Projects undertaken by oil and gas companies having highly complex operations, resource management, capital management, and inventory management, among others are at the forefront of driving demand for global oil and gas project management software. These highly sophisticated and efficient software are leveraged by oil and gas companies to handle their capital projects.
Oil and gas project management software have many advantages. They enable companies to properly utilize resources and keep a tab on the progress of projects. They also aid companies to understand risks and bring about compliance. Further, they help with analytics and reporting as well.
Providing headwinds to the global oil and gas project management software market is the growing investments in alternate energy such as wind, solar, tidal, nuclear and water. Moreover, the yawning gap between demand and supply of oil and gas is also acting as a deterrent to the market.
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As per a report by Transparency Market Research, the global oil and gas project management software market will likely progress slowly at a CAGR of 3.6% from 2017 to 2025 to attain a value of US$ 489.5 mn by 2025-end.
Need for Operational Efficiency in Exploration and Production, Makes Upstream Applications Dominant Segment
Application-wise, the global oil and gas project management software market is can be bifurcated into upstream and mid and downstream. Of the two, the upstream application segment is predicted to contribute majorly to the market on account of rising investments in upstream application. As the global oil and gas industry looks to improve upon operational efficiency of exploration and production activities and tread a path of consolidation in the face of lessening revenues through mergers and acquisitions, the demand for oil and gas project management software is only slated to increase. The mid and downstream application segment is expected to hold a comparatively smaller share of the global oil and gas project management software market.
Large Reserves of Shale Catapults North America Market
From a geographical perspective, North America currently leads the market with maximum share. The U.S., which grosses maximum revenue in the region, is the main driver of expansion. North America is a leading region because of being home to a large number of industry players in the region and its massive shale oil reserves.
Europe trails North America vis-à-vis revenue in the global oil and gas project management software market. Europe is powered primarily by the U.K. and Scandinavia region. The massive reserves of oil and gas in the North Sea and Scandinavian regions are one of the reasons for strong demand in the market. The presence of complex geological structures and pipeline network, increasing investments and exploration and production activities are said to be catalyzing growth in the region.
Asia-Pacific region is another key market, which is being boosted by China and other South East Asian countries as the regional information technology industry, which supports the oil and gas industry gains strength. Swift pace of urbanization and burgeoning population is also helping to boost the market. In addition, the highly connected and advanced economies of South East Asian countries along with the presence of necessary infrastructures is expected to boost the regional market’s growth.
Some of the key comapnies in the global oil and gas project management software market are Deltek, Inc., InEight, Inc., EcoSys Management LLC, Oracle Corp., LiquidFrameworks, Inc., AVEVA Group PLC, SAP SE, Penta Technologies, Inc., Siemens AG, IBM Corp., IFS World Operations AB, Microsoft Corp., Stormgeo Holding AS, Aconex Ltd., Coreworx Inc., and Varec, Inc.
Increased Adoption of Advanced Tools in Oil and Gas Industry Fuels Demand Opportunities in Oil & Gas Project Management Software Market
The projects carried out in the oil and gas industry generally comprise extremely complex operations including capital management, inventory management, and resource management activities. As a result, the companies engaged in the industry are growing inclination toward the use of oil & gas project management software, which is specifically designed for performing abovementioned tasks in this industry.
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Oil & gas project management software are gaining immense popularity in the oil and gas industry as they are extremely sophisticated and are efficient in handling all the capital projects of organizations. Apart from this, these software offer many advantages. One of the prominent advantages of oil & gas project management software is their ability to fully utilize available resources and keep the track of all the ongoing projects of the company.
The products from the global oil & gas project management software market are in high demand as they help organizations in understanding risks and bringing about compliances. Apart from this, companies are growing dependence on the oil & gas project management software owing to the ability of these software to assist in reporting and analytics. Thus, increased adoption from the oil and gas industry worldwide is likely to generate prominent sales opportunities for vendors working in the global oil & gas project management software market.
In recent few months, many countries across the globe had to impose lockdowns to contain the COVID-19 spread. As a result, there was sudden fall in transportation activities. Apart from this, many companies working in the oil and gas industry had to stop their ongoing projects. All these factors have impacted adversely on the global oil & gas project management software market. However, with companies engaged in this sector pouring efforts to regain their regular activities, the global market for oil & gas project management software is expected to recover from the losses due to COVID-19 and show moderate growth during the forthcoming years.
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