TECH BUYER Apr 2021 - IDC TechBrief - Doc # AP43671919

Industrial Internet of Things in Oil and Gas Industry

By: Emilie Ditton, Haida Hatim, Andrew MeyersResearch Director

Abstract

A new era of efficiency and profitability is upon the oil and gas industry with the rising oil price and volatile environment that require the industry to change. The advantage Internet of Things (IoT) provide to the industry is improving the business productivity and reducing cost, which is a game changer as it creates new competitive advantage. Thus, with IoT, oil and gas value is projected to increase through optimization of exploration and production.

It is expected that IoT investments will rise though partnership with technology companies that have proven solutions to deliver improve efficiency and profitability while combating risk and security threats. The critical success factors are now to deliver value to the business and increase return on investments (ROI). Leadership and corporation need to be established between IoT Vendors and Oil & Gas in order to handle adoption that meets organizational goals.


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