Growing digitalization in the oil & gas and energy sectors is driving the demand for E&P software market. Digitalization has paved the way for sophisticated platforms in the energy sector to increase mobility, surveillance, connectivity, and storage technologies, processing and analyzing data rapidly, enhance agility, and to support real-time decision making. This is a major factor that is expected to propel the growth of the global exploration and production (E&P) software market. Further, consumers are seeking transparency from energy companies in areas such as emissions or hydrocarbon sources, which in turn is boosting the technical sophistication adoption by oil & gas companies. Hence the growing need to find new resources for extracting oil & gas products in turn is increasing the adoption of emerging technologies. This also fuels the growth of the global exploration and production (E&P) software market. However, growing number of risks around data privacy and security among energy businesses and lack of technical expertise are factors expected to hamper the growth of the global exploration and production (E&P) software market. On the contrary, technological advancement in E&P devices and technological enhancements in software such as advance seismic processing and imaging, data management, and interoperability, and others, are expected to offer lucrative opportunities to boost global exploration and production (E&P) software market growth during the forecast period.
Key industry players – Baker Hughes Incorporated, Computer Modelling Group Ltd., Emerson Electric Co., ETL Solutions Ltd., Exprodat Consulting Ltd. (Getech Group Plc), GE Oil & Gas, Paradigm B.V., GEPlan Consulting Srl, Halliburton Company, Interactive Network Technologies, Inc., Ikon Science Limited, and Schlumberger Limited.
The global E&P software market is segmented based on component, operation type, deployment, software type, and region. Based on component, it is bifurcated into solutions and services. Based on operation type, it is classified into on-shore and off-shore. Based on deployment, the market is categorized into cloud and on-premises. Based on software type, it is classified into risk management mapping, seismic amplitude analysis, portfolio aggregation, performance tracking, navigation systems, resource valuation, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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