Global Carbon Footprint Management Market to Reach US$ 17.4 Billion by 2032, Propelled by Escalating Climate and Global Warming Concerns

According to the latest report by IMARC Group, titled "­­Carbon Footprint Management Market Report by Offering (Software, Services), Deployment Mode (Cloud-Based, On-Premises), End Use Industry (Oil and Gas, Manufacturing, Healthcare, IT and Telecom, Automotive, Energy and Power, and Others), and Region 2024-2032," the global carbon footprint management market size reached US$ 10.5 Billion in 2023. Carbon footprint management refers to a range of organized approaches and services that are used to control greenhouse gas (GHG) emissions and carbon dioxide (CO2) produced by commercial, industrial, and residential activities. It involves calculating, tracking, reporting, managing, and measuring an organization’s carbon emissions as standard practices. These approaches assist enterprises in comprising documented policies for reducing energy consumption, improving air quality and sustainability, and formulating strategies for managing carbon. Apart from this, it alleviates the depletion of the ozone layer by checking if the company's activities regarding carbon emissions comply with local and national regulations. Consequently, carbon footprint management is employed by end-users to minimize energy, waste generation, and exhaustion of raw materials to curb the detrimental environmental impact caused by land clearance, construction of roads and buildings, power generation, and fuel production activities.

Global Carbon Footprint Management Market Trends:

The escalating climate and global warming concerns and the rising consumer awareness regarding the detrimental environmental impact of GHG emissions are primarily driving the market growth. Additionally, the escalating sustainability consciousness and the increasing number of carbon emissions generated by industrial, commercial, and residential activities, such as construction power generation, fossil fuel burning, and petrochemical product generation, are facilitating the market growth. Moreover, the implementation of favorable green initiatives and regulations by governments, such as low carbon policies and urging businesses to reduce carbon footprints to meet the mandatory standards, are favoring the market growth. In line with this, the extensive energy consumption by industries and the fueling need for sustainable energy solutions are propelling the market growth. Furthermore, the widespread integration of artificial intelligence (AI), big data, the Internet of Things (IoT), and cloud-based solutions that enables better control and reduces the risk of data loss during carbon footprint management are impelling the market growth. Other factors, such as the ongoing establishment of green building projects, the rising execution of enterprise sustainability and corporate social responsibility (CSR) programs by companies, and the increasing sensitization regarding the benefits of carbon footprint management by non-governmental organizations (NGOs), are positively impacting the market growth. Looking forward, the market value is projected to reach US$ 17.4 Billion by 2032, expanding at a CAGR of 5.6% during 2024-2032.

Market Summary:

• Based on the offering, the market has been bifurcated into software and services.
• On the basis of deployment mode, the market has been divided into cloud-based and on-premises.
• Based on the end use industry, the market is segregated into oil and gas, manufacturing, healthcare, IT and telecom, automotive, energy and power, and others.
• Region-wise, 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 Accenture PLC, Dakota Software Corporation, Enablon SA (Wolters Kluwer N.V.), Engie SA, Enviance Inc. (Cority Software Inc.), International Business Machines Corporation, Johnson Controls PLC, ProcessMAP Corporation, SAP SE and Schneider Electric SE.
   

Report Coverage:

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