Pune, Sept. 22, 2023 (GLOBE NEWSWIRE) -- “Based on the SNS Insider report, the ESG Reporting Software Market achieved a value of USD 0.8 billion in 2022, and it is projected to reach USD 2.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16% throughout the forecast period from 2023 to 2030.”
Market Overview
ESG reporting software, which stands for Environmental, Social, and Governance reporting software, is a specialized type of technology solution designed to help organizations collect, analyze, and report on their sustainability and responsible business practices. ESG factors have gained significant importance in the corporate world as stakeholders, including investors, customers, employees, and regulators, increasingly demand transparency and accountability in areas related to environmental impact, social responsibility, and corporate governance.
Market Analysis
The ESG reporting software market has been experiencing significant growth in recent years, driven by various factors that reflect the increasing importance of sustainability and responsible corporate practices. The regulatory landscape is evolving rapidly, with many countries and regions implementing mandatory ESG reporting requirements for publicly-listed companies. This includes regulations such as the EU's Sustainable Finance Disclosure Regulation (SFDR) and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. ESG reporting software helps organizations comply with these regulations efficiently. Companies that prioritize ESG practices often enjoy enhanced brand reputation and customer loyalty. Consumers are becoming more conscious of sustainability, and they prefer to support companies that align with their values. ESG reporting software assists in tracking and communicating sustainability initiatives.
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Major Players Listed in this Report are:
- Intelex
- Cori
- Sphera
- Diligent
- Refinitiv
- Workiva
- PwC
- Nasdaq
- Wolters Kluwer
- Symanto & Other Players
ESG Reporting Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 0.8 Bn |
| Market Size by 2030 | US$ 2.6 Bn |
| CAGR | CAGR of 16% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from ESG Reporting Software Market Study
- In the rapidly evolving landscape of Environmental, Social, and Governance (ESG) reporting, large enterprises have emerged as key players in the adoption and utilization of ESG reporting software. Large enterprises often have complex and extensive ESG reporting requirements due to their global operations and diverse business activities. ESG reporting software is essential for streamlining data collection, analysis, and reporting across various subsidiaries and regions.
- The retail sector has emerged as a formidable force in the market, driven by the growing emphasis on sustainability and responsible consumption. The retail industry often operates complex global supply chains, making it crucial to monitor and manage ESG risks across the entire value chain. ESG reporting software provides retailers with the tools needed to assess supplier performance, identify areas for improvement, and ensure the ethical sourcing of products.
Recent Developments
- Cority, a leading provider of Environmental, Health, Safety, and Sustainability (EHS&S) software solutions, has made a significant move in the realm of sustainability and ESG (Environmental, Social, and Governance) reporting with its recent acquisition of Greenstone, a prominent software provider in the same space.
- Omnevue's recent achievement in securing $3.1 million in seed funding for its ESG (Environmental, Social, and Governance) accounting software signifies a promising development in the world of sustainable finance and responsible business practices.
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Market Dynamics Analysis
The ESG reporting software market is currently experiencing a dynamic landscape shaped by a multitude of drivers, restraints, challenges, and threats. One of the primary drivers propelling this market forward is the growing global awareness and commitment to sustainable business practices. Companies are increasingly recognizing the importance of ESG reporting as a means to showcase their responsible corporate behavior, attract ethical investors, and meet regulatory requirements. Furthermore, the mounting pressure from stakeholders, including customers, employees, and investors, is pushing organizations to adopt ESG reporting solutions to track and improve their sustainability performance. However, the market is not without its restraints and challenges. A significant restraint is the complexity of ESG reporting, which involves collecting, analyzing, and reporting on a wide range of data related to environmental, social, and governance factors. Many companies struggle with data accuracy and integration, hindering their ability to generate meaningful ESG reports. Lastly, there are threats to consider, such as the proliferation of greenwashing, where companies misrepresent their ESG efforts to appear more sustainable than they are. This threatens the credibility of ESG reporting as a whole.
ESG Reporting Software Market Segmentation:
By Component
- Solution
- Services
By Deployment
- On-Premise
- Cloud
By Organization Size
- Large Enterprise
- Small and Medium Size Enterprise
By Vertical
- Government
- BFSI
- Retail
- Public Sector
- Non-Profit Sector
- Others
Key Regional Developments
North America has been a leader in the ESG reporting software market, driven by increasing regulatory pressures, investor demands, and a growing focus on corporate sustainability. Companies here have been early adopters of ESG reporting software to streamline data collection and reporting processes. The European Union has been at the forefront of ESG regulation, with initiatives like the EU Taxonomy Regulation and the Sustainable Finance Disclosure Regulation (SFDR). As a result, ESG reporting software adoption has surged across EU member states, creating a thriving market for ESG technology solutions. China's rapidly growing economy has led to increased attention on ESG reporting and sustainability practices. Domestic and international companies operating in China are looking for ESG reporting software to meet regulatory requirements and address stakeholder expectations.
Impact of Recession on ESG Reporting Software Market Growth
The impact of an ongoing recession on the ESG reporting software market is complex and multifaceted. While immediate budget constraints and shifting priorities may temporarily slow market growth, the long-term importance of ESG considerations for businesses suggests that the market may remain resilient and adapt to evolving economic conditions. Regulatory changes and the ability of software providers to innovate and meet the changing needs of their customers will also play pivotal roles in shaping the market's trajectory during a recession.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. ESG Reporting Software Market Segmentation, by Component
9. ESG Reporting Software Market Segmentation, by Deployment
10. ESG Reporting Software Market Segmentation, by Organization Size
11. ESG Reporting Software Market Segmentation, by Vertical
12. Regional Analysis
13. Company profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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