a variety of IoT objects. By calling particular data flow processing within the DDS, it may adjust to this high-velocity input. Thus, organizations must develop their data management plan in order to fully benefit from cloud-based data storage. While some data may need to be preserved for regulatory considerations, some data needs to be kept locally. Backed by the unparalleled benefits, the industry players are largely leaning towards these solutions.

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Scope of the Report and Internet of Things (IoT) in Oil and Gas Market Segmentation

By Solution

-Communication

-Sensing

-Data Management

-Cloud and Edge Computing

• 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.

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)

Top leading companies in the Internet of Things (IoT) in Oil and Gas Market includes:

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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Geographical analysis:

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

• North America attained a sizable share of the Global IoT in the Oil and Gas Market in the historical period due to a rapid surge in the production rate of unconventional energy sources, including oil and gas.

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