Internet of things in oil & gas market to reach $5Bn by 2034

The IoT in oil & gas market valuation is predicted to surpass USD 5 billion by 2034, reported in a research analysis by Global Market Insights Inc.

The increasing focus on real-time monitoring, operational efficiency, and improved safety measures are key factors driving the adoption of IoT technologies in the industry.

Companies in the oil and gas sector are embracing IoT solutions to enhance asset management, streamline production processes, and ensure better environmental compliance. As these technologies become more integrated into operations, strategic partnerships are helping speed up their implementation across various functions within the industry. IoT applications are revolutionizing operations by enabling the collection of real-time data, remote monitoring, and predictive maintenance, which in turn boosts operational performance and safety standards. These advancements allow companies to detect potential issues early, reducing risks and minimizing downtime.

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Source: Global Newswire

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