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What Do The Industry Professionals say About The Role Of Digitalisation In Oil And Gas Industry?

The oil & gas industry is the worldu2019s largest sector in term of dollar value with thousands of workers worldwide. As reported by oil and gas industry experts this industry contributes a significant amount towards national GDP. Day by day, the world's dependence on the oil and gas industry is increasing as the global economies and infrastructure have begun to rely heavily on petroleum-based products. Different sectors of oil & gas industry comprise of natural gas, crude oil fields, filtering of raw materials, transportation, storage, and processing of oil & gas. <br>

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What Do The Industry Professionals say About The Role Of Digitalisation In Oil And Gas Industry?

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  1. What Do The Industry Professionals say About The Role Of Digitalisation In Oil And Gas Industry?

  2. The oil & gas industry is the world’s largest sector in term of dollar value with thousands of workers worldwide. As reported by oil and gas industry experts this industry contributes a significant amount towards national GDP. Day by day, the world's dependence on the oil and gas industry is increasing as the global economies and infrastructure have begun to rely heavily on petroleum-based products. Different sectors of oil & gas industry comprise of natural gas, crude oil fields, filtering of raw materials, transportation, storage, and processing of oil & gas. • The increasing competition in the market and requirement for the implementation of mobility drives the oil & gas industry. Key operational challenges faced by this industry comprises of an aging workforce, lack of equipment reliability, oil and gas industry insights ,high capital cost, and stringent industry standards. • According to oil and gas analytics market, the global IT spending in the oil & gas industry is foreseen to reach a value of USD17600 Mn by 2024. • Digitalization is playing a significant role in transforming the oil & gas industry. This industry is looking towards enhanced solutions to boost operational efficiency, performance, and so on. The application of IoT helps industry professionals to highlight the inefficiencies and identify the problems sooner and helps.

  3. On behalf of oil and gas industry research, 90% of oil & gas industry professionals believe digitalization is the key to their operational excellence. Through digitalization, oil & gas professionals can reduce their operational cost, enhance profitability, improve product quality, drive innovation, and formulate new business partnership, joint ventures, and so on. • Unlock the real value of your business through digitalization and enhance your operations, supply chain complexities, inventory management issues, and upgrade your workforce skills. • The new emerging technologies such as Blockchain, augmented reality, big data analytics, oil & gas analytics, and artificial intelligence can help to monitor the status of assets in real-time. It is extremely beneficial to improve agility and assist in smarter decision making. Experts say that capital expenditures in the oil & gas industry can be reduced by 20% with the effective application of these digital technologies.

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