Oil & Gas Project Management Software Market - Global Industry Analysis, Size, Share, Trends, Forecast 2025

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.

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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.