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Geophysical Software Service Market Trends, Top Companies, Share, Growth And Forecast 2033
Geophysical Software Service Market
As per the report, the geophysical software service market size has grown rapidly in recent years. It will grow from $12.15 billion in 2023 to $14.18 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The geophysical software service market size is expected to see rapid growth in the next few years. It will grow to $25.16 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%.
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Geophysical Software Services Surging With The Rise In Oil And Gas Exploration
An increase in oil and gas exploration is expected to propel the growth of the geophysical software service market. Oil and gas exploration includes the procedures and techniques for identifying potential locations for drilling and extracting oil and gas. Oil and gas companies use geophysical software services to assess the seismic hazard of their fields and deposits. For instance, according to the India Brand Equity Foundation, an India-based export promotion agency, the Indian Government has invested USD 2.86 billion to double the oil and gas production by drilling, which is expected to reach more than 120 exploration wells in 2022. Further, the U.S. Energy Information Administration Federal government has discovered new oil reserves in Texas, North Dakota, and New Mexico with a combined capacity of 3.5 billion barrels, 0.7 billion barrels, and 1.1 billion barrels, respectively. Therefore, an increase in oil and gas exploration is driving the growth of the geophysical software service market.
Technological Advancements In The Geophysical Software Service Landscape
Technological advancement is a key trend in the geophysical software service market. Major geophysical software service providers are concentrating on creating cutting-edge technical solutions that are adaptable to different factors, which is causing technologies like Geo Software 11.0 to advance. For instance, in June 2021, CGG SA, a France-based geoscience technology services company, enabled geoscientists to harness the full potential of cloud computing to investigate more scenarios with greater model complexity and create tens to hundreds of geostatistical inversion realizations concurrently. The new cloud-enabled Jason Multi-Realization technology benefits E&P firms by lowering project cycle time considerably and cost-effectively, while geoscientists may use the additional geostatistical simulation data to improve reservoir characterization and risk assessment.
The geophysical software service market covered in this report is segmented -
1) By Software Type: On-premises, Software as a Service (Saas)
2) By Survey Type: Land-based, Marine-based, Aerial-based
3) By Application: Oil & Gas, Mineral & Mining, Water Exploration, Agriculture
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Major companies operating in the geophysical software service market report are CGG SA, TGS-NOPEC Geophysical Company, Earth Science Analytics AS, SGS SA, Emerson Geophysical LLC, Fugro NV, PGS Geophysical AS, Schlumberger Limited, Geophysical Software Solutions Pty. Limited, New Resolution Geophysics, Dawson Geophysical Inc., EON Geosciences, Geophysical Survey Systems Inc., Geotech Surveys, Ion Geophysical Corporation, Altus Geomatics, ARANZ Geo Limited, Aurora Geosciences Ltd., BGC Engineering Inc., Blue Marble Geographics, C Tech Development Corporation, DataMine Software Ltd., Deep Imaging Technologies, Delta Geophysics, Discover Geoscience, Earth Signal Processing Ltd., ESG Solutions, Geogiga Technology Corp., Geometrics Inc., Geomotive Inc., Geosoft Inc., Geovariances, Golden Software LLC
Contents of the report:
1. Executive Summary
2. Geophysical Software Service Market Report Structure
3. Geophysical Software Service Market Trends And Strategies
4. Geophysical Software Service Market - Macro Economic Scenario
5. Geophysical Software Service Market Size And Growth
…..
27. Geophysical Software Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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