The Internet of Things (IoT) is transforming the oil and gas industry – reducing cost, improving operational efficiency, increasing safety and helping tap into new markets

Abstract

The Internet of Things (IoT) and its forecast 50 billion+ devices will transform industries with an estimated $11+ trillion annual impact to the global economy by 2025. In that same period, Australia has the opportunity to derive up to $116 billion in annual economic value from IoT. The IoT is taking the internet into everything that impacts our lives – from engineering to health, infrastructure, agriculture, mining and more. It is the future of digital connectivity, data accumulation and system efficiencies, but implementation requires sound strategy with a balance between innovation, opportunity and risk. KPMG views IoT as an opportunity for Australian technology companies, industries and entrepreneurs to be leaders in the development and execution of innovative IoT applications. The potential economic, social and environmental benefits from effective IoT solutions are vast. However, IoT developments must focus on security, privacy and trust, to ensure the safety of the IoT ecosystem and its users. The oil and gas industry have in many ways been leaders in the industrial IoT, recognising that innovation in IoT can reduce cost, improve operational efficiency, increase safety and help tap into new markets. However, to unlock the full economic opportunity presented by IoT, interoperability of technologies is essential. This paper explores IoT interoperability with a particular focus on Hypercat BSI PAS212:2016.