Product optimization software helps monitor and analyze enterprise asset performance in order to enhance production. It also aids in prioritizing optimization opportunities. The advanced monitoring and analytical tools in product optimization software help predict, track, and mitigate performance problems. Organizations deploy product optimization software to maximize production; monitor filed performance; and for asset optimization to automate and optimize reservoir, well, and surface networks.
The global product optimization software market is expanding at a rapid pace. Demand for automated workflow is on the rise among organizations as it reduces downtime and improves asset performance to enhance production. Further, manufacturers are opting for product optimization software as it improves operation efficiency and provides a competitive edge. Demand for product optimization software is projected to rise in the near future, owing to an increase in investment in advanced technology from the oil & gas industry. Rise in the adoption of Big Data in product optimization software is anticipated to drive the product optimization software market, as it helps companies take decisions about the production process. Big Data converts a large chunk of industry data into supportive analysis in order to help companies make decisions. Companies can improve industrial plant operations through the use of data. Over the past few years, technological innovations and advancements in the Internet of Things and Big Data have supported the automated workflow industry. However, data regulations and standards are likely to hinder the product optimization software market. The oil & gas industry is introducing advanced applications by investing in the Internet of Things (IoT) and analytics technology. This is likely to provide opportunities to the product optimization software market in the near future.
The global product optimization software market can be segmented based on deployment model, enterprise size, and region. Based on deployment model, the global product optimization software market can be categorized into on-premise and cloud-based software. In terms of enterprise size, the global product optimization software market can be classified into small & medium and large enterprises. Product optimization software helps large and small & medium enterprises to improve upstream productivity across wells, reservoir, networks, and customers. The oil & gas industry is increasing IT spending in order to adopt advanced technological solutions to improve operational efficiency. Oil & gas companies deploy advanced solutions to manage production plans across multiple locations and for different types of extraction methods. An increase in the adoption of IT solutions in the oil & gas industry is projected to leverage operational and customer data in order to automate workflow. Increasing plant automation is projected to drive the product optimization software market in the coming years. This is because complicated processes involved in industries such as oil & gas and pulp & paper are controlled automatically with the use of robots and other advanced technologies. These processes are generally known as plant automation or process automation. Introduction of technology in industries globally has made industrial activities highly flexible and effective. The aim of industries to enhance productivity, reduce cost of production, and improve workplace safety are some reasons that are projected to boost plant automation.
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Based on region, the global product optimization software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. These geographic regions are further analyzed at the country level, wherein top countries across North America are the U.S. and Canada. Europe includes market analysis across the U.K., Germany, France, and the Rest of Europe. Similarly, the market in Asia Pacific is studied and analyzed across India, China, Japan, Australia, and the Rest of Asia Pacific. The top countries in the Middle East & Africa and South America include GCC countries, South Africa, and Brazil.
Major companies operating in the global product optimization software market include ABB, Schneider Electric, Infosys Limited, Weatherford, Baker Hughes (General Electric), Next (Schlumberger Company), Plataine Ltd., Ambyint, Reliance Production Optimization, and Dassault Systems.