Dublin, July 24, 2024 (GLOBE NEWSWIRE) -- The "Global ESG Reporting Software Market by Offering (Software and Services), Deployment Type (On-premises and Cloud), Organization Size (Large Enterprises and SMEs), Vertical (BFSI and Government, Public Sector, and Non-profit), & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The ESG reporting software market is expected to grow from USD 0.9 billion in 2024 to USD 2.1 billion by 2029, at a CAGR of 17.0%
The market study covers the ESG reporting software market across segments. It aims to estimate the market size and the growth potential of this market across different market segments, such as offering, deployment type, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The ESG reporting software market has gradually gained traction across various sectors, including BFSI, government, public sector & non-profit, manufacturing, retail, energy, and technology, by integrating comprehensive sustainability metrics, advanced data analytics, and real-time reporting capabilities.
These software solutions offer end-to-end ESG management, including data collection, performance tracking, compliance reporting, and stakeholder engagement. Organizations are increasingly adopting ESG reporting software to enhance operational efficiency, meet regulatory requirements, and improve sustainability initiatives. The solutions segment primarily includes data integration, analytics, and reporting platforms supported by APIs, SDKs, and other connected technologies.
The European market has very diverse business needs. Its achievements in science and technology have been significant. Moreover, R&D is an integral part of the European economy. Robust economic infrastructure and high internet penetration make Europe one of the top markets for cloud-based services. The major countries in the region's analysis are the UK, Italy, and Germany. The established internet and robust economic infrastructure with business demand for ESG solutions make Europe one of the top three markets and the second largest in the ESG reporting software market. The major countries considered in this report for analysis are the UK, Germany, Italy, and others.
The UK and Germany have the highest potential for the ESG reporting software market among all other countries. Business demands in the European market are diverse and reasonably similar to those in North America. Enterprises in this region have strong technical expertise and bigger IT budgets.
Major players, such as Microsoft, Oracle, IBM, and OVH, have established cloud partnerships with European vendors to cater to customers' growing demands and increase the customer base. The region is an early adopter of advanced technology due to the solid technical expertise and better IT budget of enterprises. Factors such as data security and data sovereignty compel enterprises in this region to adopt ESG reporting software solutions.
Some of the significant vendors offering ESG reporting software solutions across the globe includes Wolters Kluwer (Netherlands), Nasdaq (US), PWC (UK), Workiva (US), LSEG (UK), Greenstone (UK), Diligent (US), Sphera (US), Cority (Canada), and Intelex (Canada).
Services are indispensable in ESG reporting offerings, as they give organizations assistance, know-how, and advice to manage their sustainability projects and meet the reporting requirements.
On the one hand, services assist organizations in dealing with the complexities of ESG reporting through consulting, training, and advisory services; this includes support with the establishment of sustainability goals, creation of ESG strategies, and implementation of reporting standards such as the Global Reporting Initiative (GRI), Carbon Disclosure Project (CDP), and Sustainability Accounting Standards Board (SASB).
Service providers also assist organizations in identifying relevant ESG metrics, collecting and analyzing the data, and preparing ESG reports customized to the organization's needs and stakeholder expectations. Furthermore, services could include stakeholder engagement, materiality assessments, and benchmarking that helps organizations understand their performance compared to the industry peers and best practices.
Additionally, services involve software implementation, customization, and support to ensure that organizations can adequately utilize ESG reporting software to control their sustainability data and reporting processes; this consists of software installation, configuration, and integration with existing systems, user training, and continuous technical support.
Service providers collaborate closely with organizations to fine-tune the ESG reporting software to their specific needs, ensuring they get the best out of their investment while meeting their sustainability targets. The services complement ESG reporting software as they provide organizations with the knowledge, tools, and support they need to go through the complexities of sustainability reporting and show their dedication to environmental, social, and governance responsibility.
As per verticals, the retail & consumer goods segment will grow at the highest CAGR during the forecast period.
Within retail & consumer goods, the ESG reporting software is vital to help firms manage and report their sustainability activities. ESG reporting software helps retail & consumer goods companies collect, analyze, and report non-financial ESG data, including environmental impact, social initiatives, and governance practices; this involves monitoring energy consumption, waste generation, supply chain practices, labor standards, and diversity initiatives.
In addition, ESG reporting software assists retail & consumer goods companies promote transparency and build trust toward consumers, investors, and other stakeholders. By providing a complete set of instruments to handle sustainability monitoring and reporting, ESG reporting software makes it possible for companies to highlight their devotion to sustainability and corporate social responsibility; this can result in brand loyalty, good reputation, and competitive advantage in the marketplace, as consumers shift to the products and brands that correspond with their sustainable and responsible behavior values.
The report provides insights on the following pointers:
- Analysis of key drivers (ESG reporting software facilitates proactive risk management strategies by allowing companies to set thresholds, benchmarks, and targets related to ESG performance metrics), opportunities (ESG reporting software could be integrated with various enterprise systems, such as ERP, CRM, and HCM platforms, to consolidate data and streamline reporting processes), and challenges (the rise in the broadened scope of corporate board responsibilities also requires sincere focus and timeline commitment from board members to meet their legal duties).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the ESG reporting software market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the ESG reporting software market across varied regions.
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the ESG reporting software market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and business processes offered in the ESG reporting software market of leading players like Wolters Kluwer (Netherlands), Nasdaq (US), PWC (UK), Workiva (US), LSEG (UK), among others in the ESG reporting software market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 260 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $0.9 Billion |
| Forecasted Market Value (USD) by 2029 | $2.1 Billion |
| Compound Annual Growth Rate | 17.0% |
| Regions Covered | Global |
Companies Featured
- Wolters Kluwer
- Nasdaq
- PwC
- Workiva
- LSEG
- Greenstone
- Diligent
- Sphera
- Cority
- Intelex
- Novisto
- Emex
- IBM
- Anthesis
- Diginex
- Bain & Company
- Keramida Inc.
- IsoMetrix
- Vervantis
- Accuvio
- ESG Flo
- Measurabl
- Plan A
- SustainLab
- ESGgo
For more information about this report visit https://www.researchandmarkets.com/r/xfq4mk
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
