In oil and gas industry there are three segments such as upstream, midstream, and downstream. Upstream involves exploration and production of oil and gas. Upstream is the process of locating, testing, and drilling of oil and gas wells. Exploration and production (E&P) software help the companies to plan their operations, with the help of required tools such as geomechanics and pore pressure prediction, and geosteering. Moreover, exploration and production (E&P) software help the companies with risk management. For instance helping the companies analyzing data from drilling. Furthermore, the software is used to analyze data integrated with geology and seismic software solutions. Currently, exploration and production (E&P) software are provided with open architecture, so companies can add third party’s software. This ensures that company can manage exploration and production (E&P) software according to companies’ requirement, which is expected to drive growth of the market over the forecast period.

Factors driving growth of the exploration and production (E&P) software & services market:

Rising digitalization in industry is expected to drive growth of the global exploration and production (E&P) software and services market over the forecast period. A cloud based technology provides the data according to employees’ requirement to take real time decision.

Apart from cloud based technology, demand for simulation (part of exploration and production (E&P) software) software is expected to increase during the forecast period. Simulation software are able to provide tentative result based on the data available. These simulation software can integrate with company’s existing software.

However, lack of skills in the workers is expected to hamper growth of the exploration and production (E&P) software & services market, as workers find it difficult to adopt new technologies introduced in the market, therefore, companies need to train the existing workers about new software. Moreover, lack of security and possibilities of sensitive data leaking around data driven cloud based software are expected to hamper adoption of new technologies, which are further expected to hamper market growth over the forecast period.

Exploration and Production (E&P) Software & Services Market: Regional insight

In terms of region, the exploration and production (E&P)) software market is segmented into North America, Europe, Latin America, Middle East, Africa, and Asia Pacific. On the basis of region, Europe is expected to witness significant growth over the forecast period, owing to private firms hiring more computer science engineers, which allows companies to adopt new technology and software rapidly. Companies investing in R&D for collecting more data about primary oil and gas wells to narrow down profitable site in the first place. For instance, companies are focused on analyzing data about seismic and micro-seismic data, improving reservoir, reducing drilling time, improving pump performance, and improving work safety. Moreover, the market in Asia Pacific is expected to exhibit highest CAGR during the forecast period.

Key Players in the global E & P Software & Services Market:

Key players operating in the market include Schlumberger Limited, Emerson Paradigm Holding LLC, Halliburton, Baker Hughes Incorporated, Computer Modelling Group Ltd., ETL Solutions Limited, GE Oil & Gas, GEPlan Consulting Srl, Interactive Network Technologies, Inc., Ikon Science Limited, Peloton, Petroleum Experts Ltd., and Others.

Global Exploration and Production (E&P) Software & Services Market Taxonomy

Exploration and Production (E&P) Software & Services Market, by Component Type: