The Geophysical Software Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Geophysical Software Service Global Market Report 2024, The geophysical software service market size has grown rapidly in recent years. It will grow from $12.15 billion in 2023 to $14.18 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to increasing demand for natural resource exploration, growing importance of environmental studies, mineral and mining industry growth, government investments in infrastructure development, global focus on renewable energy sources..
The geophysical software service market size is expected to see rapid growth in the next few years. It will grow to $25.16 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to rise in infrastructure monitoring needs, expansion of geothermal energy projects, increased exploration in remote areas, demand for real-time data processing, collaborations in geophysical research, use in archaeological surveys.. Major trends in the forecast period include cloud-based geophysical software solutions, 3d and 4d seismic imaging, focus on environmental and geohazard assessments, enhanced visualization and interpretation tools, open-source geophysical software initiatives, autonomous surveying and monitoring solutions, collaborations between software developers and geoscience experts..
An increase in oil and gas exploration is expected to propel the growth of the geophysical software service market. Oil and gas exploration includes the procedures and techniques for identifying potential locations for drilling and extracting oil and gas. Oil and gas companies use geophysical software services to assess the seismic hazard of their fields and deposits. For instance, according to the India Brand Equity Foundation, an India-based export promotion agency, the Indian Government has invested USD 2.86 billion to double the oil and gas production by drilling, which is expected to reach more than 120 exploration wells in 2022. Further, the U.S. Energy Information Administration Federal government has discovered new oil reserves in Texas, North Dakota, and New Mexico with a combined capacity of 3.5 billion barrels, 0.7 billion barrels, and 1.1 billion barrels, respectively. Therefore, an increase in oil and gas exploration is driving the growth of the geophysical software service market.
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The geophysical software service market covered in this report is segmented –
1) By Software Type: On-premises, Software as a Service (Saas)
2) By Survey Type: Land-based, Marine-based, Aerial-based
3) By Application: Oil & Gas, Mineral & Mining, Water Exploration, Agriculture
Technological advancement is a key trend in the geophysical software service market. Major geophysical software service providers are concentrating on creating cutting-edge technical solutions that are adaptable to different factors, which is causing technologies like Geo Software 11.0 to advance. For instance, in June 2021, CGG SA, a France-based geoscience technology services company, enabled geoscientists to harness the full potential of cloud computing to investigate more scenarios with greater model complexity and create tens to hundreds of geostatistical inversion realizations concurrently. The new cloud-enabled Jason Multi-Realization technology benefits E&P firms by lowering project cycle time considerably and cost-effectively, while geoscientists may use the additional geostatistical simulation data to improve reservoir characterization and risk assessment.
The geophysical software service market report table of contents includes:
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