New York, United States, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Companies throughout the world have begun enhancing operational efficiencies. The need to decrease waste, utilize resources efficiently, and reduce carbon footprints necessitates implementing innovative and sustainable solutions. Increasing emphasis on carbon footprint reduction and rising demand for eco-friendly services are driving the expansion of green IT services.
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Strengthening Government Regulations to Drive the Global Green IT Services Market
The strengthening of regulatory and non-regulatory frameworks is anticipated to stimulate the growth of green businesses. While some governments have loosened enforcement of vital environmental policies and regulations, primarily due to the epidemic, preserving long-term commitments and adhering to their implementation will be essential. The European governments have been progressively tightening their carbon emission standards for enterprises operating in numerous industries. To comply with the government-mandated criteria, it is anticipated that enterprises operating in the region will progressively embrace greener services.
Increase in Social Media Platforms and Reduction in Carbon footprint to Provide Opportunities for the Global Green IT Services Market
According to Straits Research, “The global green IT services market size is predicted to reach an expected value of USD 30.5 billion by 2030, registering a CAGR of 10.6% during the forecast period (2022-2030).” Due to a surge in social media platform users, both Internet traffic and the need for cloud storage have increased substantially. The replacement of old servers with high-capacity, energy-efficient, powerful servers is anticipated to influence the market's growth significantly. SAP announced a new program in Australia and New Zealand geared toward the energy and natural resources businesses (ANZ). Six startups in predictive analytics, industrial asset management, worker safety, and wellness have participated in the program.
Key Highlights
- By type, the global green IT services market is segmented into software and services. The services segment accounted for the largest market share and is estimated to grow at a CAGR of 12.6% during the forecast period.
- By end-user vertical, the global green IT services market is segmented into government, BFSI, IT and telecom, industrial, healthcare, and other end-user verticals. The industrial segment accounted for the largest market share and is estimated to grow at a CAGR of 9% during the forecast period.
Regional Insights
By region, the global green IT services market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
North America accounted for the largest market share and is estimated to grow at a CAGR of 9% during the forecast period. It anticipates obtaining all of the nation's electricity from renewable and zero-emission sources, digitizing the power grid, and retrofitting all buildings to be more energy efficient. During the UN Science-Policy-Business Forum in March 2019, the United Nations, several tech titans, and many policies, finance, and science communities collaborated to launch significant initiatives regarding the use of modern technology to create greener, cleaner, and more efficient solutions for sustainable development.
Europe is the second largest region and is predicted to reach an expected value of USD 9 billion by 2030, registering a CAGR of 10.2%. In December 2020, the European Commission announced a new Digital Europe Program for EUR 7.5 billion. The program is part of the next long-term EU budget, which will finance projects between 2021 and 2027. H-CLOUD is a specific EU project in which green ICT is pursued at the European level. By the Green Deal objectives, H-CLOUD was entrusted with researching green computing and developing appropriate policies for cloud computing to decrease the digital industry's environmental impact.
Competitive Landscape
Major companies in the global green IT services market include IBM Corporation, Accenture PLC, Johnson Controls, SAP SE, Schneider Electric SE, Enablon Sa, Accuvio Sustainability Software, Dakota Software Corp, and Cority Software Inc.
Market News
- September 2022 - New global market study from IBM (NYSE: IBM) reveals that more than 77% of respondents have selected a hybrid cloud approach that can assist in accelerating digital transformation; yet, most responding firms are suffering from the complexity of integrating all cloud platforms. Less than one-fourth of respondents worldwide manage their hybrid cloud infrastructures holistically, which can create blind spots and put data at risk in the face of skills shortfalls, security issues, and regulatory obstacles.
- September 2022 - IBM (NYSE: IBM) announced intentions to purchase Dialexa, a prominent U.S. digital product engineering services provider, to assist enterprises in driving innovation and achieving digital growth objectives. The acquisition is anticipated to strengthen IBM's product engineering capabilities and provide clients with comprehensive digital transformation services.
Global Green IT Services Market: Segmentation
By Type
- Software
- Services
By End-user Vertical
- Government
- BFSI
- IT and Telecom
- Industrial
- Healthcare
- Other End-user Verticals
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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