PUBLISHER: IDC | PRODUCT CODE: 1370147
PUBLISHER: IDC | PRODUCT CODE: 1370147
IDC FutureScape: Worldwide Oil and Gas 2024 Predictions
This IDC FutureScape presents the top 10 predictions and key drivers for the oil and gas industry for the next five years. It highlights the midterm and long-term challenges that enterprise business, technology, and IT teams face as they define, build, and govern the technologies required to thrive in the dynamically evolving landscape of oil and gas businesses."In pursuit of energy security and at the crossroads of the energy transition, oil and gas companies must carefully craft a digital-first business approach and design their technological architecture to support the emergence of new energy ventures, while significantly enhancing operational and energy efficiency of core processes," said Gaurav Verma, worldwide Oil and Gas Industry lead, IDC Energy Insights.
IDC FutureScape Figure
Executive Summary
IDC FutureScape Predictions
- Summary of External Drivers
- Predictions: Impact on Technology Buyers
- Prediction 1: By 2026, 40% of oil and gas companies will invest in GenAI improving field technician productivity by 30% and capturing field technician knowledge digitally to build a knowledge management platform.
- Associated Drivers
- IT Impact
- Guidance
- Prediction 2: Challenged with growing data volumes and complex data environment, by 2027, 75% of upstream will modernize subsurface data management using cloud and AI to empower geoscientists and improve bottom line.
- Associated Drivers
- IT Impact
- Guidance
- Prediction 3: Steering to a low-carbon future, by 2025, 50% of O&G players will adopt AI-powered carbon data platform, automating carbon capture and disclosure and using predictive analysis to boost net-zero financial plans.
- Associated Drivers
- IT Impact
- Guidance
- Prediction 4: By 2028, 70% of upstream operators will deploy digital twins of offshore platforms, using cross-site analytics and benchmarking, boosting performance, and decreasing oilfield operations costs by 10%.
- Associated Drivers
- IT Impact
- Guidance
- Prediction 5: Striving for operational excellence, by 2027, 60% of midstream and downstream firms will converge asset life-cycle apps (EAM, APM, FSM), creating a digital thread and improving cost of operations by 10%.
- Associated Drivers
- IT Impact
- Guidance
- Prediction 6: With business process efficiency top of mind, by 2024 60% of O&G CIOs will adopt RPA and IPA and empower workers with low-code tools, increasing automation deployment speed and reducing IT cost.
- Associated Drivers
- IT Impact
- Guidance
- Prediction 7: By 2025, 50% of upstream and refinery CTOs will deploy AI/ML-powered energy management tools into their APM systems, enhancing operational and energy efficiency and optimizing opex.
- Associated Drivers
- IT Impact
- Guidance
- Prediction 8: By 2026, 60% of refineries will embrace vision AI technology, enabling vast visual data's rapid analysis capabilities to monitor, measure, and reduce methane leaks, thus lowering environmental impact.
- Associated Drivers
- IT Impact
- Guidance
- Prediction 9: To thrive in the AI Everywhere era, by 2025, 100% of O&G majors will double their spending in data science upskilling, no code, self-service, and citizen analytics tools to develop in-house expertise.
- Associated Drivers
- IT Impact
- Guidance
- Prediction 10: By 2026, 50% of midstream and downstream orgs will converge IT and OT security skills, technologies, and processes to protect and mitigate cyber and physical threats, reducing overall security breaches by 50%.
- Associated Drivers
- IT Impact
- Guidance
- Prediction 1: By 2026, 40% of oil and gas companies will invest in GenAI improving field technician productivity by 30% and capturing field technician knowledge digitally to build a knowledge management platform.
Advice for Technology Buyers
External Drivers: Detail
- AI Everywhere - Generative AI Takes the Spotlight
- The Drive to Automate - Maximizing Efficiency and New Opportunities
- Cybersecurity and Risk - Building Resilience Against Multiplying Threats
- The Digital Business Imperative - Competitiveness and Outcomes
- Dynamic Work and Skills Requirements - New Work Mode Era
- Operationalization of ESG - Measuring and Implementing Sustainability
Learn More
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