LONDON,, February 16, 2021 / PRNewswire / – The Oil and Gas (O&G) Market IoT Analytics is a major investment, but is deeply challenged by complex system integrations, broken data, and supervisory management and data collection (SCADA) systems. Own analytics is no longer a viable and cost-effective IoT option, and oil and gas companies have widely recognized the expertise of IoT Cloud Platform-as-a-Service (PaaS) / SaaS service providers. According to global technology market advisory firm ABI Research, spending on big data and analytics in the oil and gas industry totaled $ 156 million in 2020, an annual increase of 36.8% compared to 2018. Over the next 6 years, revenue from IoT oil and gas analytics services will increase to $ 712.7 million.
“Instead of developing analytical capabilities internally, more and more companies are turning to advanced analytics vendors and PaaS / SaaS artificial intelligence (AI) offerings. enabled through extensive inter-industry cooperation. Examples of partnerships include Total Oil and Google Cloud, BP and Azure, and Seeq and Saudi Aramco. At the same time, leading IoT suppliers are constantly competing for leading O&G contracts by offering a complete solution and expanding their market portfolio to the edge, ”he 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 tools. While Seeq, Foghorn, Falkonry, Manna and Uptake offer more advanced, specialized oil and gas analysis solutions. DataRobot, Noodle.ai and Dataiku provide IoT ML integration services, with powerful AI mechanisms and low code solutions. At the same time, Nokia, C3.ai, Teradata, KX and GE are firmly positioned as providers of system integration and overall digital transformation services for the oil and gas sector.
Diversification of the investment portfolio towards green energy and emission monitoring technologies is one of the main trends in the oil and gas analytics market. O&G companies and suppliers focus their efforts on the “green” market, driving demand for cases and applications using “green” analytics. “Advanced analytics for oil and gas operations upstream and downstream are more or less consolidated, so that monitoring carbon emissions, reducing the carbon footprint and related green energy activities,, they are it is expected to become popular for monetizing advanced analytics, ”says Dubrova.
O&G companies are demonstrating the rapid adoption of cloud-based and cloud-based analytics applications as components of their digital transformation model. “Cloud-based applications are available through subscription-based plans to fully managed services. In such cases, there are significant cost savings on infrastructure, including improved efficiency and reduced production costs,” Dubrova concludes.
These findings are from ABI Research’s IoT Analytics Services application analysis report for the oil and gas market. This report is part of the company’s M2M, IoT and IoE research services, which includes insight into research, data and analysts. Based on extensive primary interviews, application analysis reports present a detailed analysis of key market trends and factors for a particular technology.
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SOURCE ABI Research