The global exploration and production (E&P) software market was valued at US$ 4,240.7 Mn in 2017 and is expected to expand at a CAGR of 16.7% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Exploration and Production (E&P) Software Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’
North America is expected to hold the dominant revenue share, with the market in the region expanding at a CAGR of above 14.0%. The global exploration and production (E&P) software market is mainly driven by the growing natural oil & gas market and various technological advancements in the exploration and production sector.
Exploration & Production (E&P) is an upstream segment of the oil & gas industry which plays an important role in the process of locating, testing, and drilling of oil & gas. E&P software is an integrated solution which is completely dedicated to managing every process from exploration to production. With recent advancements in digital technology, the deployment of E&P software by oil & gas companies has increased to a great extent. Also, the increased growth of the global oil & gas industry has led to growing demand for E&P software. New oil and gas exploration activities, along with heavy investments in refineries and pipelines in the Americas, APAC, and Middle East & Africa are the major factors driving the market’s growth.
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Also, there continues to be tremendous rise in technological advancements in recent years, which has driven the usage of oilfield equipment and the growth of the software market. These technological advancements can be seen in terms of new cloud deployment models, platforms, and data analytics to extract meaningful information/insights about several oil & gas reserves and their exploration activities. This has also resulted in the adoption of various types of drilling for oil & gas extraction, such as directional and horizontal drilling, supporting the demand for different types of drilling E&P software
Growing adoption of hybrid cloud solution playing a crucial factor in the expansion of the market
The exploration and production (E&P) software market can be segmented based on deployment type, operation type, software type, and region. The deployment type segment is classified into on premise software and cloud based software. Cloud based software is predicted to be the fastest-growing segment of the exploration and production (E&P) software market.