According to a report by Persistence Market Research, the global E&P software market is expected to reach US$ 10.2 billion in 2022, up from US$ 8.6 billion in 2021. The market for E&P software is anticipated to grow significantly over the forecast period of 2022–2032, attaining US$ 42.8 billion while registering a CAGR of 15.4% due to the fast digitalization of the oil and gas industry.
Through the advancement of storage, communication, real-time decision-making, and mobility, digitalization has created profitable potential in the energy sector. This is expected to be the primary factor significantly influencing the sector during the projection period. Oil and gas industries have a number of lucrative opportunities to increase production and cut costs thanks to digitalization and the connectivity of smart devices.
To improve essential operational tasks like asset management, maintenance, and production, oil and gas firms are investing heavily in technologies like automation, IoT, and big data analytics. Additionally, customers are pressing energy companies to be more accountable in areas like pollution and hydrocarbon sources, which is anticipated to drive the E&P software market.
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Adoption of developed seismic processing and imaging solution is anticipated to give significant lucrative opportunities. Its ability to reduce uncertainty and enhanced reliability is likely to push the industry growth in the forecast period. Moreover, modern seismic processing and imaging solution offers efficacious parallel framework and infrastructure for cluster optimization, which is predicted to drive the market expansion in the assessment period.
Key Takeaways from the Market Study
- The global E&P software market to value US$ 8.6 Billion in 2021
- The global E&P software market to exhibit a 15.4% growth rate from 2022-2032
- By deployment type, the on-premise software segment to record 10.1% during the forecast period
- The global E&P software market to secure US$ 42.8 Billion by 2032
- The production segment is projected to witness 19.2% during the assessment period.
- The UK market to value USD 3 Bn while exhibiting a 15% growth rate in the assessment period.
- Market in China is projected to secure USD 2.9 Bn, expanding at a 17.3% CAGR in the forecast period
- Market in India is expected to procure USD 2.8 Bn while exhibiting a 22.6% CAGR from 2022-2032
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Key players in the global E&P software market include
- Schlumberger Limited
- Paradigm B.V.
- ION Geophysical Corporation
- ETL Solutions Ltd.
- Ikon Science Limited
- Interactive Network Technologies, Inc.
- Exprodat Consulting Ltd.
- GEPlan Consulting Srl
- Landmark Solutions
- Baker Hughes Incorporated
- IHS Inc.
- Emerson Electric Co.
- Computer Modelling Group Ltd.
- Petroleum Experts Ltd.
- Kongsberg Gruppen
- RockFlow Dynamics, LLC
- GE Oil & Gas
- OVS Group LLC
- P2 Energy Solutions
- Petrolink Services, Inc.
- eDrilling AS
- Pason Systems Corp.
- Etech International, Inc.
- TDE Group GmbH
Players of the industry focus on industry collaborations, mergers & acquisitions, and partnerships to expand their reach.
Recent key developments in the E&P Software industry include:
- In March 2020, US-based companies Emerson and Quantum Reservoir Impact (QRI) announced a strategic collaboration to develop applications for Artificial Intelligence (AI)-based analytics for oil and gas exploration and production.
- In August 2020, Emerson announced that Jaguar Exploracion y Produccion (Jaguar), a Mexico-based oil and gas company, will use its exploration and production software and services to enhance the capability of Jaguar’s onshore assets and projects.
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Key Segments Covered in the E&P Software Industry Report
E&P Software by Deployment Type
- On-premise E&P Software Deployment
- Cloud-based E&P Software Deployment
E&P Software by Operation Type
- E&P Software for On-shore Operations
- E&P Software for Off-shore Operations
E&P Software by Software Type
- E&P Software for Risk Management Mapping
- E&P Software for Seismic Amplitude Analysis
- E&P Software for Portfolio Aggregation
- E&P Software for Performance Tracking
- E&P Software for Navigation Systems
- E&P Software for Resource Valuation
- E&P Software for Reservoir Characterization
- E&P Software for Reservoir Simulation
- E&P Software for Drilling
- E&P Software for Production
E&P Software by Region
- North America E&P Software Market
- Europe E&P Software Market
- Asia-Pacific E&P Software Market
- Middle East & Africa E&P Software Market
- South America E&P Software Market
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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