Increasing availability of wireless networks to drive North America IoT in oil & gas market
According to TechSci Research report, “North America IoT in Oil & Gas Market By Industry Stream, By Solution, By Application, By Country, Competition, Forecast & Opportunities, 2025”, North America IoT in oil & gas market is projected to grow at a CAGR of around 12% during 2021-2025 owing to the higher efficiency, digitization and automation achieved in the oil & gas sector through IoT adoption. In terms of industry stream, North America IoT in oil & gas industry is segmented into Upstream, Downstream, and Midstream segments. The Upstream segment accounted for the highest market share of over 40% in 2019, followed by Downstream and Midstream segments, and this trend is expected to continue through 2025.
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By Solution segmentation, the market is categorized into sensor system, communication network, data management, and others. The sensor system and communication network segments dominate the market, with both cumulatively accounting for more than 70% of the market share in 2019. The data management solution is foreseen to grow at the fastest pace during the forecast years owing to the increasing use of data analysis. By Application, the market is bifurcated into fleet & asset management, preventive maintenance, pipeline monitoring, security monitoring, and others. The fleet & asset management system helps the Oil and Gas industry to increase overall efficiency and prevent accidental mishaps.
C3 IoT, Inc., Cisco Systems, Inc., Equinor US Holding Inc, ABB Ltd., General Electric Company, Honeywell International Inc., Intel Corporation, International Business Machines Corporation (IBM), Microsoft Corporation, Rockwell Automation Inc. and others are some of the leading players operating in North America IoT in oil & gas market. “The IoT in oil & gas market in North America is expected to witness steady growth in the coming years on account of increasing adoption of modern technologies and high government support prevalent in the region that boost IoT adoption.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“North America IoT in Oil & Gas Market By Industry Stream, By Solution, By Application, By Country, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of North America IoT in oil & gas market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in North America IoT in oil & gas market.
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