Oil and Gas Project Management Software Market can be split into upstream and mid and downstream

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.

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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.

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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.

Researcher Tech Trends Up To Date. Market research is an important component of modern business strategy; the process of systematic gathering