PUBLISHER: IMARC | PRODUCT CODE: 1255921
PUBLISHER: IMARC | PRODUCT CODE: 1255921
Hydrocarbons Accounting Solution Market by Component (Software, Services), Deployment Mode (On-premises, Cloud-based), Application (Oil, Natural Gas, Water), End User (Upstream Companies, Mid-Stream Companies, Downstream Companies), Region 2023-2028
Market Overview:
The global hydrocarbons accounting solution market size reached US$ 505.31 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 697.45 Million by 2028, exhibiting a growth rate (CAGR) of 5.43% during 2023-2028. The rising product utilization in the oil and gas industry, increasing regulatory requirements, and the introduction of hydrocarbon accounting as a service (HaaS) represent some of the key factors driving the market.
Hydrocarbon accounting solution refers to an information technology (IT) tool utilized to track and manage the production, transportation, and storage of hydrocarbons. It is a process used to track the ownership of oil, gas, gas liquids, and water from production to the point of sale or discharge. Hydrocarbon accounting solution is widely used for volumetric and contractual allocations, field operations, payment processing, revenue distribution, contract pricing and valuation, royalty management, and taxation. It aids in capturing real-time data across production, exploration, and distribution operations to maximize profits, increase user efficiency, and reduce errors. Hydrocarbon accounting solution also provides a unified source of auditable data, reduces data management costs, mitigates business risks, manages unscheduled deferments, and facilitates the introduction of new assets.
Hydrocarbons Accounting Solution Market Trends:
The rising product utilization in the oil and gas industry is one of the primary factors driving the market growth. Hydrocarbon accounting solution is widely used to measure, monitor, and calculate the volume of hydrocarbons produced, stored, and transported and track the financial aspects of the production, such as expenses, revenues, and royalties. In addition to this, the widespread product utilization for forecasting, simulation, and optimization, which allows professionals to make informed decisions regarding planning, asset utilization, and financial management, is acting as another growth-inducing factor. Furthermore, increasing regulatory requirements is facilitating the product adoption to maintain accurate records of expenditures and revenues for partners and royalty owners, eliminate errors from manual entries, save time through deep automation, enhance accuracy, improve transparency, allow easy reporting, and provide complete auditable control over access to data is positively influencing the market growth. Additionally, the introduction of hydrocarbon accounting as a service (HaaS) that improves efficiency, requires minimal investment, enhances security, provides scalability, and aids in eliminating multiple silos for managing and supporting the application, infrastructure, interface, and business processes are favoring the market growth. Along with this, the integration of artificial intelligence (AI) to provide intelligent automation, improve productivity, and reduce time during financial close is propelling the market growth. Moreover, rising product applications in the upstream operations for reporting and allocation and managing production, revenues, sales, and supply chain are providing an impetus to the market growth. Other factors, including increasing oil and gas exploration activities, rapid digitalization trends, and rising consumer awareness regarding various product benefits, are anticipated to drive the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global hydrocarbons accounting solution market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, application, and end user.
Component Insights:
- Software
- Services
- Consulting
- Implementation
- Support
The report has also provided a detailed breakup and analysis of the hydrocarbons accounting solution market based on the component. This includes software and services (consulting, implementation, and support). According to the report, software represented the largest segment.
Deployment Mode Insights:
- On-premises
- Cloud-based
A detailed breakup and analysis of the hydrocarbons accounting solution market based on the deployment mode has been provided in the report. This includes on-premises and cloud-based. According to the report, cloud-based accounted for the largest market share.
Application Insights:
- Oil
- Natural Gas
- Water
A detailed breakup and analysis of the hydrocarbons accounting solution market based on the application has been provided in the report. This includes oil, natural gas, and water. According to the report, oil accounted for the largest market share.
End User Insights:
- Upstream Companies
- Mid-Stream Companies
- Downstream Companies
A detailed breakup and analysis of the hydrocarbons accounting solution market based on the end user has been provided in the report. This includes upstream, mid-stream, and downstream companies. According to the report, upstream companies accounted for the largest market share.
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, North America was the largest market for hydrocarbons accounting solution. Some of the factors driving the North America hydrocarbons accounting solution market include presence of prominent market players, rising oil and gas exploration activities, rapid digitalization trends, etc.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global hydrocarbons accounting solution market. Detailed profiles of all major companies have also been provided. Some of the companies covered include CGI Inc., EnergySys Limited, Infosys Limited, P2 Energy Solutions, Quorum Business Solutions Inc., SAP SE, Wipro Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
- How has the global hydrocarbons accounting solution market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global hydrocarbons accounting solution market?
- What are the key regional markets?
- Which countries represent the most attractive hydrocarbons accounting solution markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What is the competitive structure of the global hydrocarbons accounting solution market?
- Who are the key players/companies in the global hydrocarbons accounting solution market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Hydrocarbons Accounting Solution Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Software
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Services
- 6.2.1 Market Trends
- 6.2.2 Key Segment
- 6.2.2.1 Consulting
- 6.2.2.2 Implementation
- 6.2.2.3 Support
- 6.2.3 Market Forecast
7 Market Breakup by Deployment Mode
- 7.1 On-premises
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Cloud-based
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Application
- 8.1 Oil
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Natural Gas
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Water
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by End User
- 9.1 Upstream Companies
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Mid-Stream Companies
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Downstream Companies
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.1.1 United States
- 10.2 Asia-Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.2.1 China
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.3.1 Germany
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.4.1 Brazil
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
11 Drivers, Restraints, and Opportunities
- 11.1 Overview
- 11.2 Drivers
- 11.3 Restraints
- 11.4 Opportunities
12 Value Chain Analysis
13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 CGI Inc.
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.1.3 Financials
- 15.3.1.4 SWOT Analysis
- 15.3.2 EnergySys Limited
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.3 Infosys Limited
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 Financials
- 15.3.3.4 SWOT Analysis
- 15.3.4 P2 Energy Solutions
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.5 Quorum Business Solutions Inc.
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.6 SAP SE
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.6.4 SWOT Analysis
- 15.3.7 Wipro Limited
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.7.3 Financials
- 15.3.1 CGI Inc.
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
List of Figures
- Figure 1: Global: Hydrocarbons Accounting Solution Market: Major Drivers and Challenges
- Figure 2: Global: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017-2022
- Figure 3: Global: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 4: Global: Hydrocarbons Accounting Solution Market: Breakup by Component (in %), 2022
- Figure 5: Global: Hydrocarbons Accounting Solution Market: Breakup by Deployment Mode (in %), 2022
- Figure 6: Global: Hydrocarbons Accounting Solution Market: Breakup by Application (in %), 2022
- Figure 7: Global: Hydrocarbons Accounting Solution Market: Breakup by End User (in %), 2022
- Figure 8: Global: Hydrocarbons Accounting Solution Market: Breakup by Region (in %), 2022
- Figure 9: Global: Hydrocarbons Accounting Solution (Software) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 10: Global: Hydrocarbons Accounting Solution (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 11: Global: Hydrocarbons Accounting Solution (Services) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 12: Global: Hydrocarbons Accounting Solution (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 13: Global: Hydrocarbons Accounting Solution (On-premises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 14: Global: Hydrocarbons Accounting Solution (On-premises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 15: Global: Hydrocarbons Accounting Solution (Cloud-based) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 16: Global: Hydrocarbons Accounting Solution (Cloud-based) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 17: Global: Hydrocarbons Accounting Solution (Oil) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 18: Global: Hydrocarbons Accounting Solution (Oil) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 19: Global: Hydrocarbons Accounting Solution (Natural Gas) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 20: Global: Hydrocarbons Accounting Solution (Natural Gas) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 21: Global: Hydrocarbons Accounting Solution (Water) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 22: Global: Hydrocarbons Accounting Solution (Water) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 23: Global: Hydrocarbons Accounting Solution (Upstream Companies) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 24: Global: Hydrocarbons Accounting Solution (Upstream Companies) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 25: Global: Hydrocarbons Accounting Solution (Mid-Stream Companies) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 26: Global: Hydrocarbons Accounting Solution (Mid-Stream Companies) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 27: Global: Hydrocarbons Accounting Solution (Downstream Companies) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 28: Global: Hydrocarbons Accounting Solution (Downstream Companies) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 29: North America: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 30: North America: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 31: United States: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 32: United States: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 33: Canada: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 34: Canada: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 35: Asia-Pacific: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 36: Asia-Pacific: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 37: China: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 38: China: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 39: Japan: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 40: Japan: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 41: India: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 42: India: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 43: South Korea: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 44: South Korea: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 45: Australia: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 46: Australia: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 47: Indonesia: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 48: Indonesia: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 49: Others: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 50: Others: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 51: Europe: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 52: Europe: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 53: Germany: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 54: Germany: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 55: France: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 56: France: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 57: United Kingdom: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 58: United Kingdom: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 59: Italy: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 60: Italy: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 61: Spain: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 62: Spain: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 63: Russia: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 64: Russia: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 65: Others: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 66: Others: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 67: Latin America: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 68: Latin America: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 69: Brazil: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 70: Brazil: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 71: Mexico: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 72: Mexico: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 73: Others: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 74: Others: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 75: Middle East and Africa: Hydrocarbons Accounting Solution Market: Sales Value (in Million US$), 2017 & 2022
- Figure 76: Middle East and Africa: Hydrocarbons Accounting Solution Market: Breakup by Country (in %), 2022
- Figure 77: Middle East and Africa: Hydrocarbons Accounting Solution Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 78: Global: Hydrocarbons Accounting Solution Industry: Drivers, Restraints, and Opportunities
- Figure 79: Global: Hydrocarbons Accounting Solution Industry: Value Chain Analysis
- Figure 80: Global: Hydrocarbons Accounting Solution Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Hydrocarbons Accounting Solution Market: Key Industry Highlights, 2022 & 2028
- Table 2: Global: Hydrocarbons Accounting Solution Market Forecast: Breakup by Component (in Million US$), 2023-2028
- Table 3: Global: Hydrocarbons Accounting Solution Market Forecast: Breakup by Deployment Mode (in Million US$), 2023-2028
- Table 4: Global: Hydrocarbons Accounting Solution Market Forecast: Breakup by Application (in Million US$), 2023-2028
- Table 5: Global: Hydrocarbons Accounting Solution Market Forecast: Breakup by End User (in Million US$), 2023-2028
- Table 6: Global: Hydrocarbons Accounting Solution Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 7: Global: Hydrocarbons Accounting Solution Market: Competitive Structure
- Table 8: Global: Hydrocarbons Accounting Solution Market: Key Players
