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Sep 23, 2020 (The Expresswire) —
Exploration and production software will assist oil and mining industry for software solutions and services says Fortune Business Insights in a report titled “Exploration and Production Software”Market Size, Share and Global Trend by Technology (Premise, Cloud-based, Managed) Software, By Applications (Risk Management Mapping, Seismic Amplitude Analysis, Portfolio Aggregation, others), By Industry Vertical (Oil and Gas, Mine and Metallurgy, Others) and Geography Forecast till 2026”. According to the World Economic Forum report, in 2018, investment done by major players for digitalization in the oil and gas industry is likely to reach a value of US $1.6 Tn to US $2.5 Tn by 2026
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Utilization Of Digitalized Technology Will Contribute to Market Growth
Digitalization in the oil and mining industry comprises of development and deployment of advanced exploration and production software and services. Exploration and production software assists in identifying and analyzing the needs of the market, calculating the market size, recognizing competition and opponent’s strategies. The acquisition of the key player for the implementation of AI technology is likely to support the growth of the global exploration and production software market. For Instance, Emerson Electric Co. completed the purchase of AI Intelligent Platform from General Electric, with an aim to strengthen the exploration and production software market globally. This acquisition would enable the Emerson Electric Co., to expand its capabilities in machine control and discrete applications, and integrate with oil and gas power plants. Hence rising utilization of the AI-based software and acquisitions by key companies will further boost the exploration and production software market.
Extensive Practice Of IIoT By Companies Will Enhance Market Growth
The rapid expansion of IIoT (Industrial Internet of Things) technology is expected to play a vital role in accelerating the growth of exploration and production software market. According to a report by PWC, the global I-IoT market is predicted to reach around US$ 3 Tn by 2022. The growth of I-IoT market will subsequently aid in the expansion of exploration and production software market due to the increasing implementation of I-IoT by leading companies. For instance, Digital H2O water asset intelligence service acquired from Genscape Inc. by Sourcewater Inc., with an aim to launch an advance IoT integrated oilfield water and disposal intelligence platform serving the upstream energy industry with advanced water data science. In addition, the Increasing adoption of IoT by key players is predicted to propel the growth of the global exploration and production software market.
Emerson Purchases General Electric And Enlarges Intelligent Platform Business
Emerson declares the purchase of General Electric’s Intelligent Platform with a motive to strengthen the exploration and production software market globally. This acquisition would enable the Emerson Electric Co., to expand its capabilities in machine control and discrete applications, and integrate with oil and gas power plants.
For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/industry-reports/exploration-and-production-software-market-100226
1. By Technology
- Premise Software
- Cloud-based Software
- Managed Software
2. By Applications
- Risk Management Mapping
- Seismic Amplitude Analysis
- Portfolio Aggregation
- Performance Tracking
- Navigation System
- Resource Valuation
- Reservoir Characterization
- Reservoir Simulation
3. By Industry Vertical
- Oil and Gas
- Mine and Metallurgy
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)
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North America Showcases High Demand
Geographically, the global exploration and production software market is segmented into North America, Europe, Asia Pacific, Latin America and Middle Eastand Africa. North America is predicted to lead the exploration and production market during the forecast period owing to the huge investments by key players across North America for technological development in the oil/gas and mining industry. This factor is propelling growth in the region. Rising investments and efforts by the government to explore hidden reserves of unusual gas across the globe has led to the adaptation of exploration and production software, For instance, in 2018, General Electric Oil Company merged with global technology providers with an aim to introduce the next industrial era in the oil and gas sector. This factor is enabling the growth of the global exploration and production software market
Some of key players in the exploration and production software market include Schlumberger Limited, Paradigm B.V., ION Geophysical Corporation, ETL Solutions Ltd., Exprodat Consulting Ltd., Landmark Solutions, Baker Hughes Incorporated, IHS Inc., Emerson Electric Co., Computer Modelling Group Ltd., Kongsberg Gruppen ASA, GE Oil and Gas, Pason Systems Corp., Ikon Science Limited.
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Major Table of Content for Exploration and Production Software Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Exploration and Production Software Market Analysis, Insights and Forecast, 2026
- North America Exploration and Production Software Market Analysis, Insights and Forecast, 2026
- Europe Exploration and Production Software Market Analysis, Insights and Forecast, 2026
- Asia Pacific Exploration and Production Software Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Exploration and Production Software Market Analysis, Insights and Forecast, 2026
- Latin America Exploration and Production Software Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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