What is Oil and Gas Software Market?
Oil and gas software was created to assist oil and gas companies in optimizing resources and tracking milestones for expansion into new markets, capital projects, development operations, or major exploration. Due to the need to simplify the complexity of operations in the oil and gas industry and cost-effective benefits. Due to the need to reduce the complexity of operations in the oil and gas industry, as well as the cost-effective benefits of software in various activities such as project planning, execution, tracking, assessment, and reporting, the oil and gas software market is expected to expand in the future.
The market study is being classified by Type (Asset Management, Scheduling, Inventory Management, Costing, Analytics, Contract Management, Maintenance and Others), by Application (Large Enterprise and Small and Medium Business) and major geographies with country level break-up.
Quorum Software (United States), FieldCap (United States), Snappii Apps (United States), Frontline Data Solutions (United States), Wellsite Report (United States), Petro Suite (Thailand), Total Stream Systems (United States), ETAP Software (United States), ToolWatch Enterprise (United States), iLandMan (United States) and HCL Technologies Ltd. (India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are FactoryTalk (United States) and Petrel E&P Software Platform (United States).
The companies are exploring the market by adopting mergers & acquisitions expansions investments new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Oil and Gas Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Oil and Gas Software market by Type, Application and Region.
On the basis of geography, the market of Oil and Gas Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Demands for Faster Operations
- The Requirement to Simplify the Complexity of Operations in the Oil & Gas Industry
Market Trend
- Growing Use of Artificial Intelligence
Restraints
- Technological Complexity In the Software
Opportunities
- Growth in the Oil and Gas Industry in Developing Countries such as China
- Growing Need for Operational Efficiency and Decreasing Management System Components
Challenges
- Blind Spots in the Network Coverage
Market Leaders and some development strategies
In Aug 2019, Quorum Software announced that it has acquired Fort Worth-based OGsys, the leading provider of cloud-based oil and gas accounting software for small and medium-sized businesses.
In Oct 2019, HCL Technologies has renewed its IT operations and transformation agreement with Equinor, the largest supplier of oil and gas in the Nordic energy market and the largest offshore operator in the world in a multi-million-dollar deal.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Oil and Gas Software Developers, Oil and Gas Software End-user Industries, Organizations, forums and Alliances related to Oil and Gas Production Monitoring Software Market, Market Research and Consulting Firms and Potential Investors