According to the research report titled ‘Global Oil and Gas Project Management Software Market Size study, by Type (Asset Management, Scheduling, Inventory Management, Costing, Analytics, Contract Management, Maintenance), by Deployment Model (On-premise, Cloud-based), by Application (Upstream and Mid, Down Stream) and Regional Forecasts 2020-2027’ available with Market Study Report, global oil and gas project management software market was valued at USD 395.9 million in the year 2019 and is projected to exhibit a CAGR of 3.6% from 2020 to 2027.
 

For the record, oil and gas project management software simplifies intricate operations carried out such as asset maintenance, inventory management, capital management, risk assessment and other resource management activities. The software assists organizations in managing capital projects and finances, as well as minimizing manual errors, thereby increasing the efficiency of operations.
 

Industry experts claim that surging demand for technologies such as Big Data & Analytics and Cloud Computing coupled with favorable government initiatives towards digitizing oil and gas industry operations are propelling the growth of global oil and gas project management software market.
 

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Citing an instance, in 2017, World Economic Forum teamed up with Accenture in order to improve digital transformation of management as well as operational processes of oil & gas sector
 

Additionally, rapid expansion of oil and gas industries in developing nations, primarily China and India are further stimulating the market expansion. On the contrary, rising concerns regarding data security along with lack of skilled workers to operate the software are impeding the growth of global oil and gas project management software market.
 

Based on deployment model global oil and gas project management software market is split into cloud-based and on-premises. Speaking of the application spectrum, the market is segmented into downstream and upstream & mid.
 

As per the regional analysis of the report, North America region dominates the global market and is expected to showcase similar growth in the ensuing years, primarily driven by rapid technological advancements in the oil and gas industry vertical.
 

Alternatively, the report states that Asia-Pacific oil and gas project management software market is projected to register the highest CAGR over 2020-2027. Flourishing oil and gas industries in developing countries such as Japan, India, and China are favoring the regional market outlook.
 

The key participants of global oil and gas project management software market are InEight, Inc., IBM Corporation, Siemens AG, Penta Technologies, Inc., SAP SE, LiquidFrameworks, Inc., Oracle Corporation, EcoSys Management LLC, and Deltek, Inc. among others.