According to a new market intelligence report by BIS Research, titled "Global IoT in Oil and Gas Market - Analysis and Forecast (2018-2023)", the Global IoT in oil and gas market is expected to reach $39.40 billion by 2023, rising at a CAGR of 24.17% from 2018 to 2023.
Deployment of automation, control and sensing systems to steer the application of IoT in oil and gas industry is expected to augment the growth of the market. During the forecast period, application areas, such as preventive maintenance and pipeline monitoring are also expected to display growth, owing to maximum possibilities of value addition in these application areas.
The increasing use of IoT for data capturing and further analysis can help companies save millions of dollars by reducing the company's pipeline/well and equipment failure and further improving the output. Deployment of IoT solutions does not inevitably create economic value. To do so companies must link IoT technology deployment, with specific business priorities, which can be described under categories of increasing scope.