IDC FutureScape: Worldwide Oil and Gas 2024 Predictions

IDC FutureScape Figure

• Figure: IDC FutureScape: Worldwide Oil and Gas 2024 Predictions

Executive Summary

IDC FutureScape Predictions

• Summary of External Drivers

• Predictions: Impact on Technology Buyers

• Prediction 1: By 2026, 40% of oil and gas companies will invest in GenAI improving field technician productivity by 30% and capturing field technician knowledge digitally to build a knowledge management platform.

• Associated Drivers

• IT Impact

• Guidance

• Prediction 2: Challenged with growing data volumes and complex data environment, by 2027, 75% of upstream will modernize subsurface data management using cloud and AI to empower geoscientists and improve bottom line.

• Associated Drivers

• IT Impact

• Guidance

• Prediction 3: Steering to a low-carbon future, by 2025, 50% of O&G players will adopt AI-powered carbon data platform, automating carbon capture and disclosure and using predictive analysis to boost net-zero financial plans.

• Associated Drivers

• IT Impact

• Guidance

• Prediction 4: By 2028, 70% of upstream operators will deploy digital twins of offshore platforms, using cross-site analytics and benchmarking, boosting performance, and decreasing oilfield operations costs by 10%.

• Associated Drivers

• IT Impact

• Guidance

• Prediction 5: Striving for operational excellence, by 2027, 60% of midstream and downstream firms will converge asset life-cycle apps (EAM, APM, FSM), creating a digital thread and improving cost of operations by 10%.

• Associated Drivers

• IT Impact

• Guidance

• Prediction 6: With business process efficiency top of mind, by 2024 60% of O&G CIOs will adopt RPA and IPA and empower workers with low-code tools, increasing automation deployment speed and reducing IT cost.

• Associated Drivers

• IT Impact

• Guidance

• Prediction 7: By 2025, 50% of upstream and refinery CTOs will deploy AI/ML-powered energy management tools into their APM systems, enhancing operational and energy efficiency and optimizing opex.

• Associated Drivers

• IT Impact

• Guidance

• Prediction 8: By 2026, 60% of refineries will embrace vision AI technology, enabling vast visual data's rapid analysis capabilities to monitor, measure, and reduce methane leaks, thus lowering environmental impact.

• Associated Drivers

• IT Impact

• Guidance

• Prediction 9: To thrive in the AI Everywhere era, by 2025, 100% of O&G majors will double their spending in data science upskilling, no code, self-service, and citizen analytics tools to develop in-house expertise.

• Associated Drivers

• IT Impact

• Guidance

• Prediction 10: By 2026, 50% of midstream and downstream orgs will converge IT and OT security skills, technologies, and processes to protect and mitigate cyber and physical threats, reducing overall security breaches by 50%.

• Associated Drivers

• IT Impact

• Guidance

Advice for Technology Buyers

External Drivers: Detail

• AI Everywhere — Generative AI Takes the Spotlight

• The Drive to Automate — Maximizing Efficiency and New Opportunities

• Cybersecurity and Risk — Building Resilience Against Multiplying Threats

• The Digital Business Imperative — Competitiveness and Outcomes

• Dynamic Work and Skills Requirements — New Work Mode Era

• Operationalization of ESG — Measuring and Implementing Sustainability

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