Exploration and Production Software Market Size, Share and Global Trend By Technology (Premise, Cloud-based, Managed) Software, By Applications (Risk Management Mapping, Seismic Amplitude Analysis, Portfolio Aggregation, others), By Industry Vertical (Oil & Gas, Mine & Metallurgy, Others) and Geography Forecast till 2023-2030

According to World Economic Forum report, 2018, investment done by major players for digitalization in the oil and gas industry could be worth around US $1.6 Tn to US $2.5 Tn, projected from 2018-2025. This digitalisation includes the development and deployment of advanced exploration and production software solutions and services in the oil and mining industry.  Exploration and Production software is an advanced set of tools and applications designed and developed to assist companies for the optimization of resources and identification of milestones for expanding into new markets, capital investments and production activities.

It helps to identify and analyze the needs of the market, calculate the market size, and identify the opponent business plans and strategies. The primary necessity of this software is in the oil/gas and mining industries due to the high complexity of their operations. The leading companies use exploration & Production (E&P) Software for gathering and analyzing the numerical data related to services and products.

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Expansion of I-IoT (Industrial Internet of Things) technology plays a significant role in driving the exploration and production software market. According to a report by PWC, global I-IoT market is expected to reach around US$ 3 Tn by 2022. In 2018, Sourcewater, Inc. acquired the Digital H2O Water asset intelligence service from Genscape, Inc. with an aim to launch an advance IoT integrated oilfield water and disposal intelligence platform serving the upstream energy industry with advanced water data science.

KEY PLAYERS COVERED

Some of key players in the exploration and production software market include Schlumberger Limited, Paradigm B.V., ION Geophysical Corporation, ETL Solutions Ltd., Exprodat Consulting Ltd., Landmark Solutions, Baker Hughes Incorporated, IHS Inc., Emerson Electric Co., Computer Modelling Group Ltd., Kongsberg Gruppen ASA, GE Oil & Gas, Pason Systems Corp., Ikon Science Limited.

SEGMENTATION

REGIONAL ANALYSIS

The global exploration and production software market have been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to be the leading exploration and production software market over the forecast period due to huge investment done by the leading players across the region for technological developments in the Oil/gas and mining industry. Increasing investments and efforts by governments and key players across the globe to explore hidden reserves of unusual gas have also led to the rise in the adoption of exploration and production software in the market. For example, in 2018, General Electric Oil Company merged with global technology providers with an aim to introduce the next industrial era in the oil & gas sector.