Oil and gas companies have to manage large data sets throughout the value chain of the hydrocarbon industry. In this capital intensive oil and gas sector the energy companies need to maintain complex and geographically diverse data sets of subcontractors, employees and suppliers. The new cost pressures have led oil and gas companies to increase their efficiency in exploration and production services. Automating procurement and scheduling processes allow operators to save operating costs. Software solutions which are specifically designed for the oilfield services provide a range of solutions to the upstream oil and gas sector.
These software solutions assist the energy companies to maximize their utilization of field crews and equipment. Optimized solutions provided by these software helps to attain maximum production benefit at minimum field resource cost. To reduce operational costs and maximize field performance, the oil and gas operating companies are investing substantial amounts in tailored software solutions. The market for tailored software solutions is anticipated to grow at a considerable rate owing to the increasing demand of efficient solutions for the hydrocarbon sector.
The need to process high volumes of operational data and maximize production efficiency are the major drivers attracting companies to develop tailored software solutions for the oilfield services. The software solutions developed for the upstream sector helps the companies to integrate various operations in an efficient manner. Several analytical software are designed to increase oilfield production and performance without the need to invest large amounts on IT services. Companies such as Royal Dutch Shell have invested substantial amounts in these solutions to analyze large amounts of geographical data which are produced from seismic sensors. Mobile software solutions keep field personnel in touch with corporate decisions which reduce the time and effort invested in oilfield services. However, developing cloud based solutions for the offshore industry can be very capital intensive which prohibits the further growth of the market.
The market for tailored software solutions for the oilfield services can be segmented on the basis of solutions provided by this industry. Different companies involved in this business offer several solutions to the oilfield operators according to their operational requirements. Some of the solutions are complete asset management, operation and production reporting, oilfield construction services, production field data collection and cost accounting services. The requirement of these solutions depends on the requirement of the operator and the complexity of the process.
North America is one of the leading markets for tailored software solutions due to increasing investment in shale field development projects. The oilfield operators in this region are also investing on these solutions to extract maximum oil and gas from their mature hydrocarbon reserves. Europe is also a major market for tailored software solutions as many offshore projects are being developed in North Sea, Azerbaijan and Kazakhstan. Latin America and Africa are anticipated to be one of the prominent markets of tailored software solutions for the oilfield services in the future. The major exploration companies have invested large amounts in oil and gas projects of these regions which is likely to drive investment in this market.