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.
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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.