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IoT Applications in the Oil and Gas Industry
Almost every article written about the Oil and Gas (O&G) industry claims we may not see $100-per barrel oil for years, if at all. Combine this uncertainty in price with downstream O&G companies (those who process, sell, and distribute oil-based products) who no longer benefit from just competitive prices alone and have to compete for customers who are increasingly searching for an enhanced digital experience. It’s easy to see why the O&G industry is ready to adopt IoT. According to McKinsey, IoT has a total potential economic impact of $3.9T to $11.1T by the year 2025. With a potential economic impact of $930B from mining and O&G companies within the next ten years, it’s no surprise that the O&G industry is interested in leveraging IoT.
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