Global Oil and Gas Project Management Software  Market Size with Growth Opportunities, Top Countries Data, Future Trends and Share with Revenue Forecast 2022 to 2031

Kenneth Research, in its repository of market research reports, have recently added a report on the Global Oil and Gas Project Management Software Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Oil and Gas Project Management Software Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Global Oil and Gas Project Management Software Market products.

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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.

Global Oil and Gas Project Management Software Market is valued approximately at USD 395.9 million in 2019 and is anticipated to grow with a CAGR of 3.6 % over the forecast period 2020-2027. Oil and Gas industry projects tends to be complex with operations such as capital management, inventory management, asset maintenance and other resource management activities. Oil and Gas Project Management Software ensures easier maintenance of project details with minimized manual errors and keep a hold of the progress of the projects. This software enhances the efficiency of the operations and manage company’s capital projects and finances. The software assists in risk management with systemized reports and analytics. Increase in the demand for advanced technologies such as Cloud Computing, Big Data and Analytics ensures high efficiency in operational data management. Further, the software also simplifies the complex operational activities such as planning, reporting, monitoring, implementation and evaluation in the project management. Further, rise in the government initiatives and policies to integrate Oil and Gas Industry operations with digital technologies which supports the growth of the market. For Instance: World Economic Forum collaborated with Accenture in 2017 with a motive to enhance digital transformation in Oil and Gas industry operations and management. Moreover, rise in Oil and gas Industry has been observed majorly in the emerging economies such as India and China which boosts the market growth of Oil and Gas Project Management Software. For instance: As per Global data in 2019, 336.3 % rise in the profits from 2018 to 2019. However, lack of skilled workforce to operate the software and increase in the data security concern are the restraining factors that impede the growth of the market over the forecasted period 2020-2027.

The regional analysis of global Oil and Gas Project Management Software market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world due to rise in the technological advancements in Oil and Gas Industry. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rise in the oil and gas industries in the emerging economies such as China and Japan would create a lucrative growth in the market.

Major market player included in this report are:
Deltek, Inc. (US)
EcoSys Management LLC (US)
Oracle Corporation (US)
LiquidFrameworks, Inc. (US)
SAP SE (Germany)
Penta Technologies, Inc. (US)
Siemens AG (Germany)
IBM Corporation (US)
InEight, Inc.(US)

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Asset Management
Inventory Management
Costing, Analytics
Contract Management

By Deployment Model:

By Application:
Mid & Down Stream

By Region:
North America
Asia Pacific
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031

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Target Audience of the Global Oil and Gas Project Management Software Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

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