Global Carbon Accounting Software Market to Reach US$ 2,472 Million by 2032, Impelled by Ongoing Technological Advancements

According to the latest report by IMARC Group, titled “­­Carbon Accounting Software Market Report by Deployment (Cloud-based, On-premises), Industry (Energy and Utilities, IT and Telecom, Healthcare, Transportation and Logistics, Retail, Construction and Infrastructure, Food and Beverages, Chemicals, and Others), and Region 2024-2032,” the global carbon accounting software market size reached US$ 502 Million in 2023. Carbon accounting software is a specialized tool designed to help organizations measure, monitor, and manage their greenhouse gas (GHG) emissions. These emissions are often categorized into scopes, reflecting the different sources of emissions, such as direct emissions from owned or controlled sources, indirect emissions from the generation of purchased energy, and other indirect emissions. Carbon accounting software simplifies the complex task of collecting data across various business functions and locations, automating calculations according to specific methodologies and standards. This allows organizations to accurately quantify their carbon footprint and comply with relevant regulatory requirements. By utilizing this software, companies can gain a clear understanding of their environmental impact, identify areas for improvement, and contribute to global efforts to mitigate climate change.

Global Carbon Accounting Software Market Trends:

The global carbon accounting software market is experiencing rapid expansion, primarily due to the increasing focus on environmental responsibility in the business landscape. Besides this, stringent environmental regulations and reporting requirements imposed by governments across the world have compelled organizations to adopt robust carbon accounting solutions, creating a positive outlook for market expansion. Moreover, the growing awareness among consumers and investors about sustainable practices has pushed companies to demonstrate their commitment to reducing carbon footprints. This, in turn, has fueled the demand for carbon accounting software, enabling businesses to communicate their environmental initiatives transparently. In addition to this, the integration of advanced technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), with carbon accounting solutions has improved their capabilities, enabling real-time data tracking, predictive modeling, and scenario simulations, aiding companies in devising effective emission reduction strategies. Furthermore, the emerging trend towards environmental, social, and governance (ESG) investing is strengthening the market growth as investors increasingly evaluate companies based on their environmental impact. Apart from this, with businesses striving to stay competitive in a changing market landscape, there is an increasing demand for carbon accounting software to demonstrate their commitment to environmental sustainability. Looking forward, the market value is projected to reach US$ 2,472 Million by 2032, expanding at a CAGR of 19.0% during 2024-2032.

Market Summary:

• Based on the deployment, the market is bifurcated into cloud-based and on-premises.
• On the basis of the industry, the market has been segregated into energy and utilities, IT and telecom, healthcare, transportation and logistics, retail, construction and infrastructure, food and beverages, chemicals, and others. Among these, energy and utilities account for the largest market share.
• Based on the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some of the key players being BraveGen (Energy Solution Providers Limited), Carbon Analytics Limited, CarbonetiX, Carbonstop, Emitwise, Evalue8 Sustainability, Intelex Technologies Inc. (Industrial Scientific Corporation), Net0, Normative, SAP SE, Simble Solutions Ltd., Sphera Solutions In, etc.

Report Scope:

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