Fort Collins, Colorado, May 15, 2024 (GLOBE NEWSWIRE) --
The rising need for effective governance and sustainability in energy industries drives industry growth.
The sustainability management software market is primarily propelled by the growing regulatory pressure on organizations to disclose their Environmental, Social, and Governance (ESG) performance. Governments globally are enacting stringent regulations and directives, such as the EU Non-Financial Reporting Directive and the UK's Companies Act, mandating companies to report on their sustainability endeavors. According to Euromonitor International’s Sustainability Survey 2023, approximately 74% of global corporations face government pressure to take climate action. Furthermore, stakeholders, including investors, customers, and employees, progressively demand transparency and accountability from businesses regarding their sustainability practices.
Another significant catalyst for adopting sustainability management software is the potential for enhanced operational efficiency and cost savings. By harnessing these tools, organizations can pinpoint inefficiency, optimize resource allocation, and curtail waste, reducing operating costs and augmenting profitability. For instance, the U.S. Environmental Protection Agency (EPA) approximates that companies can save up to 30% on energy costs by implementing energy-efficient practices and technologies. Moreover, sustainability management software aids organizations in streamlining data collection and reporting processes, thereby conserving time and resources while ensuring data precision and uniformity.
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Segmentation Overview:
The sustainability management software market has been segmented into module, deployment, industry, and region.
The sustainability reporting and management module accounted for a significant market share in 2023.
- Based on the market segmentation by module, the sustainability reporting and management module accounted for the largest segment in the sustainability management software market in 2023. This can be attributed to the increasing regulatory pressure on organizations to disclose their ESG performance and the growing stakeholder demand for transparency and accountability.
The utilities and energy sectors are the leading industries and continue to grow in the forecast period.
- The utilities and energy sector was the largest segment in 2023 based on the market segmentation by industry. This can be attributed to the sector's high energy intensity and the increasing pressure on utilities and energy companies to transition to cleaner, more sustainable energy sources. Sustainability management software helps these organizations monitor and optimize their energy consumption, reduce waste, and comply with environmental regulations.
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Sustainability Management Software Market Report Highlights:
- The sustainability management software market growth is anticipated at a CAGR of 15.9% by 2032.
- The upcoming trends are the integration of AI and machine learning technologies, along with the growing adoption of cloud-based solutions.
- North America is expected to be the largest regional market for sustainability management software in 2023, driven by the stringent regulatory environment, increasing consumer awareness of sustainability issues, and prominent software vendors in the region.
- Some prominent players in the sustainability management software market report include SAP, Schneider Electric, Enablon, Sphera, Salesforce, Workiva, Intelex Technologies, Envizi, FigBytes, Cority, UL, and Accuvio.
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