Global Oil and Gas Project Management Software Market: Companies Need to Optimize Resources Pushes up Demand

Oil and gas project management software is a type of advanced software leveraged by oil and gas companies to manage their capital projects which are highly complex. Some of the prominent names operating 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.

A report by Transparency Market Research projects the global oil and gas project management software market to become worth US$ 489.5 mn by 2025 by registering a lackluster 3.6% CAGR between 2017 and 2025.

Based on application, the global oil and gas project management software market can be split into upstream and mid and downstream. Of the two, the upstream application segment is predicted to contribute to most of the share in the market on account of the increasing investments in upstream applications, comprised of the exploration and production sector. The upstream industry is involved in the task of discovering and producing crude oil and natural gas. Speeding up of projects in exploration and production sector and growing mergers and acquisitions necessitated by slumping oil prices eroding companies’ margins is expected to bolster the upstream segment. The upstream segment is further divided into on-shore and off-shore application.

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Geographically, the key segments of the global oil and gas project management software market are North America, South America, Asia Pacific, Europe, and the Middle East and Africa. At present, North America contributes the most to market and in the upcoming years too the region will likely remain the main engine of growth. The market is North America is powered by the U.S., which grosses maximum revenue in the region. One of the primary reasons for the North America market’s dominance is the presence of numerous industry players in the region coupled with the massive shale oil reserves which are predicted to catalyze growth.

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Pragati Pathrotkar

As one of the lead news writers on cmfenews, Pragati’s specialization lies in the science and technology domains. Her passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Pragati’s take on the impact of digital technologies across the science, technology, and business domains gives her writing a fresh and modern outlook.

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