Exploration and production software market to gain from rising exploration activities in emerging economies
A new research by Transparency Market Research provides a comprehensive overview of the global exploration and production software market. The report is titled “Exploration and Production (E&P) Software Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
Exploration and production (E&P) is an upstream segment in the oil and gas industry consisting of the exploration stage, which includes testing and drilling, locating oil and gas, and the production stage. E&P software provides solutions dedicated to managing exploration and production activities in the oil and gas industry. These solutions help users interpret seismic data, which in turn helps in estimating the properties of the Earth’s subsurface from reflected seismic waves.
With the recent advances in E&P, the installation of software-based exploration and production tools has considerably increased. This in turn has increased the workflow productivity thus assisting in the creation of an efficient model of operation in difficult reservoirs. The implementation of E&P software also functionalizes repeated workflows.
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As per the report, the increasing demand for energy derived from natural resources has created constructive opportunities for enterprises operating in the E&P software market to grow at a sustainable pace. Besides this, the market also has been gaining from the rising demand witnessed in India and China. On the contrary, the high cost of installation and lack of technical skills are a few restraining factors adversely affecting the market.
The global market for exploration and production software can broadly be classified on the basis of software types, components, deployment types, and geography. In terms of component, the market can be bifurcated into software and services. In terms of deployment, the market can be segmented into cloud-based software, managed software, and on-premise software. Based on software type, the market includes seismic amplitude analysis, risk management mapping, portfolio aggregation, navigation systems, resource valuation, performance tracking, and others. Of these, risk management mapping tools are used for the management, control, and identification of the prevalent risk factors at the workplace.
Regionally, the report segments the market into Asia Pacific, North America, Europe, Latin America, and the Middle East. The deployment of exploration and production software is extensive in regions where a large number of onshore and offshore refineries and oil rigs are located.
Compiled with the intent of updating stakeholders about the prevailing market dynamics, the report also includes a holistic assessment of the market’s vendor landscape. Some of the companies profiled in the report include ETL Solutions Ltd, Paradigm B.V, Interactive Network Technologies, Inc., Schlumberger Limited, Aconex, and others.
Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
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