As we approach the 10th anniversary of the Deepwater Horizon explosion, ABI Research is assessing to what extent Internet of Things (IoT) technologies have been a deterrent of massive environmental and man-made Oil and Gas– (O&G) related disasters. The insight into the reality of O&G-indicated expenditure on IoT analytics and predictive software suggests that the industry is still far from sustainable oil transport and drilling. This article reviews the 10-year synergy between IoT and O&G and provides a future outlook on the next generation of IoT tech.
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As is the case heading into each new year, predictions on technology advancements and innovations are in abundance. After a tumultuous 2019 beset by many challenges, both integral to technology markets and derived from global market dynamics, 2020 looks set to be equally challenging.
Smart home devices have become a trendy holiday gift item since Amazon introduced its Echo in 2014, and with the addition of Google Assistant and Facebook Portal into the mix, among others, that momentum is expected to continue. Reduced pricing and starter smart home bundles will entice millions of dollars in consumer spending this holiday season, but these devices will also help determine the type of smart homes that will be built around them. We forecast that holiday spending will help convert 128 million additional homes into smart homes by the end of 2020, and the impact of those devices will go even further.
5G has finally made its mark on a wide range of applications and services, most notably in the consumer market. However, larger revenue opportunities will arise from targeting enterprise verticals. ABI Research forecasts that by 2028, manufacturing will account for nearly a quarter of total generated revenue in the 5G Ultra Low Latency Use Cases (URLLC) market. The capacity to establish a massive wireless sensor network or implement AR/VR applications for predictive monitoring makes 5G's wireless connectivity capabilities a perfect technological fit for growth in manufacturing. Therefore, it is critical for all parties involved to understand how to optimize 5G for their business strategies.
Industrial manufacturing is undoubtedly a strong economic catalyst in both the United States and China. Artificial Intelligence represents an opportunity to not only revolutionize the industrial manufacturing space, but drive economic transformation and growth as well.