ESG Software Market to cross $2.7 Bn by 2032, Says Global Market Insights Inc.
Major ESG software market participants include Cority, Diligent, Goby, Intelex, Measurabl, Perillon Software, SAP SE, Sphera, Sustainalytics & Workiva
Selbyville, Delaware, Oct. 22, 2024 (GLOBE NEWSWIRE) —
The ESG software market valuation is predicted to exceed USD 2.7 billion by 2032, reported in a research analysis by Global Market Insights Inc.
Several factors are contributing to this growth, including an increasing emphasis on sustainability, regulatory compliance, and mounting pressure from stakeholders. Organizations across diverse sectors are increasingly adopting ESG software market to better manage their environmental impact, social obligations, and governance practices.
A significant driver of the ESG (Environmental, Social, and Governance) software market is the growing commitment to green technology and sustainability. Companies are striving to lessen their environmental footprint and align with global sustainability objectives, resulting in heightened demand for comprehensive ESG solutions. The green technology sector is expected to expand from USD 14.3 billion in 2022 to over USD 80 billion by 2032, with an impressive annual growth rate exceeding 19%. This trend underscores a growing recognition of the necessity for sustainable practices across various industries. Firms are leveraging ESG software not only to meet regulatory mandates but also to enhance their sustainability credentials.
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The ESG Software market from the cloud segment is expected to achieve a CAGR of over 12% between 2024 and 2032. The swift adoption of cloud-based ESG software is driven by its scalability, cost-effectiveness, and the capability to provide real-time data access across global operations. Cloud deployment facilitates easier integration with existing enterprise systems and promotes more efficient collaboration among various departments and stakeholders. The shift towards remote work, accelerated by recent global events, has further increased the demand for cloud-based ESG solutions that are accessible from any location.
The market can be segmented based on offerings into environmental management software, social management software, governance management software, and others. In 2023, the environmental management software segment accounted for more than USD 300 million.
The rising focus on mitigating climate change, reducing carbon footprints, and ensuring environmental compliance is fueling growth in this category. These sophisticated systems utilize advanced technologies like artificial intelligence (AI) and machine learning (ML) to analyze environmental data, monitor emissions, and offer actionable insights that inform sustainability strategies. Such software solutions are essential for helping organizations comply with stringent environmental regulations while achieving their sustainability objectives.
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North America holds a dominant position in the global ESG software market, accounting for over 35% of the total share in 2023. The region is witnessing strong growth driven by increasing commitments to corporate sustainability and a rise in sustainable investing. As ESG considerations become more prominent, organizations are actively incorporating these factors into their core business strategies, including adopting sustainable practices and ensuring social responsibility throughout their operations and supply chains.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates & calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market scope & definition
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 – 2032
Chapter 3 ESG software market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Software providers
3.2.2 Technology providers
3.2.3 Distribution channel
3.2.4 End-users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Case study
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing regulatory pressure for ESG disclosure
3.8.1.2 Growing investors focus on sustainable investments
3.8.1.3 Rising corporate awareness of ESG risks
3.8.1.4 Advancements in AI and data analytics for ESG assessment
3.8.2 Industry pitfalls & challenges
3.8.2.1 Complexity in standardizing ESG data across industries
3.8.2.2 High implementation and maintenance costs
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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