ICT investment in Energy Sector

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Third Party IT Services Expenditure
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Energy sector (oil and gas companies) has been
the biggest sector in terms of dollar value and
it currently contributes a significant amount
towards the national GDP of any country. However,
plummeting oil prices and mounting climatic
concerns have pushed the sector to look for
advanced technological solutions in order to
achieve sustainable growth. Report titled ICT
Investment Trends in the Energy Sector Digital
transformation and disruption will impact ICT
investment strategies discuss global market
environment detailing Network and communications
equipment, software licenses, application
services, and network services are primarily
attracting a major proportion of the budget
allocations in their respective domains of
hardware, software, IT services, and
telecommunications.
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Energy companies are also making considerable
investments in data center facilities, network,
and service desk functionality.   Expenditure on
data center facilities is primarily driven by the
requirement to devise better data storage, data
recovery, and business continuity plans, while
service desk functionality enable the integration
of business processes into the service management
infrastructure, to maintain the flow of business
critical services.   IT investments relating to
planning project management are considered
important, with the highest proportion of energy
companies considering this business area as one
of their top IT priorities.  
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Meanwhile, technologies such as Internet of
Things (IoT) and cloud computing are finding
pervasive adoption among energy companies who are
increasingly deploying these disruptive forces of
transformation to attain a competitive advantage
in the sector. Therefore, ICT vendors offering
products and services in these domains clearly
have good growth opportunities in this market.
Cloud computing services are witnessing an
increased interest from energy companies
primarily driven by benefits such as higher
scalability, flexibility, cost reduction, and
superior business continuity capabilities. Most
energy companies are prioritizing investment in
platform as a service (SaaS) and private cloud in
the coming two years.  
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IoT has emerged as the next disruptive technology
segment. With benefits including reduced
operational time and human intervention, IoT
technologies such as auto ID mobility
technologies, supervisory control data
acquisition (SCADA), real-time location tracking,
and security and network sensors are gaining
popularity among energy companies.
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