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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), and Region 2023-2028

March 2023 | 145 pages | ID: H072BCD03EA9EN
IMARC Group

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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?
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
10.2 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
10.3 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
10.4 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
10.5 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 FinancialsKindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

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


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


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