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.
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Massive Shale Oil Reserves Propels North America Market to the Fore
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.
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.
Need to Manage Complex Operations Spurs Demand
Projects undertaken by oil and gas companies that have highly complicated operations, resource management, capital management, and inventory management, among others have served to up demand for global oil and gas project management software. “These project management software help companies optimize resources and track progress of the projects. Furthermore, such software also help companies to access risks, plan and optimize resources, allow collaboration, ensure compliance to regulations and help with analytics and reporting,” explains the lead analyst of TMR report.
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One of the factors posing a roadblock to the global oil and gas project management software market is the increasing investments in alternate energy. Moreover, the yawning gap between demand and supply of oil and gas is also dealing blow to the market. This is because of the overproduction of oil and gas on account of the gulf nations unwilling to cut down on production and the thrust on shale production.