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Rapid Digitalization of Oil & Gas Sector to Boost E&P Software Market at 15.4% CAGR by 2032

10-31-2022 02:41 PM CET | IT, New Media & Software

Press release from: Persistence Market Research

Rapid Digitalization of Oil & Gas Sector to Boost E&P Software

As per a study conducted by Persistence Market Research, the global E&P software market is anticipated to secure US$ 10.2 Billion in 2022, whereas, it was valued US$ 8.6 Billion in 2021. Owing to the rapid digitalization in oil & gas energy, the market for E&P software is likely to flourish significantly, securing US$ 42.8 Billion while recording a CAGR of 15.4% during the forecast period from 2022-2032.

Digitalization has offered lucrative opportunities in the energy sector by enhancing mobility, connectivity surveillance, supporting real-time decision-making, and storage technologies. This is speculated to be the key cause driving the industry significantly during the forecast period. Digitalization and connectivity of smart devices carve out several remunerative chances for oil and gas companies to augment productivity and reduce expenses.

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Oil and gas companies making significant investments in technologies like automation, IoT, and big data analytics to optimize core operational activities such as asset management, maintenance, and production. Besides, consumers are also demanding greater accountability from energy producers in fields like pollution and hydrocarbon sources, which is expected to fuel the E&P software market.

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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Competitive Landscape

Key players in the global E&P software market include Ikon Science Limited, Paradigm B.V., ION Geophysical Corporation, Schlumberger Limited, and ETL Solutions Ltd., among others. 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.

Key Companies Profiled

Schlumberger Limited
Paradigm B.V.
ION Geophysical Corporation
ETL Solutions Ltd.
Ikon Science Limited

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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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