TECH SUPPLIER Sep 2022 - IDC Survey Spotlight - Doc # AP49149322

IDC Survey Spotlight: Are Oil and Gas Companies Investing in and Extracting Value from IIoT?

By:

Rakesh Patni
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Abstract

This IDC Survey Spotlight, based on the IDC Future of Operations Survey, August 2022, highlights the level of investment oil and gas (O&G) companies are making in Industrial Internet of Things (IIoT) and whether they are successfully extracting value from those investment. The number of companies investing over a million dollars in the next several years is expected to fall, and over half of companies have achieved little or no payback from their investments. IIoT is a key innovation accelerator that enables the digitization of operations across several use cases. This spotlight points to the differing priorities O&G companies have and whether other technologies are taking precedence over IIoT and why larger organizations may choose to double down.

"Oil and gas companies have experienced a tremendous windfall from high oil prices in the past 12 months and have plenty of dry powder for future investments that will improve operational efficiency and resilience. IIoT is one of the key accelerators to drive efficiency, helping organizations collect more data from their sites, and achieve real-time site visibility and automation of operations and more efficient asset maintenance. However, companies that have made investments in the past often struggle to realize paybacks and so spending on IIoT is likely to be more tactical in the future," says Rakesh Patni, associate research director, IDC Energy Insights — APEJ Future of Operations.


Coverage

Subscriptions Covered

IDC Energy Insights: Asia/Pacific Oil and Gas Digital Strategies , IDC Energy Insights: Asia/Pacific Utilities and Natural Resources Industry Market Intelligence


Regions Covered

Asia Pacific


Topics Covered

Future of operations, Internet of things


Vertical Markets

Agile energy, Oil and gas extraction


Content
  • 2 slides


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