Oil, Gas Industry Kicks IoT Into Gear, Snowballing Heavy Cash Flow
January 28, 2019 / Mary Holcomb
The Internet of Things (IoT) has been a quiet, but solid, storm sourcing new value across the industry for giants like Shell and Spain’s Repsol. That is what case studies conducted by Florida-based financial services firm Raymond James showed in its industry brief on IoT released Jan. 22. In the report “Energy Stat: When Thinking About Barrels, Don't Overlook Bytes—The Internet of Things Is Making Waves in the Energy Sector” analysts found that, surprisingly, the energy sector accounts for 10% of worldwide IoT deployments. “I think because most of us don’t think about information technology through the same lens as the energy industry the intersection of IT and energy is something that tends to be below the radar from the standpoint of most investors,” Pavel Molchanov, senior vice president and equity research analyst at Raymond James, said.