A quiet revolution is under way in asset-intensive industries, attributed to the advances of the Industrial Internet of Things (IIoT). As one of the most asset-intensive sectors , the oil and gas industry both upstream and downstream is set to be one of the biggest beneficiaries of leveraging big data.
- Over the next three to five years, 62% of oil and gas executives worldwide say they will invest more than they currently do in digital, according to a recent Microsoft and Accenture survey.
- Among oil and gas executives, 89% believe they can leverage analytics to improve business practices, according to Microsoft and Accenture.
- Business Intelligence estimate the number of devices used on oil extraction sites, primarily wells, which will increase at a 70% compound annual growth rate (CAGR). The devices will primarily be internet-connected sensors used to provide environmental metrics about extraction sites.