Sustainability Management Software Market
The sustainability management software market size is poised to grow by $988.75 mn during 2023-2030, accelerating at a CAGR of 12.1% during the forecast period. The report on the sustainability management software market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the shift toward green initiatives, the need for better brand positioning and operational efficiency, and increased demand across enterprises.
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Sustainability and energy management software is a digital solution that automates specific operations to monitor energy and sustainability management and energy use. It contains a database on money, energy, resources, and other vital things. These parameters support businesses in monitoring, analysing, and controlling activities.
The main type of sustainability and energy management software are cloud based and on-premise. The cloud refers to the databases and software that run on servers that can access over the internet. It connects the specific controllers and the connected sensors, such as the digital power reading meters, through the internet for energy-saving control. The different module used are utility data management, carbon reporting and management, sustainability reporting and management, energy optimization, facility and asset management, and compliance management, that are used in automotive, construction, manufacturing, oil and gas, pharmaceutical, utilities and energy.
Sustainability Management Software Market Trends
The market for sustainability management software is expected to develop as a result of rising investments in EHS and sustainability software. Software for environmental, health and safety (EHS) allows companies to manage all the data they produce in relation to regulatory compliance, sustainability initiatives, and corporate risk. Growing expenditures on EHS software will fundamentally alter how companies manage their data. For instance, Mucker Capital, Blackhorn Ventures, Matchstick Ventures, SaaS VC, Valo Ventures, and Stout Street provided seed money to Colorado-based Optera in April 2022 for the development of their sustainability management software. With this finance, Optera can more swiftly create capabilities for the next generation and facilitate the rapid onboarding of new customers from any industry. The market for sustainability management software is expanding as a result of rising investments in sustainability software. Thus, this factor is driving the market CAGR.
In the market for sustainability management software, strategic alliances are a crucial trend that is becoming more and more popular. In order to increase their market position, a large number of companies in the sustainability management software sector are entering into partnerships. For instance, the electronics company Samsung Electronics, based in South Korea, joined forces with ABB in April 2022. In order to reduce carbon emissions and energy expenditures in both residential and commercial buildings, this cooperation strives to implement holistic energy management. ABB is a provider of energy management systems with a basis in Switzerland. Additionally, in October 2022, Siemens Energy teamed with SPIE, a company based in Europe that offers multi-technical services in the domains of communications and energy. This alliance intends to provide effective, sustainable, and technologically advanced solutions to the energy company as it moves toward a future without warming. German-based Siemens Energy is a provider of sustainability management solutions.
Sustainability Management Software Component Insights
The Sustainability Management Software market segmentation has been segmented by component into Software and Service. The service segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. Real-time information, charting and monitoring tools, management services, and other services are offered to users through green technology and sustainability solutions.
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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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