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IoT in Oil and Gas Market Report, 2018-2023 Featuring Key Players - CISCO Systems Inc., IBM, Intel, C3IoT, Microsoft, ABB Ltd., and General ElectricDUBLIN, 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 penetrtion 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. 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
For more information about this report visit https://www.researchandmarkets.com/research/hzjdkx/iot_in_oil_and?w=5 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets View original content:http://www.prnewswire.com/news-releases/iot-in-oil-and-gas-market-report-2018-2023-featuring-key-players---cisco-systems-inc-ibm-intel-c3iot-microsoft-abb-ltd-and-general-electric-300775505.html SOURCE Research and Markets |