Press release
Geologic Modelling Solutions Market – Growth Opportunities & Technology Developments by 2026
Geologic modelling solutions are a category of advanced software/services utilized primarily by mining and oil & gas companies to quantify geological processes, identify natural hazards, and manage their resources. The projects undertaken by such companies have high level of complexity in operations, resource management, capital management etc. These solutions help companies optimize their resources. Furthermore, the software also helps companies to access risks, plan and optimize resources, allow collaboration, ensure compliance to regulations, and help with analytics and reporting.
The growth of geologic modelling solutions is primarily due to the presence of major industry players along with vast shale oil reserves discovered recently in North America. In Europe, the presence of complex geological structures and pipeline network, growing investments, and increasing exploration and production activities is expected to drive the market in the region and Europe is anticipated to follow North America in terms of market share. Moreover, the presence of vast oil & gas reserves in the North Sea and Scandinavia are expected to further add to the growth of the global geologic modelling solutions market. Asia Pacific, with its strengthening information technology industry that supports smart mining, and exploration & production (oil & gas) is expected to follow Europe in terms of market share. Moreover, the increasing urbanization and growing population is also expected to contribute to the growth of the geologic modelling solutions market.
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The global geologic modelling solutions market has been segmented in terms of deployment, end-use industry, and geography. In terms of deployment, the market has been classified into cloud and on-premise based solutions. Of the two deployment segments, the majority revenue share in the global geologic modelling solutions market was held by the cloud deployment segment. The cloud deployment model refers to hosted services which are delivered over the internet. Benefits associated with cloud deployment such as accessing mission critical data remotely, cost savings on infrastructure, and enhanced collaboration is expected to propel the cloud deployment model toward flourishing growth throughout the forecast period. Increasing desire of organizations to switch to alternate business models such as Software-as-a-Service (SaaS) as it is perceived to offer better value for money and a plethora of features is also expected to add to the growth of the above mentioned segment. On-premise deployment, which refers to the computation that is located within the physical confines of an organization is expected to hold a comparatively smaller share of the end-use segment and has been further segmented into mining, construction, environmental, energy, oil & gas and others.
The global geologic modelling solutions market is segmented on the basis of regions into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to hold a prominent share in the global geologic modelling solutions market. This dominance is primarily due to the presence of many global players in this region especially in the U.S. and Canada. Europe is also forecast to have a significant position in terms of market share. This trend can be attributed to the increasing focus on innovations through research and development and IT technologies in developed countries. Furthermore, Asia Pacific is expected to emerge as the fastest growing market from 2018 - 2026. High adoption of exploration & production solutions along with the growing adherence toward regulatory compliances are some of the factors driving the Asia Pacific geologic modelling solutions market. Growing economies in the Asia Pacific region such as India and China are inviting global players to their local markets which is supporting the growth of this geologic modelling solutions market in the region.
Companies are strengthening their position through merger & acquisition and continuously investing in research and development (R&D) activities to come up with solutions to cater to the customer’s changing requirements. Furthermore, solution providers are planning to invest in advanced technologies such as artificial intelligence with a target to provide cost competitive products in the market in the years to come.
Major vendors that offer geologic modelling solutions across the globe include Deltek, Inc., InEight, Inc., EcoSys Management LLC, Oracle Corp., LiquidFrameworks, Inc., AVEVA Group PLC, SAP SE, Penta Technologies, Inc., Siemens AG, IBM Corp., IFS World Operations AB, Microsoft Corp., StormGeo Holding AS, Aconex Ltd., Coreworx Inc. and Varec, Inc.
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The report provides the following information:
Tailwinds and headwinds molding the market’s trajectory
Market segments based on products, technology, and applications
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Overall current and possible future size of the market
Growth pace of the market
Competitive landscape and key players’ strategies
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