EXPLORATION AND PRODUCTION (E&P) SOFTWARE & SERVICES MARKET ANALYSIS

Market Challenges And Opportunities

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.

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.