Oil & Gas IoT core analytics service revenues to grow to US$712mn in 2026

The Oil & Gas (O&G) IoT Analytics market garners heavy investment, yet it is deeply challenged by complex system integrations, siloed data, and Supervisory Control and Data Acquisition (SCADA) management systems.

In-house analytics is no longer a sustainable and cost-effective IoT option, and oil & gas firms have widely recognised the expertise of IoT cloud Platform-as-a-Service (PaaS)/SaaS vendors. According to global tech market advisory firm ABI Research, spending on big data and analytics in the oil and gas industry totaled US$156 million (€129.07 million) in 2020, an annual increase of 36.8% from 2018. Over the next 6 years, the oil & gas IoT core analytics service revenue will grow to US$712.7 million (€589.67 million).

“Instead of developing analytics capabilities in-house, more and more enterprises are turning to supplier advanced analytics and Artificial Intelligence (AI) PaaS/SaaS offerings enabled through extensive cross-industry collaborations. Partnership examples include Total Oil and Google Cloud, BP and Azure, and Seeq and Saudi Aramco. Simultaneously, the leading IoT vendors are continually competing for the top O&G contracts by offering an end-to-end solution and expanding their marketplace portfolios toward the edge,” explains Kateryna Dubrova, research analyst at ABI Research.

Azure and Amazon Web Services (AWS) are positioned as leading end-to-end solutions with basic public cloud toolkits. While Seeq, Foghorn, Falkonry, Manna, and Uptake, provide more advanced, specialised oil & gas analytics solutions. DataRobot, Noodle.ai, and Dataiku provide IoT ML integration services, with powerful AI engines and low-to-no-code solutions. Simultaneously, Nokia, C3.ai, Teradata, KX, and GE are positioning themselves firmly as offering system integration and overall digital transformation services for the oil & gas sector.

The diversification of the investment portfolios toward green energy and emission monitoring technologies is among the top trends in the oil and gas analytics market. The O&G enterprises and vendors are focusing their efforts on the “green” market, driving the demand for “green” analytics use cases and applications.

Kateryna Dubrova

“Advanced analytics for upstream and downstream oil and gas operations is more or less solidified, so monitoring carbon emissions, lowering carbon footprints, and related green energy activites., are expected to become popular for advanced analytics monetisation,” says Dubrova.

O&G enterprises are showcasing rapid adoption of the cloud and cloud-native analytics applications as components of their digital transformation model. “Cloud-based applications are available through subscription-based plans up to fully-managed services. In such cases, there are considerable cost savings on infrastructure, including improving efficiencies and lowering the production costs,” Dubrova concludes.

These findings are from ABI Research’s IoT Analytics Services for Oil and Gas Markets application analysis report. This report is part of the company’s M2M, IoT & IoE research service, which includes research, data, and analyst insights. Based on extensive primary interviews, Application Analysis reports present in-depth analysis on key market trends and factors for a specific technology.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

RECENT ARTICLES

Nordic-powered wireless indoor alert system provides round-the-clock assistance to service users

Posted on: October 6, 2022

Hong Kong-based IoT technology solutions company, SG Wireless, has partnered with the local non-profit charitable organisation Senior Citizen Home Safety Association (SCHSA), to develop the ‘Wireless Personal Emergency Link’ (WPEL). WPEL is an indoor Bluetooth LE/LTE Cat 1 emergency alert system. Installed in the homes of service users, the system is designed to support senior citizens

Read more

DFI and AEWIN partner to empower software virtualisation technology through AMD platform ultra-small products

Posted on: October 6, 2022

DFI, the brand in embedded motherboards and industrial computers, was invited to participate in “AMD Datacentre Solutions Day” in September, based on the theme of high-performance computing (HPC). To launch the smallest industrial motherboard equipped with AMD products, DFI partnered with its subsidiary, AEWIN, to present their star products and share how ultra-small products can

Read more
FEATURED IoT STORIES

The IoT Adoption Boom – Everything You Need to Know

Posted on: September 28, 2022

In an age when we seem to go through technology boom after technology boom, it’s hard to imagine one sticking out. However, IoT adoption, or the Internet of Things adoption, is leading the charge to dominate the next decade’s discussion around business IT. Below, we’ll discuss the current boom, what’s driving it, where it’s going,

Read more

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more

What is IoT?

Posted on: July 7, 2019

What is IoT Data as a new oil IoT connectivity What is IoT video So what’s IoT? The phrase ‘Internet of Things’ (IoT) is officially everywhere. It constantly shows up in my Google news feed, the weekend tech supplements are waxing lyrical about it and the volume of marketing emails I receive advertising ‘smart, connected

Read more
IoT Newsletter

Join the IoT Now online community for FREE, to receive: Exclusive offers for entry to all the IoT events that matter, round the world

Free access to a huge selection of the latest IoT analyst reports and industry whitepapers

The latest IoT news, as it breaks, to your inbox