Pune, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The Carbon Accounting Software Market was valued at USD 12.5 billion in 2022, with a projected growth to USD 65.06 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.9% during the forecast period from 2023 to 2030, as per the SNS Insider report.
Market Overview
Carbon accounting software refers to specialized tools designed to track and quantify an organization's greenhouse gas emissions throughout its operations. These emissions, often referred to as a carbon footprint, encompass various gases such as carbon dioxide, methane, and nitrous oxide, contributing to climate change. The software systematically collects, analyzes, and reports on these emissions, providing businesses with actionable insights to reduce their environmental impact.
Market Analysis
The global shift towards sustainable practices has led to the implementation of stringent environmental regulations. Businesses, to comply with these regulations, are increasingly adopting carbon accounting software to monitor and report their emissions accurately. With a growing emphasis on CSR, businesses are integrating sustainability goals into their core strategies. Carbon accounting software serves as a vital tool in measuring and improving environmental performance, aligning with CSR objectives and fostering a positive corporate image. Consumers are becoming more environmentally conscious, driving businesses to adopt sustainable practices. Carbon accounting software enables organizations to demonstrate their commitment to reducing carbon footprints, appealing to eco-conscious consumers and gaining a competitive edge. Businesses realize that adopting sustainable practices not only benefits the environment but can also result in cost savings. Carbon accounting software helps identify energy inefficiencies, leading to optimized processes and reduced operational costs. All these factors to support exponential growth of the carbon accounting software market.
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Major Players Listed in this Report are:
- Persefoni AI
- IBM Environmental Intelligence Suite
- Sphera
- Emitwise
- Sinai Technologies
- Net Zero Cloud by Salesforce
- Greenly
- Net0
- Sweep
- Diligent Corporation & Other Players
Carbon Accounting Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 12.5 Bn |
| Market Size by 2030 | US$ 65.06 Bn |
| CAGR | CAGR of 22.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Regions/Country | 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 Carbon Accounting Software Market Study
- The rise of cloud-based carbon accounting software signifies a departure from traditional on-premise solutions. Cloud-based platforms offer unparalleled flexibility, scalability, and accessibility. Organizations can now seamlessly integrate carbon accounting into their operations, irrespective of their physical location.
- The Energy & Utilities sector plays a pivotal role in the global effort to reduce carbon emissions. As governments and industries intensify their focus on clean energy initiatives, carbon accounting becomes essential for tracking progress and ensuring compliance.
Recent Developments
- Lightspeed has taken the helm in a $27 million funding round supporting Plan A's ambitious plans for expanding its carbon accounting software in Europe. The investment is poised to fortify Plan A's position as a key player in the field, offering innovative solutions for businesses to measure and mitigate their carbon footprint.
- SAP has unveiled its latest initiative – Transactional Carbon Accounting. By incorporating carbon accounting directly into transactional processes, SAP aims to empower organizations to make informed, environmentally conscious decisions in real time.
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Market Dynamics Analysis
In the landscape of environmental sustainability, the carbon accounting software market has become a pivotal player in facilitating organizations' endeavors to measure, manage, and mitigate their carbon footprints. The dynamic nature of this market is underscored by a myriad of drivers that propel its growth. Foremost among these is the escalating global awareness of climate change and the pressing need for corporations to adopt responsible and sustainable business practices. Governments worldwide are implementing stringent environmental regulations, mandating companies to report and reduce their carbon emissions, thereby driving the demand for robust carbon accounting solutions. Additionally, the growing investor and consumer preference for eco-friendly businesses is incentivizing enterprises to adopt carbon accounting software to enhance their environmental transparency and reputation. However, this burgeoning market is not without its challenges and restraints. Integration complexities and the initial costs associated with implementing carbon accounting software act as barriers for small and medium-sized enterprises (SMEs), hindering widespread adoption.
Carbon Accounting Software Market Segmentation:
By Deployment
- Cloud-based
- On-premise
By Industry
- Energy & Utilities
- IT & Telecom
- Healthcare
- Transportation & Logistics
- Retail
- Construction & Infrastructure
- Food & Beverages
- Chemicals
- Others
Key Regional Developments
In North America, stringent environmental regulations and a growing emphasis on corporate social responsibility have been instrumental in driving the demand for carbon accounting software. Companies in the United States and Canada are increasingly investing in solutions that help them monitor and reduce their carbon footprint. Europe stands at the forefront of sustainability efforts, with many countries committing to ambitious carbon reduction goals. The European Union's focus on achieving carbon neutrality by 2050 has prompted businesses to adopt advanced carbon accounting solutions. As a result, the carbon accounting software market in Europe is experiencing substantial growth. The Asia-Pacific region is witnessing a surge in carbon accounting software adoption driven by a combination of regulatory initiatives and corporate awareness. Countries like China, India, and Japan are actively implementing measures to curb carbon emissions, fostering a conducive environment for the growth of the market.
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Impact of Recession on Carbon Accounting Software Market Growth
The recession poses challenges to the carbon accounting software market, including budget constraints and a potential reluctance to invest in non-core business functions. Vendors must adapt by offering flexible pricing models, emphasizing the immediate cost-saving benefits of their solutions, and aligning their value propositions with the evolving priorities of businesses. Simultaneously, opportunities emerge as organizations seek innovative ways to enhance their environmental, social, and governance (ESG) credentials. Carbon accounting software can play a pivotal role in helping companies meet regulatory requirements, demonstrate commitment to sustainability, and gain a competitive edge in an increasingly eco-conscious market.
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. Carbon Accounting Software Market Segmentation, by Deployment
9. Carbon Accounting Software Market Segmentation, by Industry
10. Regional Analysis
11. Company Profile
12. Competitive Landscape
13. USE Cases and Best Practices
14. Conclusion
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