Adoption of Digital Infrastructure in Oil and Gas Industry Spurs Growth in IoT in Oil and Gas Market

Proliferation of advanced technologies such as automation in diverse verticals such as oil and gas has witnessed notable surge. Automation of devices based on Internet of Things has impacted the growth of Internet of Things (IoT) in oil and gas market. In its latest report addition, titled, ‘Internet of Things in Oil & Gas - Thematic Research’ Market Research Hub (MRH) assesses the impact of recent developments on the growth of Internet of Things (IoT) in oil and gas market.

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Need to Curb Operational Costs has Leveraged Adoption of IoT in Oil and Gas Market

With oil prices dwindling, the oil and gas industry is undergoing a paradigm shift by incorporating IoT based operations. IoT solution providers are maneuvering innovative solutions that can aptly address the pressing needs of end-users in oil and gas industry. Formulating effective IoT solutions ensures service providers to retain their position in the competition matrix of IoT in oil and gas industry. 

According to a recent report, Freewave Technologies, a leading provider of industrial IoT (IIoT) based solutions has entered into a strategic alliance with Fairfield Oil and Gas. The company has also affirmed its collaboration with Amazon Web Services (AWS) to streamline operations and incorporate automation. Fairfield accomplishes automation of reports and proactive maintenance with the aid of ZumDash SCADA application, created on FreeWaves’s ZumIQ application environment. Fairfield also uses AWS cloud to precisely address critical problems across sites irrespective of geographical constraints. With ZumIQ being available on AWS cloud, AWS and Freewave Technologies are likely to achieve a strong foothold in IoT in oil and gas market.

Further, oil and gas data analytics solution provider, Wellaware has entered into a partnership with AWS. This joint venture is aimed to provide enhanced services in terms of data security using the former’s IIoT platform. Procuring this advanced technological solution will aid end-users in oil and gas industry to minimize expenditure owing to automation of oilfield operations. The alliance is expected to incur a breakthrough in IoT in oil and gas market.

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Thorough research outcomes entailed in the report brief readers about various factors and segments exhibited in the market. This section of the report enlists applications and type as key segments prevailing in IoT in oil and gas market. Based on application, the market is segregated as predictive maintenance, risk detection, detection of behavioral anomalies, and rig diagnostics bots. Based on type, the market is split as device layer, connectivity layer, data layer, and app layer. The report also aids in comprehending the segment attributed for maximum revenue generation, besides highlighting its impact on holistic growth of IoT in oil and gas market. The report also presents veritable insights on various marketing tactics administered by key companies in various regions of the market to garner adequate end-user response and drive growth in IoT in oil and gas market.

Exhaustive research findings outlaid in the report give readers vital insights about effective business strategies that influence favorable und-user response and purchase decisions. Based on these insights, new and existing players in IoT in oil and gas market can facilitate detailed analysis of these business strategies to infer critical deductions. Based on these deductions market players can formulate profit oriented marking objectives that fetch maximum revenues in IoT in oil and gas market. Key players in IoT in oil and gas market include, Amazon, Broadcom, Cisco, Ericsson, and General Electric (GE) amongst others.   

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This release was published on openPR.