Global IoT in Oil and Gas Market (2019 to 2024) – Focus on Solutions, Applications & Industry Stream – ResearchAndMarkets.com – Business Wire

DUBLIN--(BUSINESS WIRE)--The "Global IoT in Oil and Gas Market: Focus on Solutions (Sensing, Communication, Cloud Computing, Data Management), Applications (Fleet and Asset Management, Pipeline Monitoring, Preventive Maintenance), Industry Stream - Analysis and Forecast, 2019-2024" report has been added to ResearchAndMarkets.com's offering.

According to this report the global IoT in the oil and gas market is expected to reach $43.48 billion by 2024, rising at a CAGR of 21.86% from 2019 to 2024.

Internet of Things (IoT), as a system integrator, helps in accumulating the complete oil and gas value chain within a single operating platform, addressing specific client-centric challenges, along with an improvement in overall performance. The oil and gas value chain of IoT solutions comprises sensors, communication, cloud, and edge computing, and data management. The continuous monitoring and control of extraction, production, and transportation operations with accuracy is gradually raising the degree of acceptance for IoT solutions amongst the oil and gas companies. Access to real-time information across remote locations is a major demand from the oil and gas companies, which is now being achieved with the help of smart sensors, and therefore, brings extensive insight into process performance.

The rapid market penetration of the IoT technology has led to the enhancement of the operational productivity by minimizing manual labor and providing an efficient platform for proper data management of production inputs with a specific focus on oil and gas industry applications such as fleet and asset management, preventive maintenance, pipeline monitoring, and security management, among others. The widespread implementation of cloud-based analytics and software systems embedded with security management software has fueled market growth by reducing security risks. Moreover, these software systems assist in increasing the overall production capacities by the identification of underground oil and gas resources.

The IoT in the oil and gas market has witnessed a significant increase in market developments, technology advancements, and capital investments 2017 onwards, as compared to previous years. The growing awareness in the market regarding the opportunities in enhancing the exploration and production activities, asset management, and remote monitoring using IoT has stimulated large-scale investments in the sector. In 2019, the total investment and funding in IoT in oil and gas were $284.0 million with a strong focus on developing IoT analytics platforms and cloud services for the oil and gas applications across the supply chain. For instance, in September 2019, BDC Capital invested $100 million in McRock Capital for the development of IoT for oil and gas applications.

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For more information about this report visit https://www.researchandmarkets.com/r/3mn46t

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Global IoT in Oil and Gas Market (2019 to 2024) - Focus on Solutions, Applications & Industry Stream - ResearchAndMarkets.com - Business Wire

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