The IoT in energy terminology is referred to as the execution of the IoT-based technology solutions as well as associated services into the different applications of oil & gas, as well as mining sector. The solutions are majorly aimed at attaining the incorporation of machines as well as intelligent data analysis in order to augment the operational efficiency targets being laid down by the energy companies. It also improves the analytics-based decision making, by reducing the threats as well as vulnerabilities of market by utilizing efficient tools and techniques.
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It renders benefits to the different end-to-end needs, such as optimization of supply chain, rise in overall operational efficiency, cost-cutting in productivity, reducing the energy trading risk factors, and data privacy as well as security, of all the associated industries straddling across the complete energy industry value chain. The increase in security concerns against cyber-attacks as well as demand for better operational efficiency is anticipated to fuel the IoT in energy and gas management market in the future years. As a result, solution providers are drifting their concentration towards IoT security solutions in order to defend the connected devices.
IoT based solutions are further supporting organizations in order to raise operational efficiency. The technological advancements in next generation sensors are the other major fuelling factor of the IoT in Energy market. However, lack of skilled labours as well as rising concern about data security as well as privacy acts as a limiting growth factor of the market. Furthermore, the IoT in energy and gas management market is still in the nascent phase. The global IoT in energy and gas management market are classified on the basis of network technologies into radio, cellular, satellite, and others. Based on services, the global IoT in energy and gas management market have been segmented into system integration, professional service, and support and maintenance.
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Based upon region, the global market is divided into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America. The majority of companies have begun to realize the huge market potential of IoT and the way it is making great advancements across varied sectors. While large number of aspects of digital economy undermines the oil and gas industry by limiting the energy demand, Google recently made a statement that it has reduced the price of cooling its data centers by 40 percent with the help of usage of artificial intelligence. The major players included in the report are AGT International, Carriots, Cisco, Davra Networks, Flutura, IBM, ILS Technology, Maven Systems, Northwest Analytics, SAP, Symboticware, and Wind River.