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.
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