Global Oil and Gas Project Management Software Market: Overview
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.
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.
Oil & Gas Project Management Software Market: Snapshot
Oil and gas project management software is a propelled variant of software planned and created to help oil and gas organizations to streamline assets and track points of reference for collaborations into capital speculations, new markets, vast investigation, or generation exercises. It has turned into a need within oil and gas organizations owing to the intricacy of their operations. The sorts of software can be incorporated with oil and gas resource management, accounting solutions to allocate, back office, maintenance projects, calculate, and oversee project expenses.
Oil & Gas Project Management Software Market: Trend and Opportunities
Projects attempted by oil and gas organizations having very intricate operations, asset management, capital management, and stock management, among others are at the bleeding edge of driving interest for worldwide oil and gas project management software. These very advanced and effective software are utilized by oil and gas organizations to deal with their capital projects.
Oil and gas project management software have many points of interest. They empower organizations to appropriately use assets and keep a tab on the advance of projects. They additionally help organizations to comprehend hazards and realize consistence. Further, they help with examination and detailing also.
Giving headwinds to the worldwide oil and gas project management software market is the developing interests in interchange vitality, for example, tidal, nuclear, wind, solar, and water. Additionally, the yawning hole amongst request and supply of oil and gas is likewise going about as an obstacle to the market.
Oil & Gas Project Management Software Market: Geographical Analysis
From a geological point of view, North America at present leads the market with most extreme offer. The U.S., which earns greatest income in the locale, is the fundamental driver of extension. North America is a main area in light of being home to a substantial number of industry players in the locale and its gigantic shale oil saves.
Europe trails North America versus income in the worldwide oil and gas project management software market. Europe is fueled essentially by the U.K. also, Scandinavia district. The monstrous stores of oil and gas in the North Sea and Scandinavian locales are one reason for solid request in the market. The nearness of complex land structures and pipeline arrange, expanding speculations and investigation and generation exercises are said to catalyze development in the locale.
Asia-Pacific locale is another key market, which is being helped by China and other South East Asian nations as the provincial data innovation industry, which bolsters the oil and gas industry picks up quality. Quick pace of urbanization and thriving populace is likewise boosting the market. Likewise, the exceptionally associated and propelled economies of South East Asian nations alongside the nearness of important foundations is required to help the territorial market's development.
Oil & Gas Project Management Software Market: Companies Mention
InEight, Inc., Oracle Corp., AVEVA Group PLC, SAP SE, Siemens AG, IBM Corp., Microsoft Corp., Stormgeo Holding AS, Aconex Ltd., Varec, Inc., Deltek, Inc., EcoSys Management LLC, LiquidFrameworks, Inc., Penta Technologies, Inc., IFS World Operations AB, Coreworx Inc. are some of the major players dominating in the global market.