Worldwide IoT in Oil and Gas Industry to 2024 – Rising Deployment of Data Analytics Presents Opportunities

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DUBLIN, June 30, 2020 /PRNewswire/ — 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. Research and Markets LogoMoreAccording 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. The market growth is expected to be driven by the rising demand for operational efficiency to fulfill energy requirements, increasing cyberattacks, and depleting availability of skilled expertise in the oil and gas industry.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 …

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