Global IoT in Oil and Gas Market Growth, Regional Demand, Upcoming Trends, Industry Size, and Its Emerging Opportunities by 2026

According to MarkNtel Advisors’ research report, “Global IoT in Oil and Gas Market Analysis, 2021,” the market is likely to grow at a CAGR of 23% during 2021-26. The integration of IoT in the oil and gas industry is beneficial to enhance reliability, improve business operations, and provided added value to the business. Additionally, rapid market penetration of IoT technology improved operational productivity by reducing manual labor and offering a single platform for proper data management. The introduction of IoT in the oil and gas industry is beneficial in reducing challenges faced by these sectors and helps develop them. The application of IoT in the oil and gas industry will improve efficiency and generate revenue.

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Key questions answered in the study
1. What are the current and future trends in the Global IoT in Oil and Gas market?
2. How has the industry been evolving in terms of geography and services adoption?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global IoT in Oil and Gas market?
5. What is the customer orientation, purchase behavior, and expectations from the Global IoT in Oil and Gas market service providers across various regions?

Impact of COVID-19

The sudden outbreak of the COVID-19 pandemic has severely affected the overall global economy due to the social distancing norms, travel restrictions, and fewer on-site staff. However, advanced technologies like IoT can assist during crises and help businesses maintain their continuity and overcome losses. Further, IoT is likely to help the oil and gas industry improve its operational efficiency with less manual labor, thereby accelerating the growth of the IoT in Oil and Gas market across the world.

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“Global IoT in Oil and Gas Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for IoT in Oil and Gas providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.

Sensing Exhibits Fastest Growth

Based on the Solution, the market bifurcates into Communication, Sensing, Data Management, and Cloud and Edge Computing. Among these, the Sensing segment is likely to grow significantly during the forecast year. Sensing systems comprises a wide range of devices such as sensors, Radio Frequency Identification (RFID), and GPS devices. It is beneficial for sensing, navigation, location-specific monitoring, and asset maintenance, thereby fueling the segment growth, reveals MarkNtel Advisors in their research report, “Global IoT in Oil and Gas Market Analysis, 2021.”

According to MarkNtel Advisors, the leading players in the Global IoT in Oil and Gas Market 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, and PTC Inc.

Market Segmentation:
1. By Solution (Communication, Sensing, Data Management, Cloud and Edge Computing)
2. By Industry Stream (Upstream, Downstream, Midstream)
3. By Application (Preventive Maintenance, Pipeline & Equipment Monitoring, Fleet and Asset Management, Security Management, Asset Management, Others (Data Management and Hazardous Management))
4. By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
5. By Country (U.S, Canada, Brazil, Argentina, Mexico, Germany, France, The U.K, Spain, Italy, China, India, Japan, Australia, GCC, Africa)
6. By Competitors (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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MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.

We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

This release was published on openPR.