According to a new market research report published by Credence Research “Exploration & Production (E&P) Software Market (Deployment Model – On-premise and Hosted; Type – Onshore and Offshore; Application – Seismic Processing & Imaging, Data Interpretation & Modeling, Reservoir Engineering, Drilling & Production) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”, the global exploration & production (E&P) software market was valued at US$ 2.92 Bn in 2016.
Browse the full report at http://www.credenceresearch.com/report/exploration-and-production-e-and-p-software-market
Exploration & production (E&P) software refer to set of software solutions designed for the upstream segment of the overall oil & gas industry. These software are developed for a wide array of applications including seismic processing & imaging, mapping, data analysis, reservoir & geological modeling and production planning. Depleting oil & gas resources is one of the major factors fueling the overall E&P software market growth. Due to rapidly exhausting resources, there has emerged an extensive need for discovering new resources for extracting oil & gas products.
Subsequently, E&P companies now have greater spending on exploration processes, resulting into remarkable demand for related software solutions. In addition, E&P companies are now more emphasized towards minimizing their operational costs in the overall exploration-to-production process. Using E&P software modules enables the companies reduce much of their guesswork and minimize the risk involved in drilling process.
The overall E&P software market is segmented on the basis of deployment model, operation type and application. Based on the mode of deployment, the market is segmented into on-premise and hosted E&P software. As of 2016, the on-premise E&P software segment leads the overall market, in terms of revenue. Further, on the basis of type of operation, the market is categorized into onshore and offshore oil & gas operation. The market is segmented, based on the applications, into seismic processing & imaging, data interpretation & modeling, reservoir engineering and drilling & production.
The overall E&P software market is quite competitive in nature with the market players emphasizing on providing up-to-date and seamless software solutions. E&P software vendors focus on providing better support, improved data security and additional functionalities to the existing software solutions. This is typically achieved by working on periodic software/module upgrades so as to ensure the consumers (E&P companies) can efficiently process and visualize the geological data. Additionally, companies are now more inclined towards enhancing their cloud-based offerings due to increasing penetration of the technology. This is experienced as a result of increasing efforts by the E&P towards reducing their IT costs.