The global exploration and production (E&P) software market
was valued at US$ 4,240.7 Mn in 2017 and is expected to expand at a
CAGR of 16.7% from 2018 to 2026, according to a new report published by
Transparency Market Research (TMR) titled ‘Exploration and
Production (E&P) Software Market – Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast, 2018–2026.’ North
America is expected to hold the dominant revenue share, with the market
in the region expanding at a CAGR of above 14.0%. The global
exploration and production (E&P) software market is mainly driven by
the growing natural oil & gas market and various technological
advancements in the exploration and production sector.
Rising oil & gas exploration and production (E&P) activities and growing investment in the oil & gas sector globally driving the market
Exploration & Production (E&P) is
an upstream segment of the oil & gas industry which plays an
important role in the process of locating, testing, and drilling of oil
& gas. E&P software is an integrated solution which is
completely dedicated to managing every process from exploration to
production. With recent advancements in digital technology, the
deployment of E&P software by oil & gas companies has increased
to a great extent. Also, the increased growth of the global oil &
gas industry has led to growing demand for E&P software. New oil and
gas exploration activities, along with heavy investments in refineries
and pipelines in the Americas, APAC, and Middle East & Africa are
the major factors driving the market’s growth.
Also, there continues to be tremendous
rise in technological advancements in recent years, which has driven the
usage of oilfield equipment and the growth of the software market.
These technological advancements can be seen in terms of new cloud
deployment models, platforms, and data analytics to extract meaningful
information/insights about several oil & gas reserves and their
exploration activities. This has also resulted in the adoption of
various types of drilling for oil & gas extraction, such as
directional and horizontal drilling, supporting the demand for different
types of drilling E&P software.
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Growing adoption of hybrid cloud solution playing a crucial factor in the expansion of the market
The exploration and production (E&P)
software market can be segmented based on deployment type, operation
type, software type, and region. The deployment type segment is
classified into on premise software and cloud based software. Cloud
based software is predicted to be the fastest-growing segment of the
exploration and production (E&P) software market. The growth in this
segment is due to the rising level of digitization, growing awareness
and adoption of cloud computing technologies exploration and production
(E&P) software market.
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