Geophysical Software Services Market Size [2021-2028] The penalty
Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) — The world Geophysical Software Services Market Size is expected to grow from USD 10.44 billion in 2021 to USD 25.43 billion by 2028, growing at a CAGR of 13.6% during the forecast period. The market size stood at USD 9.05 billion in 2020. Driven by the growing demand for oil and gas exploration, as well as other energy extraction activities, the geophysical software services market has witnessed a significant growth in recent years. In addition to this, factors such as increasing minimum investment standards and stringent safety regulations are likely to fuel the demand for advanced seismic imaging software solutions in the near future, says Fortune Business Insights™, in its report titled “Geophysical software services Market, 2021-2028.
Geophysical Software Services offers a complete integrated 2D and 3D seismic interpretation system. This system provides full interpretation capabilities, attribute analysis and mapping tools. Additionally, with the rapid expansion of information and technologies such as machine learning applications and cloud migrations, the market has been given potential opportunities to revolutionize geoscience workflows. For example, in 2019, the CGG GeoSoftware solution developed a machine learning ecosystem that will help openly access data in geophysical applications and expands into various aspects of geoscience projects and their workflow.
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|Forecast Period 2021 to 2028 CAGR||13.6%|
|2028 value projection||$25.43 billion|
|Market size in 2020||$9.05 billion|
|Historical data for||2017-2019|
|Number of pages||185|
|Segments Covered||By software type (on-premises and software as a service (SaaS)) and by application (oil and gas, minerals and mining, water exploration and agriculture) and by region|
|Growth engines||Growing focus on process cost optimization is driving market growth|
|Key players to focus on new launches to strengthen their market prospectus|
Growing focus on process cost optimization is driving market growth
In recent times, advancements and innovation in technologies such as cloud, artificial intelligence, big data, and analytics are expected to drive the growth of the geophysical software services market. These technologies have improved business agility by decomposing business functions.
The use of big data and analytics aids innovation by supporting key players by helping them analyze and structure data from various sources and generate 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 initiatives of the government in the acquisition of geophysical data for exploration and production activities for the expected growth due to the increase in exploration and production activities in the industry international oil and gas.
Impact of COVID-19:
The current situation of the COVID-19 pandemic has had a negative impact on the market. Companies have entered an emergency phase of cost optimization. This led to a drop in investment that was supposed to be made. Manufacturers have 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 severely affect the global market?
- What are the growth drivers, barriers and market dynamics?
- How will the key players compete with their rivals in the near future?
- What are the opportunities and challenges that the market would encounter?
North America to dominate thanks to increased investment in the region
North America is expected to remain at the forefront and occupy the highest position in the market during the forecast period owing to the rising investment in exploration activities. For example, in June 2021, TGS entered into a partnership with PGS to acquire the Cape Anguille 3D program. This covers existing lease blocks and open area in the perspective of the orphan basin. The regional market stood at USD 2.74 billion in 2020.
Asia-Pacific is expected to exhibit a major market share of geophysical software services in the coming years due to increasing exploration activities in developing countries. For example, according to the Australian Bureau of Statistics 2020 report, mining exploration expenditure increased by 11.91% from $72.7 million to $683.3 million.
- By software type, the market is split into on-premise software and software as a service (SaaS). By application, the market is split into Oil & Gas, Minerals & Mining, Water Exploration, and Agriculture.
- On the basis of applications, the oil and gas segment held a market share of 51.0% in 2020. This is attributed to the growing demand for seismic surveys and ground surveys that provide accurate and precise mappings of hydrocarbons .
- Based on region, the market is categorized into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Key players to focus on new launches to strengthen their market prospectus
The global geophysical software services market contains a large number of leading companies that are constantly trying to develop unique solutions to meet the demand worldwide. They do this by partnering with local or reputable companies, launching new solutions to bolster their portfolio in the market.
Industry key development:
- June 2021: CGG announces the release of GeoSoftware 11.0. This release will be useful in its extensive portfolio of reservoir characterization and petrophysical interpretation software solutions. The software solution offers enhanced machine learning capabilities, WellGen, which is a new Hampson Russell application that enables deep learning workflows linking geological and geophysical interpretations.
A list of major manufacturers operating in the global market:
- AS Earth Science Analysis
- Schlumberger Limited
- Geophysical Software Solutions Pty. Limited
- SGS S.A.
Geophysical Software Services Market Segmentation:
By type of software:
- On the site
- Software as a service (Saas)
- petroleum gas
- Minerals and Mining
- water exploration
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- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Main emerging trends – for main countries
- Latest technological advancement
- Overview of the regulatory landscape
- Industry SWOT Analysis
- Analysis of the five forces of carriers
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Geophysical Software Services Market
- Measures taken by the government to overcome the impact
- Key Industry Developments in Response to COVID-19
- Potential Opportunities and Challenges Due to the COVID-19 Outbreak
- Global Geophysical Software Services Market Analysis (USD Billion), Outlook and Forecast, 2017-2028
- Main results/summary
- Market Analysis, Outlook and Forecast – By Software Type
- On the site
- Software as a Service (SaaS)
- Market Analysis, Outlook and Forecast – By Application
- petroleum gas
- Minerals and Mining
- water exploration
- Market Analysis, Outlook and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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