DUBLIN, Oct. 19, 2020 /PRNewswire/ — The “Geomechanics Software And Services Market By Component, By Solution, By Application – Growth, Future Prospects And Competitive Analysis, 2020 – 2028” report has been added to ResearchAndMarkets.com’s offering.
Globally, the geomechanics software & services market is expected to grow with a CAGR of 15.7% during the forecast period from 2020 to 2028.
The market is driven by the growing demand among the oil & gas industry to enhance the performance of the drilling, reduce non productive time, and optimize wellbore contact. Due to the uncertain prices of the oil & gas commodities and increasing competition, the oil & gas companies are looking for more advance ways to reduce the cost of operation and gain operational efficiency. This is augmenting the demand of geomechanics software and services among the organizations to provide advance tools and service for optimizing the operational performance.