According to the latest report by IMARC Group “Hydrocarbons Accounting Solution Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028“, 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. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Hydrocarbon accounting (HCA) solutions refer to information technology (IT) tools employed to monitor and manage the transportation, production, and storage of hydrocarbons. It is a process that involves tracking the ownership of gas liquids, oil, gas, and water from production to the point of sale and discharge. These solutions are widely deployed for revenue distribution, volumetric and contractual allocations, field operations, payment processing, contract pricing, royalty management, and taxation. In addition, they help increase user efficiency, minimize errors, maximize revenue, lowers data management expenses, mitigates business risks, manage unscheduled deferments, and facilitate the incorporation of new assets. As a result, HCA solutions are widely adopted in the natural gas, water, and oil sectors.
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Hydrocarbons Accounting Solution Market Trends:
The market is primarily driven by the expanding oil and gas industry and the increasing demand for HCA solutions. In addition, HCA solutions are widely utilized for forecasting, simulation, and optimization, which empowers professionals to make informed decisions regarding asset utilization, planning, and financial management, which is contributing to market growth. Moreover, the introduction of artificial intelligence (AI) to offer intelligent automation, minimize the time during financial close and enhance productivity represents another major growth-inducing factor. Besides this, the widespread product adoption in the upstream operations for reporting and allocation and managing production, sales, revenues, and supply chain are propelling the market growth. Furthermore, the integration of hydrocarbon accounting as a service (HaaS) that requires minimal investment, improves security and efficiency, offers scalability, and helps eliminate multiple silos for supporting and managing the infrastructure, application, interface, and business processes is also creating a favorable market outlook across the globe.
Report Segmentation:
The report has segmented the market into the following categories:
Component Insights:
- Software
- Services
- Consulting
- Implementation
- Support
Deployment Mode Insights:
- On-premises
- Cloud-based
Application Insights:
- Oil
- Natural Gas
- Water
End User Insights:
- Upstream Companies
- Mid-Stream Companies
- Downstream Companies
Market Breakup by Region:
- 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
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Competitive Landscape:
- CGI Inc.
- EnergySys Limited
- Infosys Limited
- P2 Energy Solutions
- Quorum Business Solutions Inc.
- SAP SE
- Wipro Limited
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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