Geophysical Software Service Market – Strategic recommendations, Emerging Trends, Segmentation, Use case Analysis, Competitive Intelligence, Global and Regional Forecast (2021 to 2028)

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Pune, India, Jan. 05, 2022 (GLOBE NEWSWIRE) — The global Geophysical Software Service market size is expected to gain momentum by reaching USD 25.43 billion by 2028 while exhibiting a CAGR of 13.6% between 2021 to 2028. In its report titled “Geophysical Software Service Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 9.05 billion in 2020 and is estimated to be USD 10.44 billion in 2021.

Geophysical Software Service offers a complete integrated 2D and 3D seismic interpretation system. This system provides complete interpretation capabilities, attribute analysis and mapping tools. Moreover, with the rapid expansion of information and technology such as machine learning applications and cloud migrations, the market received potential opportunities to revolutionize geoscience workflows. For instance, in 2019, the CGG GeoSoftware solution came up with a machine learning ecosystem that will help in accessing the data openly in geophysical applications and is increasing across various aspects of geoscience projects and their workflow.

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The Report Lists the key Companies in the Market:

  • CGG (France)
  • TGS (U.S.)
  • Earth Science Analytics AS (Norway)
  • Explor (Canada)
  • Emerson (U.S.)
  • Fugro (Netherlands)
  • PGS (Norway)
  • Schlumberger Limited (U.S.)
  • Geophysical Software Solutions Pty. Limited (India)
  • SGS SA (Switzerland)

Report Scope & Segmentation:

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 13.6%
2028 Value Projection USD 25.43 Billion
Base Year 2020
Market Size in 2020 USD 9.05 Billion
Historical Data for 2017 to 2019
No. of Pages 185
Segments covered Software Type, Application and Geography
Growth Drivers Key Players to Focus on New Launches to Strengthen their Market Prospectus
Rising Focus on Optimizing Cost of Process Drives Market Growth
North America to Dominate Backed by Increasing Investment in Region

COVID-19 Impact

The ongoing COVID-19 pandemic situation has adversely impacted the market. Companies have entered into an emergency cost optimization phase. This led to a decline in investment which was supposed to be done. The manufacturers prioritized operations that keep the business running, which will be the top priority for most organizations through 2020.

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Competitive Landscape

Key Players to Focus on New Launches to Strengthen their Market Prospectus

The global market contains a large number of prominent companies that are constantly trying to develop unique solutions to cater to the demand from across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions to strengthen their portfolio in the market. Below is an industry development:

  • June 2021: CGG has announced the launch of the GeoSoftware 11.0 version. This version will be helpful in its extensive portfolio of reservoir characterization and petrophysical interpretation software solutions. The software solution provides enhanced machine learning capabilities, WellGen, which is a new Hampson Russell application that allows deep learning workflows linking geological and geophysical interpretations.

Segmentation:

By software type, the market is divided into on-premises and software as a service (SaaS). By Application, the market is divided into oil & gas, mineral & mining, water exploration, and agriculture.

  • Based on application, the oil & gas segment held a market share of 51.0% in 2020. This is attributable to the increasing demand for seismic surveys and land-based surveys that helps to obtain accurate and precise mappings of hydrocarbons.

Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

Driving Factor

Rising Focus on Optimizing Cost of Process Drives Market Growth

In recent times, the advancement and innovation in technologies such as cloud, artificial intelligence, big data, and analytics are expected to drive Geophysical Software Service market growth. As these technologies have led to improving business agility by breaking down business functions.

Usage of Big data and analytics is helping innovation by supporting major players by helping them with analyzing and structuring the data from various sources and generating real-time insights. Thus, the emergence of new and advanced techniques in geophysics will inevitably lead to an increase in the use of terms related to these techniques.

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Regional Insights

North America to Dominate Backed by Increasing Investment in Region

North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the rising investments in exploration activities. For instance, in June 2021, TGS made a partnership with PGS to acquire the Cape Anguille 3D program. This covers the existing lease blocks and open acreage in the perspective of the Orphan Basin. The regional market stood at USD 2.74 billion in 2020.

Asia Pacific is expected to showcase significant Geophysical Software Service market share in upcoming years owing to the rising exploration activities in developing countries. For instance, as per report by the Australian Bureau of Statistics 2020, mineral exploration expenditure rose 11.91%, from USD 72.7 million to USD 683.3 million.

Major Table of content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Latest Technological Advancement
    • Insight on Regulatory Landscape
    • Industry SWOT Analysis
    • Porters Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on the Geophysical Software Service Market
    • Steps Taken by the Government to Overcome the Impact
    • Key Developments in the Industry in Response to COVID-19
    • Potential Opportunities and Challenges due to COVID-19 Outbreak
  • Global Geophysical Software Service Market Analysis (USD Billion), Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Software Type
      • On-Premise
      • Software as a Service (SaaS)
    • Market Analysis, Insights and Forecast – By Application
      • Oil & Gas
      • Minerals & Mining
      • Agriculture
      • Water Exploration
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa
  • North America Geophysical Software Service Market Analysis (USD Billion), Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Software Type
      • On-Premise
      • Software as a Service (SaaS)
    • Market Analysis, Insights and Forecast – By Application
      • Oil & Gas
      • Minerals & Mining
      • Agriculture
      • Water Exploration
    • Market Analysis, Insights and Forecast – By Country
      • U.S.
      • Canada
  • Europe Geophysical Software Service Market Analysis (USD Billion), Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Software Type
      • On-Premise
      • Software as a Service (SaaS)
    • Market Analysis, Insights and Forecast – By Application
      • Oil & Gas
      • Minerals & Mining
      • Agriculture
      • Water Exploration
    • Market Analysis, Insights and Forecast – By Country
      • U.K
      • Germany
      • Norway
      • Italy
      • Russia
      • Rest of Europe
  • Asia Pacific Geophysical Software Service Market Analysis (USD Billion), Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Software Type
      • On-Premise
      • Software as a Service (SaaS)
    • Market Analysis, Insights and Forecast – By Application
      • Oil & Gas
      • Minerals & Mining
      • Agriculture
      • Water Exploration
    • Market Analysis, Insights and Forecast – By Country
      • China
      • India
      • Indonesia
      • Malaysia
      • Australia
      • Rest of Asia Pacific

TOC Continued…!

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