The global Oil and Gas Project Management Software Market is expected to witness steady demand from across the globe, with growth pace expected to remain moderate over the next few years, chiefly owing to headwinds faced by the industry from stringent pollution control regulations globally. According to a recent market research report by Transparency Market Research, the global oil and gas project management software market will exhibit a CAGR of 3.6% over 2017 and 2025, rising to a revenue valuation of US$ 489.5 mn by 2025.
The complexity of operations and procedures in the oil and gas sector, oil and gas companies require effective project management software solutions for tracking milestones and optimizing resources for capital investments, undertaking large production and exploration activities, and expanding into new markets. Oil and gas project management software is also often required for the proper management of risks associated with diverse projects, thus bringing about a reduction in operation costs, improvement in productivity, and enhanced safety for human resources.
Listed below are some of the key trends recently observed in the global oil and gas project management software market:
Thriving Renewable Energy Industry: While the oil and gas industry continues to flourish across the globe, incorporating new technologies to improve production from old wells and finding potential new sources, it has seen increased competition from the renewables sector in the last few years. With government regulations and policies increasingly supporting advancements in the field of renewables, the oil and gas sector, which is already suffering from unsteady costs and negative public sentiment pertaining to several petrochemical products considering their polluting nature, is presently treading along a rocky growth path. This is also expected to have a direct negative impact on the overall development of the global oil and gas project management market.
Increased Focus on Improving Upstream Activities: At the very core, the applications of a typical oil and gas project management software can be segmented into upstream activities and downstream activities. Of these, the upstream application segment presently contributes a significant share of revenue to the global market. This can be attributed to the increased focus and investments into the development of the upstream activities, including the areas of exploration and production. A steadily rising number of exploration and production projects and a significant rise in mergers and acquisitions, dictated by the recent depression in the industry owing to slumping oil prices, is further expected to strengthen the upstream segment.
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Europe and North America Present Steady Demand: Europe and North America are presently the leading regional markets for oil and gas project management software owing to the presence of some of the leading companies operating in the project management software industry, the massive oil shale reserves in North America and vast reserves of oil and gas in the Scandinavian regions and North Sea.
The North America market is expected to remain a leading regional market for oil and gas project management software in the next few years as well owing to increased focus on the development of the regions oil shale reserves. The Europe market will benefit from the presence of a pipeline network, the complex geological structures, and rising investments towards oil and gas exploration and production activities.