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August 17, 2021updated 01 Feb 2022 10:29am

Is internet of things investment starting to boom in oil and gas?

GlobalData analysts suggest that the oil and gas industry is seeing changes in internet of things investment across several key metrics.

By Data Journalism Team

The oil and gas industry is seeing changes in internet of things investment across several key metrics, according to an analysis of GlobalData figures.

Internet of things is one of the key themes across global industries, with top companies around the world completing internet of things deals, hiring for internet of things roles and mentioning it in company reports at the start of 2021.

GlobalData’s thematic approach to sector activity seeks to group key company information on hiring, deals, patents and more by topic to see which industries are best placed to weather the disruptions coming their way.

These themes, of which internet of things is one, are best thought of as “any issue that keeps a CEO awake at night”, and by tracking them, it becomes possible to ascertain which companies are leading the way on specific issues and which are dragging their heels.

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One area in which there has been a decrease in internet of things investment among oil and gas companies is in the number of deals. GlobalData figures show that there were five internet of things deals in oil & gas in the second quarter of 2019. By the second quarter of 2021, that number fell to three.

Hiring patterns within the oil and gas sector as a whole are pointing towards an increase in the level of attention being shown to roles related to internet of things. There were 318 actively advertised-for open oil and gas roles within the industry in the second quarter of this year, up from 131 in the same quarter last year.

An analysis of keyword mentions in financial filings also reveals that the internet of things occupies the minds of oil and gas leaders to a lesser extent.

Internet of things was mentioned in 35 company reports of the biggest oil and gas companies in Q2 2021. This figure represents a decrease compared to the same period in 2019, when 152 industry filings mentioned internet of things.

Internet of things is decreasingly fuelling innovation in the oil and gas sector. There were, on average, 71 oil and gas patents related to the internet of things granted in the second quarter of 2019. That figure has fallen to 33 patents in the last quarter of 2020.

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