Artificial Intelligence
Geophysical Software Services Market Size [2021-2028] Worth USD 25.43 Billion | Exhibit a CAGR 13.6%
Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) — The global geophysical software services market size is expected to grow from USD 10.44 billion in 2021 to USD 25.43 billion by 2028, exhibiting a CAGR of 13.6% during the forecast period. The market size stood at USD 9.05 billion in 2020. Driven by rising demand for oil and gas exploration, as well as other energy extraction activities, the geophysical software services market has been witnessing significant growth over the past few years. In addition to this, factors such as increasing minimum investment standards and stringent regulations pertaining to safety are likely to fuel demand for advanced seismic imaging software solutions in the near future., states Fortune Business Insights™, in its report titled “Geophysical software services Market, 2021-2028.”
Geophysical software services offer 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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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| 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 | 2017-2019 |
| No. of Pages | 185 |
| Segments covered | By Software Type (On-Premises and Software as a Service (SaaS)), and By Application (Oil & Gas, Mineral & Mining, Water Exploration, and Agriculture) and Regional |
| Growth Drivers | Rising Focus on Optimizing Cost of Process Drives Market Growth |
| Key Players to Focus on New Launches to Strengthen their Market Prospectus |
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 is expected to drive geophysical software services 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.
The growth of the market is propelled by the increasing government initiatives in the acquisition of geophysical data for exploration and production activities for the forecasted growth owing to increased explorations and production activities in international oil and gas industry.
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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This Report Includes the Following Information:
- Will the COVID-19 pandemic affect the global market severely?
- What are the growth drivers, hindrances, and dynamics of the market?
- How will the key players compete against their rivals in the near future?
- What are the opportunities and challenges that the market would come across?
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 services 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.
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 the 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.
- Based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa and Latin America.
Competitive Landscape
Key Players to Focus on New Launches to Strengthen their Market Prospectus
The global market for geophysical software services 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.
Key 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 petro physical 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.
A List of Key Manufacturers Operating in the Global Market:
- CGG
- TGS
- Earth Science Analytics AS
- Explor
- Emerson
- Fugro
- PGS
- Schlumberger Limited
- Geophysical Software Solutions Pty. Limited
- SGS SA
Geophysical Software Services Market Segmentation:
By Software Type:
- On-premises
- Software as a Service (Saas)
By Application:
- Oil & Gas
- Mineral & Mining
- Water Exploration
- Agriculture
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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 Services 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 Services 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
Continued…
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