Industry outlook for the oil and gas industry 2019
5: Efficiency efforts drive lasting momentum in digitalization adoption
Efficiency efforts are driving sustained momentum in digitalization adoption. Our report suggests R&D spending will continue rising in 2019. Digitalization is comfortably the leading priority for R&D spending this year as the sector seeks long-term efficiencies. Twice (44%) the percentage of respondents are investing in it compared to the second-ranked priority, subsea technology (20%).
The top three priorities for digital investments this year all relate to data sharing, integration and access, according to our survey. One reason for digitalization rising this year is because some of the barriers to its adoption, such as finance, are falling.
We also assess R&D and digitalization spending intentions, priorities and barriers by region/country.