Global Hydrocarbons Accounting Solution Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The hydrocarbons accounting solution market is anticipated to grow at a significant CAGR of 4.7% during the forecast period (2022-2028). The ultimate goal of all oil and gas industries is to extract hydrocarbons at the lowest possible cost. To reach this goal, their entire system must be automated and error-free, beginning with the extraction process and ending with the distribution and transportation of oil and gas to buyers, which can be accomplished through the use of hydrocarbon accounting systems.

Furthermore, oil and gas industries are increasingly developing projects in distant places with challenging environmental conditions, which boosts the demand for hydrocarbon accounting solutions in the upstream business. Technological advancements in cloud computing and data analytics are helping to make these forms of hydrocarbon accounting software more robust and accurate, which is helping to promote end-user acceptance of these systems.

The global hydrocarbons accounting solution market is segmented based on deployment type and end-user. Based on the deployment type, the market is sub-segmented into cloud software and on-premise software. Based on the end-user, the market is further sub-segmented into upstream companies, mid-stream companies, and downstream companies.

The market player’s are also contributing significantly to the market’s growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market.  For instance, in August 2020, W Energy Software announced the debut of its oil and gas measurement product line, which will track liquids and natural gas measurement data throughout the energy value chain. The new measurement solution gives upstream and midstream enterprises the data management tools they need to track gas and liquid measurement data from the wellhead to storage, transportation, processing, and point of sale. W Energy Software’s measuring system also allows businesses to save field data in the cloud, validate measurement data, check product quality, and balance gas and liquid quantities. Existing clients will be able to effortlessly integrate measurement data with their W Energy Software solutions, resulting in increased operational and financial efficiency.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Deployment Type
  • By End User
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Tieto India Pvt. Ltd., SAP SE, Adept Solutions, P2 Energy Solutions, Wipro Ltd., andQuorum Business Solutions Inc.,among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Hydrocarbons Accounting Solution Market Report by Segment

By Deployment Type

• Cloud Software
• On-Premise Software

By End User

• Upstream Companies
• Mid-Stream Companies
• Downstream Companies