Albany, NY -- (SBWIRE) -- 01/02/2019 -- The adoption of field development and planning software depends mainly upon stringent government regulations regarding data protection and market awareness among end-users regarding the importance of field development and planning in order to improve production and return on investments. Field development and planning software benefits a company in various ways. It improves forecast accuracy, unites understanding of surface and sub-surface areas, enables multi-disciplinary work processes, optimizes operational expenditure (OPEX) by evaluation of through-life flow assurance needs, optimizes capital expenditure (CAPEX) required for field development by facilitating full asset understanding, and maximizes revenue and field production profiles.

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The global field development and planning software market can be segmented based on component, software deployment, and region. Based on component, the global field development and planning software market can be classified into hardware, software, and services. Based on software deployment, the global field development and planning software market can be split into on-premise and cloud.

In terms of region, the global field development and planning software market can be segmented into North America, Middle East & Africa, Europe, Asia Pacific, and South Africa. North America is expected to hold a prominent share of the global field development and planning software market. The trend is expected to continue during the forecast period. Factors such as rise in demand for automation and the use of new and advanced systems in the field of field development and planning, mainly by oil & gas companies, are driving the growth of the global field development and planning software market. Middle East & Africa is a prominent region of the global field development and planning software market due to the presence of a number of oil & gas players in the region.

The field development and planning software market in Asia Pacific is expected to expand at a rapid pace between 2018 and 2026. Developing economies in Asia, such as India and China, are inviting global players to enter the field development and planning software. This, in turn, is supporting the growth of the overall field development and planning software market. With the help of field development and planning software, companies can check production behavior for diverse development scenarios, determine the location and size of hydrocarbon volumes, and can create a digital replica of the reservoir and well to forecast production.

The global field development and planning software market is highly concentrated among the top five market players. This creates a barrier for the entry of new players in the market as existing players have a significant geographical presence and account for a dominant share of the global field development and planning software market. Major players operating in the field development and planning software market are in GE Corporation, Siemens AG Schlumberger, Halliburton, and Cayros Group Corp. among others.

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In the current scenario, the global field development and planning software market is highly concentrated among major firms. The presence of these well established players with a strong distribution network makes it difficult for new players to establish themselves in the global field development and planning software market. Moreover, these players have deeply penetrated into the global field development and planning software market by introducing innovative and technologically advanced products. The firms are further planning to build up their position in the global field development and planning software market through alliances and continuously investing in R&D (research and development) activities to come up with solutions catering to customers' requirements. Market players are engaged in activities such as joint ventures, mergers, and acquisitions. Additionally, vendors are planning to invest in cutting-edge technologies with a target to provide cost effective product in the field development and planning software market.