Oil & Gas Project Management Software Market to Grow at 3.6% CAGR, Thanks to Rising Demand for Operational Efficiency
Transparency Market Research (TMR) observes that with the presence of many market players, the vendor landscape of global oil & gas project management software market has become a fragmented one.
Projects that are undertaken by oil and gas companies have highly complicated operations, capital management, inventory management, and resource management activities. Oil and gas project management software are needed to simplify these complicated tasks. Oil and gas companies leverage these highly efficient and sophisticated software applications to manage their capital projects.
Some major companies in the global oil and gas project management software market are AVEVA Group PLC, EcoSys Management LLC, Liquid Frameworks, Inc., Stormgeo Holding AS, and Oracle Corporation amongst several others.
In accordance with the market research report by Transparency Market Research, the global oil & gas project management software market will expand at a CAGR of 3.6% from 2017 to 2025. The market is expected to be valued at US$489.5 mn in 2025.
Increased Demand for Operational Efficiency to Stimulate Market Growth
There are many benefits of oil and gas project management software. Oil and gas project management software enable companies to use resources properly and help them in keeping a tab on the progress of their projects. Oil and gas project management software also assist in the understanding of risks and provide compliance. Besides, oil and gas project management software also help with reporting and analytics.
Global oil and gas industry is focused on improving the operational efficiency of production and exploration activities. Oil and gas companies plan to walk the path of consolidation through acquisitions and mergers and increase revenue. Such moves are expected to fuel the growth of global oil and gas project management software market.
Giving thrust to the global oil and gas project management software market is the increasing investments in alternate energy such as water, tidal, wind, and solar. Besides, the increasing gap between demand and supply of oil and gas is restraining the growth of global oil and gas project management software market.
North America to Lead the Market throughout the Forecast Period
From a regional perspective, global oil and gas project management software market is segregated into North America, Europe, Asia Pacific, Middle East and Africa and South America. North America is currently leading the global oil and gas project management software market with the largest share. The region is expected to be led by U.S., which accounts for maximum revenue and drives the expansion. Presence of a large number of industry players and large oil reserves in the region are propelling the global oil and gas project management software market in North America.
North America is trailed by Europe in terms of revenue in the global oil and gas project management software market. In Europe, global oil and gas project management software market is powered mainly by the Scandinavian nations and U.K. Large reserves of oil and gas in the Scandinavian regions and North Sea are one of the reasons for strong demand for global oil and gas project management software in the market.
Another significant market is Asia-Pacific region. In this region, China and other South East Asian countries drive global oil and gas project management software market. The oil and gas industry in this region is strongly supported by the regional information technology industry. Besides, the advanced and highly connected economies of South East Asian countries and with the presence of essential infrastructures are forecasted to boost the growth of oil and gas project management software market.
The information shared in this review is based on a TMR report, bearing the title “Oil & Gas Project Management Software Market (Application - Upstream and Mid & Down Stream; Deployment - Off-Premise and On-Premise; Module - Contract Management, Scheduling, Asset Management, Inventory Management, Costing, Analytics, and Maintenance) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The global oil & gas project management software market is segmented based on:
- Upstream and Mid
- Down Stream
- Contract Management
- Asset Management
- Inventory Management
- Costing, Analytics
- North America
- Asia Pacific
- Middle East and Africa
- South America
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