Sustainability Management Software Market
Sustainability Management Software Market Size was valued at USD 0.2 billion in 2021. The Sustainability Management Software market industry is projected to grow from USD 0.22 billion in 2022 to USD 0.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.60% during the forecast period (2022 – 2030). The main market driver of this expansion is the growing understanding among many businesses that they may enhance their profits by cutting back on additional operating expenses.
Sustainability management software is a type of software solution designed to help organizations track, manage, and report on their sustainability initiatives. These software tools are specifically developed to assist companies in monitoring and improving their environmental performance, reducing resource consumption, and meeting sustainability goals.
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COVID-19 Scenario Analysis:
Of all the aspects that have been impacted by the pandemic, there is one that it has not even touched. Global warming continues its progress. Despite a brief decrease in pollution in all countries battling COVID-19, global carbon dioxide levels reached a record high again in 2020. In this regard, the pandemic has also meant we are further from achieving the sustainable development goals in terms of the fight against climate change. However, the sharp reduction in harmful emissions that occurred briefly during the pandemic is clear evidence that there are sustainable alternatives.
Market Dynamics and Factors:
The growth of the global sustainability management software market is primarily driven by increasing adoption of the software in various industries including utilities & energy, automotive and oil & gas industries. Rising prevalence of regulations pertaining to energy efficiency is likely to propel the global sustainability management software market growth at a significant rate during the review period.
Increasing product adoption in the developing countries is likely to create lucrative opportunities for the players operating in the global sustainability management software market during the review period.
Sustainability Management Software Market Insights
The Sustainability Management Software market data has been segmented by service into Implementation Service and Consulting Service. The implementation service segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Increasing company and organisation knowledge of the advantages of implementation services for sustainability management software.
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in a particular market space. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
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Key Sustainability Management Software Market Challenge
Lack of standards, training and development is a major challenge impeding the sustainability management software market growth. Advancements in technology and a decline in electronic product costs are encouraging customers to buy new products frequently. This is leading to an increased level of e-waste, which is potentially hazardous for the environment. For example, many manufacturers of electronic products in South America sell them with little information at their disposal, which adds to CO2 or carbon emissions.
Many customers are ignorant of the negative effects of the improper disposal of electronic products and do not know about e-waste management. Many businesses are also unaware of the use of carbon management software. Unlike developed countries, many developing countries such as India do not have proper standards regarding carbon emissions. As a result, in developing countries, there are no limitations on carbon or CO2 emissions, and no measures are taken to manage them. Hence, the lack of standards, training, and development is hampering the growth of the global sustainability management software market, which is expected to continue during the forecast period as well.
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