According to the latest report by IMARC Group, titled “Carbon Management Software Market by Component (Software, Services), Application ( Energy, Greenhouse Gas Management, Air Quality Management, Sustainability), Industry (Manufacturing, IT and Telecom, Government Sector, Energy and Power, and Others), and Region 2023-2028,” the global carbon management software market size reached US$ 13.4 Billion in 2022. Carbon management software is a tool used by businesses and organizations to track, analyze, and report their carbon emissions. It includes features that assist in measuring emissions, setting goals, tracking progress, and creating reports which can help users understand their carbon footprint and develop a plan of action to reach emissions goals. Carbon management software can also help organizations identify opportunities for improvement, save money by improving efficiency, comply with mandatory government regulations, and mitigate the risks associated with increased global temperatures. It further aids businesses in making more informed decisions regarding their operations, environmental impact, and energy usage. As a result, it is widely adopted across various sectors, such as transportation, information technology (IT), and telecommunications.
Global Carbon Management Software Market Trends:
Escalating environmental consciousness among the masses and rising concerns regarding health hazards caused by deteriorating air quality is the key factor driving the market growth. Moreover, the introduction of various stringent government regulations to reduce carbon emissions emitted from industries represents another significant growth-inducing factor. In line with this, the widespread product adoption across multiple sectors to implement enterprise sustainability and corporate social responsibility (CSR) initiatives and adhere to environmental guidelines mandated by governments is contributing to the market growth. Additionally, numerous initiatives undertaken by non-governmental organizations (NGOs) to sensitize consumers regarding the importance of effectively managing carbon footprints are positively influencing the market growth. Furthermore, innovative technological advancements, such as the integration of artificial intelligence (AI), the internet of things (IoT), cloud computing, and big data analytics, that allow better control and reduce the risk of data loss during carbon footprint managing operations are impelling the market growth. Concurrent with this, the advent of advanced software-based emission management systems (EMS) to track and manage footprints effectively, combined with extensive research activities toward sustainability, is aiding in market expansion. Looking forward, the market value is projected to reach US$ 26.99 Billion by 2028, expanding at a CAGR of 12.02% during 2023-2028.
- Based on the component, the market has been bifurcated into software and services. Between these, software accounts for the largest segment.
- On the basis of application, the market is segregated into energy, greenhouse gas management, air quality management, and sustainability. Currently, energy holds the largest market share.
- Based on the industry, the market is categorized into manufacturing, IT and telecom, government sector, energy and power, and others. Amongst these, manufacturing represents the biggest industry.
- On a regional basis, 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. Presently, North America represents the biggest market for carbon management software.
- The competitive landscape of the market has also been examined, with some of the key players being ENGIE Impact, GreenStep Solutions Inc., Greenstone+ Ltd., Metrix Software Solutions (Pty) Ltd., Salesforce Inc., SAP SE, Sphera Solutions Inc., Wolters Kluwer N.V., etc.
|Base Year of the Analysis
| Component Covered
||Energy, Greenhouse Gas Management, Air Quality Management, Sustainability
||Manufacturing, IT and Telecom, Government Sector, Energy and Power, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ENGIE Impact, GreenStep Solutions Inc., Greenstone+ Ltd., Metrix Software Solutions (Pty) Ltd., Salesforce Inc., SAP SE, Sphera Solutions Inc., Wolters Kluwer N.V., etc.
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