Production optimization software is a technology that enables various activities such as measuring, analyzing, modelling, prioritizing, and implementation of actions to enhance productivity of a field reservoir, well, or surface. Using production optimization software is a basic practice exercised to ensure recovery of developed reserves while maximizing returns. It also enables near-wellbore profile management; maximizes the productivity index; and carries out production system debottlenecking.
Competition among players operating in the global manufacturing sector has increased. Specifically in Asia Pacific, cost and production efficiency is the key to penetrate the market, due to price-conscious consumer behavior. With China being the world-leading manufacturer of inexpensive products, the need for offering products at competitive prices has increased across industries. In order to efficiently manage the production, deployment of production optimization software is required.
In the competitive market scenario, SMEs are adopting automation in their business process. Small & medium enterprises (SMEs), specifically those in North America and Europe, are adopting production optimization software so as to become more competitive in their price offering.
Incorporation of production optimization software in the manufacturing process leads to increase in system downtime. This can hamper the global production optimization software market during the short-term forecast period. In several countries of Asia Pacific, production systems are not compatible with production optimization software. This can increase the cost incurred to the manufacturer for deployment of compatible systems in the organization.
In terms of region, the global production optimization software market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global production optimization software market during the forecast period, as adoption of multiple and advanced digital display technologies by SMEs and large enterprises is higher in this region compared to other regions.
The COVID-19 pandemic is expected to adversely impact the global production optimization software market for a short-term period. This is attributable to lockdown in countries of Europe, North America, and Asia Pacific regions, which hold 75%–85% share of the global manufacturing industry as well as the global production optimization software market. The major usage of production optimization software lies in the manufacturing across different industries. With the shutdown of manufacturing units across the globe, the pandemic is projected to hamper the global production cost management software market for the next 1–2 years.
Established in 1981, AspenTech is headquartered in Bedford, Massachusetts (the U.S.). It is a leading supplier of software used for optimizing asset performance. AspenTech uniquely combines the process modeling expertise with big data machine-learning. The company majorly provide the solution to oil & gas, chemical, engineering & construction, pharmaceutical, food, beverage, and consumer packaged goods industry
The global production optimization software market can be segmented based on:
Based on deployment, the global production optimization software market can be divided into:
In terms of industry, the global production optimization software market can be segregated into: