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Market Research Report
Digital Transformation in Oil & Gas Industry by LTE, 5G, AI, Cybersecurity, Data Analytics, Edge Computing and IoT 2019 - 2024 |
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| Published by | Mind Commerce | Product code | 913418 | ||||
| Published | Content info | 57 Pages Delivery time: 1-2 business days |
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| Digital Transformation in Oil & Gas Industry by LTE, 5G, AI, Cybersecurity, Data Analytics, Edge Computing and IoT 2019 - 2024 | ||
| Published: October 8, 2019 | Content info: 57 Pages |
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A multi-trillion dollar global industry, the oil & gas industry has been growing lately largely through M&A such as Occidental's $57 billion acquisition of Anadarko. However, operational efficiencies are extremely important in such as capital intensive industry that is also so commodity price dependent. Accordingly, oil & gas industry digital transformation is critically important to the bottom line. Certain key technologies will be particularly important including artificial intelligence, broadband wireless, cloud computing and various Internet of Things technologies.
While most emphasis is on fossil fuels, the industry is also looking for strategic investments in renewal energy sources, which will drive digital transformation in many greenfield business operations areas. A major emphasis of energy independence in the United States is also facilitating the need for global energy companies focused on serving the US market to improve their overall capabilities beyond extraction with a view towards lifecycle efficiency and effectiveness improvements.
This transformation is occurring simultaneously with major ICT investments from both service providers and electronics companies expand their solutions targeted for specific industry verticals and use cases such as oil & gas industry safety, security, and regulation compliance. In support of these efforts, the number, type, and purpose of connected devices is rapidly expanding as wireless applications, IoT, and data analytics solutions evolve beyond the current state of limited applications, many of which remain isolated and purpose-built for a given use case, industry vertical, and company.
This report evaluates digital transformation in Oil & Gas with qualitative and quantitative analysis focused on market opportunities for infrastructure and service providers offering solutions in key technology areas including AI, LTE and 5G, edge computing and cloud services, and Industrial Internet of Things (IIoT) solutions. The report provides forecasts in each of these areas for the period 2019 to 2024. IIoT areas covered include connectivity, devices, sensors, software, data storage and analytics. It also addresses market opportunities for digital transformation of privacy and security in the oil & gas industry.
