Internet of Things (IoT) can be the backbone of digital transformation in the oil and gas sector. Connected devices drive more sophisticated use of other technologies, namely artificial intelligence (AI), in the automation process.
It creates a tech ecosystem that eases the difficulties of working in remote, dangerous conditions and working with ageing, precarious assets through cross-functional collaboration. IoT also helps to collate and manage vast quantities of data. This is instrumental to improving predictive maintenance, monitoring emissions and the surrounding environment, and providing safer working conditions.
Leading oil and gas suppliers in Internet of Things
Failure to embrace these new technologies can lead to costly mistakes, with unforeseen closures and costs running into millions of dollars. The rise of the IoT has come about through improvements in the individual technologies within the IoT ecosystem.
With internet connectivity being available on a larger scale and the hardware costs decreasing, the technology is a more attractive prospect for oil and gas companies.
Discover the leading Internet of Things suppliers in oil and gas
Using its experience in the sector, Offshore Technology has listed some of the leading companies providing products and services related to IoT.
The information provided in the download document is drafted for oil and gas executives and technology leaders involved in IoT solutions for the oil and gas industry.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchase or hiring decisions.
Future of IoT in oil and gas
According to GlobalData forecasts, global Internet of Things (IoT) spending in the energy sector will reach $59bn by 2025, up from $34bn in 2019. The declining cost of IoT hardware makes digitalisation an attractive option.
The oil and gas industry is becoming a more enthusiastic adopter of digital technology as it aims to cope with several challenges including fluctuating oil prices, expanding sources of supply, and increasing regulatory requirements.