Transparency Market Research, in a report titled “Information Management for Offshore Projects Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2014–2020,” states that this market is expected to grow at a healthy rate due to the growing need for efficient systems to better manage information in offshore oil and gas projects. The report offers a complete study of the current trends, market projections and market drivers and restraints. It also includes useful information relating to the market’s recent developments.

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There have been many hydrocarbon discoveries made in offshore areas in the recent past. Since most offshore projects are complex and capital intensive in nature, there is a growing need for information management systems for offshore projects to help reduce operational costs and capital expenditure. If the offshore projects are not managed properly, there is a risk of overrunning the operational cost as well as the capital expenses. An information management system for offshore projects is a combination of software tools and services that can analyze and report information in an efficient manner, thus improving the performance of the offshore project in the oil and gas sector.
Offshore projects are usually located in environments that are complex and various specialized teams work on different phases of the project. Information management systems are installed to analyze and store important data collected from the various project phases and by the different teams working for the offshore project. These systems not only share and store technical data, but also store commercial information. The market for information management systems for offshore projects is thus expected to witness significant growth due to their cost effectiveness and efficiency in terms of handling, analyzing and storing data.

The major challenge inhibiting the growth of the information management systems for offshore projects is the lack of capital costs required initially to set up this capital intensive technology. Another factor restraining the market is the lack of skilled professionals in the oil and gas industry who can use information management systems for achieving maximum results.

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The global information management systems market for offshore projects is segmented on the basis of services and geography. On the basis of services provided, the market is segmented into contract management system, project information system, completion management system, and HSE. The market is expected to expand due to increasing drilling activities in deep-water areas and thus boost the requirement for offshore information management systems. The increasing offshore activities in the Latin American region are expected to boost the market for information management systems in the future. Expansion projects in West Africa and the presence of many offshore reserves in the region are expected to fuel the market in the forthcoming years. Similarly, increasing offshore explorations in Asia Pacific, especially Australia, will influence the information management system market positively.

Major companies that provide information management systems are Omega AS, Audubon Companies, and Aveva Solutions Ltd.

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