With over two years of a global pandemic, climate change, and pressure from the public, the oil and gas industry is facing unparalleled challenges. Companies have continuously adapted to find creative solutions to new obstacles, from gathering regulations, lockdown restrictions, and emission targets.
In this time of unprecedented trials comes an incredible opportunity for the oil and gas industry to foster sustainable, efficient, and lasting change through digital adoption. As digital transformation in the oil and gas industry accelerates faster than ever in 2022, let’s take a closer look at some of the key trends that will shape the oil and gas industry in 2022 and beyond:
The metaverse
The metaverse is one of the biggest buzzwords of 2022, but what exactly is it? The metaverse is a digital world that incorporates a combination of multiple elements of technology, including virtual reality, augmented reality, and video. Facebook’s transformation to Meta demonstrates a significant investment in the metaverse, envisioning a “virtual world where digital avatars connect through work, travel, or entertainment with VR headsets.” As the metaverse becomes more and more realistic beyond the conceptual level, we can view digital twins as a fundamental component in achieving a true metaverse. Digital twins like VEERUM provide a broader application for virtual reality, acting as a building block of the metaverse. VEERUM’s data agnostic application provides organizations in the oil and gas industry with the foundation to visualize their existing data systems, including data hosted in the metaverse.
Virtual reality
With over 12.5 million VR headsets sold in 2021, organizations are realizing the immersive, engaging, and safer experiences that arise with virtual reality. Humans have always retained information better in visual formats, but what if virtual reality is the next progression? A recent study at the University of Maryland found that virtual reality users with head mounted devices (HMD) retain and recall information 8.8% more accurately than on a screen. They discovered these users engaged with a “virtual memory palace”, in which immersive spatial representations of data take advantage of the brain’s ability to spatially organize thoughts and concepts. This suggests that virtual reality environments can serve as a more valuable tool for information retention and recall.
Viewing a complicated, remote, and potentially hazardous oil and gas site using a virtual reality solution like VEERUM VR enables teams to be better prepared for real-life scenarios, resulting in improved outcomes in the event of an emergency. From off-site orientation in virtual reality to remote issue diagnostics, virtual reality is an incredible tool that reduces site exposure, improves productivity, and ultimately delivers data to users in a format they can understand to make important decisions faster.
Artificial intelligence and machine learning
Humanity is producing more data than ever before, an extraordinary 2.5 quintillion bytes of data every single day. The ability to process large amounts of data and extract actionable insights has revolutionized the way we work. With the volume of data increasing, organizations face the challenges of heavily siloed data, unlinked and outdated data sets, and data loss. To combat these challenges, artificial intelligence (AI) and machine learning (ML) are transforming the way we work, live, travel, and play.
In the oil and gas sector, AI/ML has become instrumental in unlocking the value of large, siloed data sets that many large companies struggle to access and act upon. AI can uncover necessary data insights to help companies utilize resources more effectively, improve worker productivity, and improve site efficiency. From verifying on-site progress on construction projects to predictive maintenance on operating assets, this trend has largely been accelerated by the pandemic, but the foundation was in place before. The AI/ML industry is expected to grow at a CAGR of 33% by 2027 and generate a stunning $15.7 trillion to the global economy by 2027.
These trends have already proven their value in a wide range of industries. It’s time for the oil and gas industry to take this opportunity to transform the industry for the better. If you’re not sure where to start, VEERUM’s team of industry experts can help! It’s time to harness technology to make data-informed decisions, prioritize the health and safety of our workers, and heighten organizational efficiency.
To learn more about VEERUM VR, head to: https://www.veerum.com/demo.