Global Exploration and Production (E&P) Software Market to Reach $9.9 Billion by 2026

SAN FRANCISCO, March 16, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Exploration and Production (E&P) Software - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 8; Released: February 2022
Executive Engagements: 1379
Companies: 97 - Players covered include Baker Hughes, a GE company; Computer Modelling Group Ltd.; eDrilling AS; Emerson Paradigm Holding LLC; E-Tech International; ETL Solutions Ltd.; Exprodat Consulting Ltd.; G.E.Plan Consulting Srl; GE Oil & Gas; Halliburton; Ihs Markit Ltd.; Ikon Science Ltd.; Interactive Network Technologies, Inc.; Ion Geophysical Corporation; Kongsberg Gruppen ASA; OVS Group LLC; P2 Energy Solutions; Pason Systems Corp.; Peloton Interactive, Inc.; Petroleum Experts Ltd.; Petrolink Services Inc.; RockFlow Dynamics; Schlumberger Ltd.; TDE Group Limited and Others.
Coverage: All major geographies and key segments
Segments: Deployment (On-Premise, Cloud); Software Type (Reservoir Simulation, Production, Drilling, Navigation System, Risk Management Mapping, Performance Tracking, Portfolio Aggregation, Resource Valuation, Seismic Amplitude Analysis, Other Software Types)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT -
Global Exploration and Production (E&P) Software Market to Reach $9.9 Billion by 2026
The various kinds of E&P software are available in the market including reservoir drilling, simulation, and production, reservoir characterization, resource valuation, navigation system, seismic amplitude analysis, portfolio aggregation, and risk management mapping software, among others. Production software is likely to register robust growth driven by the increase in production in the upstream operations globally in the long run. Adoption of simulation software is also likely to rise, as it offers tentative results on the basis of available data. Such simulation software can be used with the current software of a company. The trend towards digitalization is anticipated to fuel the E&P software and services market. Digitalization has facilitated complex platforms in the energy industry to augment connectivity, surveillance, mobility, and storage technologies, and enable quick data analysis and processing, better agility, and decision making in real-time. This is anticipated to give a boost to the E&P software market. The rising need to identify novel resources for the extraction of oil and gas products is also driving the use of emerging technologies, which is aiding market growth.

Global Exploration and Production (E&P) Software market is projected to register healthy growth over the medium-to-long term. The market, estimated at US$5.6 Billion in 2022 is projected to reach US$9.9 Billion by 2026, registering a compounded annual growth rate (CAGR) of 14.5% over the analysis period. United States represents the largest regional market for Exploration and Production (E&P) Software, accounting for an estimated 25.1% share of the global total. The market, estimated at US$1.4 Billion in 2022 is projected to reach US$2.8 Billion by the end of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 19.2% over the analysis period. The market is expected to progress steadily to evolve as a major regional market for Exploration and Production (E&P) Software, supported by various factors conducive to healthy growth.

Over the years, the oil and gas industry has rapidly embraced digital technologies for effective management of costs and to enhance overall efficiencies, particularly in the wake of challenges emerging due to the highly volatile oil pricing scenario. Digitization efforts by oil & gas players have helped the companies to reduce costs by about 10-25%, while productivity is improved by around 8-10%. In addition, digitization is increasingly providing a safe and environmentally sound operating environment. The increasing need for safety is driving oil & gas companies to rely extensively on advanced technologies and software solutions to improve operations. In the oil and gas industry, software tools have played a critical role in development of new technologies.

Cloud Deployment to Reach $3.9 Billion by 2026
Oil and gas companies are increasingly seeking out the scalability and ease of innovation that cloud computing promises. New advances in cloud computing technology are bringing major benefits of business analytics and data to the oil and gas industry. In recent years many companies in the oil and gas industry have started to make the switch from in-house data storage to cloud-based services. Global Cloud Deployment segment is estimated at US$1.9 Billion in 2022, and is projected to reach US$3.9 Billion by 2026 reflecting a compounded annual growth rate of 18.5% over the analysis period. United States constitutes the largest regional market for Cloud segment, accounting for 27.1% of the global sales. China is poised to register the fastest compounded annual growth rate of 24.2% over the analysis period, to reach US$409.3 Million by the close of the analysis period. More

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SOURCE Global Industry Analysts, Inc.