The global hydrocarbons accounting solution market is forecast to be valued at US$ 482.8 Million in 2022. During the forecast period ranging from 2022-2032, sales of hydrocarbons accounting solution are expected to grow at a CAGR of 4.6%, to be valued at US$ 756 Million.
Additionally, oil and gas operators are increasingly launching their projects in remote locations that are often in difficult environmental conditions, which in turn, also increases the demand for hydrocarbons accounting solution across the upstream industry.
The ultimate goal of all oil and gas operators across the globe is to extract hydrocarbon as cost-effective as possible. In order to achieve this goal, their entire system should be automated and error-free starting from the extraction process to the delivery and transportation of oil and gas to buyers, which can be achieved by implementing hydrocarbon accounting solutions.
Hydrocarbons accounting solutions are being increasingly adopted by players in upstream industry for various applications such as production management, reporting and allocation, transport management solution (takes care of transportation data and activity while transporting hydrocarbons through pipelines, trucks or vessels), and sales management, revenue management and other supply chain management related applications.
Request a Sample of this Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-2339
Global Hydrocarbons Accounting Solution Market: Drivers and Challenges
Technological innovations in cloud computing and data analytics are contributing immensely in making these type of hydrocarbons accounting software more robust and accurate, which helps to increase adoption of these solutions among the end-users.
Most of the hydrocarbons accounting solution providers offers solutions, which can be integrated seamlessly with multiple applications such as ERM, reserves management, GIS, land and lease management, well management and other applications used by upstream industries.
Previously, upstream industry was not bounded by government rules and regulations. However, with changing market scenario around oil and gas producers, the requirement to manage this industry by intelligent solutions increases.
In order to achieve an objective of increased production in cost effective and efficient manners, various oil and gas operators have different specific requirements across the industry, hence it’s a challenge for hydrocarbon solutions providers to provide customized solutions which support different needs and yet maintain profitable business model.
Traditionally, hydrocarbon accounting has mostly taken place at the level of individual fields or operating companies. However, changes in the global market around producers of a field, the pursuit of natural gas, and increased regulation are just some of the factors driving oil and gas companies to look for applications that have a more comprehensive view.
Global Hydrocarbons Accounting Solution Market: Segmentation
Global hydrocarbons accounting solutions can be segmented on the basis of component, deployment type and end-use sector. On the basis of component, global hydrocarbons accounting solution market is segmented into software and services.
Service segment is further sub-segmented into consulting, implementation and support. On the basis of deployment type, global hydrocarbon software market is segmented into cloud based software and on-premise software. In 2015, cloud based hydrocarbons accounting solution is estimated to dominate the market and is expected to remain dominant throughout the forecast period.
Deployment of cloud based hydrocarbons accounting software reduces requirement of trained IT personal team because of 24*7 full technical support from the solution providers is the main force driving the growth of cloud based hydrocarbons accounting software market. On the basis of end-use sector, global hydrocarbons accounting solution market is segmented into upstream companies, mid-stream companies and downstream companies.
Ask An Analyst @
https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-2339
Global Hydrocarbons Accounting Solution Market: Regional Outlook
On the basis of region, global hydrocarbons accounting solution market is segmented into seven regions: North America, Latin America, Western Europe, Eastern Europe, MEA, Asia Pacific Excluding Japan and Japan. Among aforementioned regions, MEA is expected to be the dominant market followed by North America because, most of the petroleum companies of the world are present in these two regions.
Tieto, SAP, Adept Solutions, P2 Energy Solutions (formerly Merrick Systems), Wipro Limited, Quorum Business Solutions, Inc. are some of the big players of global hydrocarbons accounting solution market.
The report covers exhaustive analysis on
Hydrocarbons accounting solution Market Segments
- Hydrocarbons Accounting Solution Market Dynamics
- Historical Actual Market Size, 2013 – 2015
- Hydrocarbons Accounting Solution Market Size & Forecast 2016 to 2026
- Value Chain
- Hydrocarbons Accounting Solution Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Hydrocarbons Accounting Solution Market Drivers and Restraints
Market Competition
The global hydrocarbons accounting solution market is highly fragmented and competitive, with a variety of local and regional competitors. Companies conduct marketing campaigns through mergers and acquisitions, expansions, collaborations, and partnerships.
Some of the key participants present in the global hydrocarbons accounting solution market include Infosys, SAP, Adept Solutions, P2 Energy Solutions, Tieto, Quorum Business Solutions, EnergySys, Schlumberger, JPL, Pansoft, CGI Group, and Wipro among others.
- In June 2021, Quorum Software, officially announced it had closed its acquisition of TietoEVRY’s Oil and Gas software business. There are also solutions for personnel and materials logistics included in this transaction from Energy Components and DaWinci. The newly merged company will do business under the name Quorum Software. In addition to automating critical workflows, integrating data across the organization, and driving intelligent business insights, the transactions, both completed today, will enable Quorum to connect operations to the boardroom.
- In April 2022, Greece will explore hydrocarbon possibilities to reduce its dependence on Russian gas. In response to rising energy prices and concerns about Russian gas supplies, Greece is planning to increase exploration offshore Crete and boost domestic production.
Before Buying, Visit for Customization @
https://www.futuremarketinsights.com/customization-available/rep-gb-2339
Key Segments Profiled in the Hydrocarbons Accounting Solution Industry Survey
Hydrocarbons Accounting Solution Market by Component:
- Hydrocarbons Accounting Solution Software
- Hydrocarbons Accounting Solution Services
- Consulting in Hydrocarbons Accounting Solution
- Implementation of Hydrocarbons Accounting Solution
- Support in Hydrocarbons Accounting Solution
Hydrocarbons Accounting Solution Market by Deployment Type:
- Cloud-based Hydrocarbons Accounting Software
- On-premise Hydrocarbons Accounting Software
Hydrocarbons Accounting Solution Market by End-Use Sector:
- Hydrocarbons Accounting Solution for Upstream Companies
- Hydrocarbons Accounting Solution for Mid-Stream Companies
- Hydrocarbons Accounting Solution for Downstream Companies
Hydrocarbons Accounting Solution Market by Region:
- North America Hydrocarbons Accounting Solution Market
- Latin America Hydrocarbons Accounting Solution Market
- Europe Hydrocarbons Accounting Solution Market
- Asia Pacific Hydrocarbons Accounting Solution Market
- Middle East and Africa Hydrocarbons Accounting Solution Market
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs