COVID-19 Impact on Inventory Management Market in Oil & Gas Industry

  • The COVID-19 outbreak is hampering inventory management in the oil & gas industry in many applications. Governments of various countries across the globe enforced lockdown measures to curb the spread of the coronavirus. This resulted in a slowdown and even a halt in inventory systems and operations, thus hampering the demand for inventory management in the oil & gas industry.
  • COVID-19 adversely impacted the maintenance of the global oil & gas inventory management market, due to the difficulties faced by software owing to network disturbance and closure of modern facilities. Insufficient manpower cut off supply and transportation. Different state-run administrations have laid out objectives to progressively transition from oil & gas fields. Interest in many oil & gas plants has diminished harshly. Several upcoming projects have been delayed or shut down due to a lack of proper resources due to the pandemic.

Key Drivers of Inventory Management Market in Oil & Gas Industry

  • The software in the oil & gas inventory management market allows businesses to become proactive about maintaining their inventory. Software developers are incorporating technologies that can provide historical as well as current data about the inventory in real time. This allows players to plan and manage future strategies that can help them improve their profit module.
  • Having an exact idea about the status of inventory can allow organizations to plan their tasks in an optimal manner. With advanced inventory management software, companies can predict the exact time to conduct a task. This helps improve the efficiency of the business.  

Restraints of Inventory Management Market in Oil & Gas Industry

  • Global inventory management in oil & gas is subject to unpredictable economic shifts and market forces that impact the competition for raw materials. Small businesses are sometimes faced with choosing between competing for high-demand materials or holding enough inventory to control costs.
  • Managing inventory in the oil & gas industry is an unsettling task. The process and results impact every aspect of the industry such as inconsistent tracking, warehouse efficiency, inaccurate data, and overstocking.

Asia Pacific to Constitute Significant Share of Global Inventory Management Market in Oil & Gas Industry

  • In terms of region, the global inventory management market in oil & gas industry can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific has a high adoption rate of oil & gas inventory technologies because of the dominance of transportation, automotive, and production industries in the region
  • Europe is expected to exhibit maximum potential for players operating in the global inventory management market as it has the largest growth in inland consumption of crude oil and petroleum products. The dominance of the market in the region can be ascribed to significant incremental opportunities such as rise in number of warehouses and inventories.

Competitive Landscape of Global Inventory Management Market in Oil & Gas Industry

  • Companies offering inventory management in the oil & gas industry are aiming to enter into strategic and innovative partnerships with other dealers in order to expand their portfolio of services while addressing the demand of the existing customers

Key Players Operating in Global Inventory Management Market in Oil & Gas Industry

  • Zoho Inventory
  • Vyapar
  • Oracle NetSuite ERP
  • AlignBooks
  • Horizon ERP
  • DataCo
  • Greasebook
  • Orion ERP

Global Inventory Management Market in Oil & Gas Industry: Research Scope

Global Inventory Management Market in Oil & Gas Industry, by Type

  • Periodic Inventory System
  • Perpetual Inventory
  • Stock Locator Database
  • Grid Coordinating Numbering System
  • Communication System
  • Maximization of Storage Capacity

Global Inventory Management Market in Oil & Gas Industry, by Application

  • Asset Tracking
  • Product Differentiation
  • Service Management
  • Inventory Optimization

Global Inventory Management Market in Oil & Gas Industry, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • South Arabic
    • South Africa
    • Rest of Middle East & Africa

Inventory Management Market in Oil & Gas Industry: Introduction

  • Inventory management in the oil & gas industry uses systems that allow configuration of data fields and reports to fit unique needs and operations. It tracks stocks such as rods, pipes, casings, pumps, and chemical drums that are stored at multiple warehouses or job sites.
  • Inventory management solution provides the most efficient technologies and methods for tracking stored materials in order to reduce tool loss, loss of time, and cost associated with manual methods, ultimately helping increase productivity and accountability among all workers

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Inventory Management Market