Chicago, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global Carbon Footprint Management Market is projected to grow from USD 11.3 billion in 2023 to USD 30.8 billion by 2028, at a CAGR of 22.2% according to a new report by MarketsandMarkets™. An increase in government initiatives for emissions reduction, increasing demand for energy consumption by industries, and implementation of COP27 targets to limit global warming are the major drivers of the Carbon Footprint Management Markets. A general shift toward cloud computing and paperless economy is another factor that would provide opportunities for the growth of the Carbon Footprint Management Market during the forecast period.
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Carbon Footprint Management Market Scope:
| Report Coverage | Details |
| Market Size | USD 30.8 Billion by 2028 |
| Growth Rate | 22.2% of CAGR |
| Largest Market | North America |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2023-2028 |
| Forecast Units | Value (USD Million/USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Deployment Mode, By Organization Size, By Vertical, and Region |
| Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | The shift Towards Cloud Computing and Paperless Economy |
| Key Market Drivers | Increase in government initiatives for low carbon policy |
Cloud technology is expected to hold the largest share of the Carbon Footprint Management Market, by deployment mode
By deployment mode, the cloud segment of the Carbon Footprint Management Market is expected to be the largest during the forecast period. Businesses are opting for cloud-based solutions as they guarantee safety and security because of these advantages. Cloud deployment mode provides advantages such control over data, lower possibility of data loss, and absence of concerns about regulatory compliance. Moreover, cloud has lower deployment costs, and provides ease of execution, upgrades, and maintenance. All these factors are expected to drive the growth of this segment during the forecast period.
By vertical, the financial services segment is expected to be the fastest growing segment of the Carbon Footprint Management Market during the forecast period
The financial services sector, by vertical, of the Carbon Footprint Management Market is expected to grow at the highest CAGR between 2022 to 2028, owing to the opportunities in sustainable finance products such as sustainability-linked loans, green and transition bonds, sustainable investment funds, and insurance solutions. The banking, and the BFSI (banking, financial services, and insurance) sector as a whole, is IT intensive and the GHG emissions associated with financial institutions' investing, lending, and underwriting activities are on average over 700 times higher than their direct emissions. Moreover, financial institutions appear to be focused on low-carbon transition opportunities and are rapidly engaging to support and lead the transition to a low-carbon world, driving the fast growth of the segment in the market.
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North America is expected to dominate the Carbon Footprint Management Industry
North America held a dominant position in the Carbon Footprint Management Market industry in 2022, and is expected to continue to do so throughout the forecast period as a result of the region's proactive efforts to reduce the effects of climate change. In line with this, the region has set strong NDC targets and enacted binding ESG disclosure regulations. Carbon footprint management solutions are expected to see considerable growth over the next few years.
Key Market Players:
Major players operating in the Carbon Footprint Management Market include Schneider Electric (France), SAP (Germany), IBM (US), Salesforce (US), and ENGIE (France).
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