Chicago, June 19, 2024 (GLOBE NEWSWIRE) -- 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 Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period. according to a new report by MarketsandMarkets™.
The demand for ESG reporting software is increasing globally due to higher demand for corporate transparency, regulatory compliance, and sustainable business practices.
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ESG Reporting Software Market Dynamics:
DRIVERS
- Consistent growth in corporate data volume
- Proliferation in growth of credible corporate disclosures
- Emphasis on automated data collection, reporting, and reduced manual efforts
- Growing demand for navigating and mitigating ESG risks
RESTRAINTS
- Huge initial capital expenditure
- Regulatory uncertainty hindering adoption and expansion of ESG reporting software
OPPORTUNITIES
- Climate testing to gain traction among financial service organizations
- Assessment of natural capital and biodiversity risks to grow significantly
- Enhancing sustainability through integration with enterprise systems
List of Key Players in ESG Reporting Software Market:
- Wolters Kluwer (Netherlands)
- Nasdaq (US)
- PWC (UK)
- Workiva (US)
- LSEG (UK)
- Greenstone (UK)
- Diligent (US)
- Sphera (US)
- Cority (Canada)
- Intelex (Canada)
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These players have adopted many growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, collaborations, mergers, acquisitions, and new product development activities to expand market presence.
Based on the offerings, the software segment will gain the highest market share during the forecast period.
Software is critical in ESG reporting that helps organizations properly collect, manage, analyze, and report sustainability data.
Initially, ESG reporting software simplifies the process of data collection by enabling companies to get information from different sources, such as internal data systems, third-party providers, and manual inputs. This software usually has data validation and normalization features, so the data collected is accurate and consistent. Moreover, ESG reporting software helps organizations simplify their reporting process by doing tasks like data aggregation, calculation of KPIs, and generating reports automatically. By eliminating manual work and diminishing the chances of human mistakes, this software allows companies to generate ESG reports faster and more quickly.
Besides, ESG reporting software supports data analysis and interpretation; thus, it is possible to find trends, follow the performance over time, and make data-driven decisions to boost the organization's sustainability efforts. These software solutions usually provide dashboards, reporting templates, and data visualization tools that allow the users to display their ESG data in a clear and accessible way for the internal stakeholders, investors, regulators, and other key audiences. Besides, numerous ESG reporting software platforms can integrate with external reporting frameworks and standards like the Global Reporting Initiative (GRI), Carbon Disclosure Project (CDP), and Sustainability Accounting Standards Board (SASB), thus enabling the companies to comply with the industry guidelines and regulatory requirements. In conclusion, ESG reporting software is a vital tool in aiding organizations in managing their sustainability initiatives better, improving transparency and accountability, and showing their dedication to responsible business practices.
Based on software type, the social ESG reporting software segment will grow at the highest CAGR during the forecast period.
Social ESG reporting software is used to help organizations monitor, control, and report their social performance as part of their overall ESG reporting.
This software can gather, study, and present data on social metrics such as employee diversity, labor practices, human rights, community engagement, and social impact initiatives for companies. It is a process of data collection by which organizations can collect information from different sources, which include internal HR systems, surveys, and stakeholder engagement platforms. Social ESG reporting software usually has features like data validation, stakeholder mapping, and impact assessment tools that ensure the collected data is accurate and valuable. Besides, it aids organizations in calculating the major social performance indicators and producing detailed reports in line with the industry standards and regulatory requirements. This software allows organizations to efficiently convey their social performance to internal and external stakeholders, such as investors, customers, employees, and the wider community, through customizable dashboards, reporting templates, and data visualization tools. In conclusion, social ESG reporting software is vital for organizations to check and control their social impact, spot the weak points, and prove their dedication to corporate social responsibility.
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Based on deployment type, on-premises will hold the largest market size during the forecast period.
On-premises deployment has remained one of the major options for organizations in the market for ESG reporting software as they look to maintain greater control as far as their data and infrastructure are concerned. On-premises ESG reporting software empowers enterprises to have their software and data hosted in their physical or virtual servers, thus protecting the data and ensuring compliance with the requirements laid down by regulatory authorities. The company can fully control its ESG reporting processes via on-premises deployment with data collection, analysis, and reporting.
In-house ESG reporting software is mainly used by companies with high data privacy and security requirements or those working in highly regulated industries. It provides more flexibility and opportunities for integration, which can be used to organize the software to fit the company's particular needs and integrate smoothly with the existing IT infrastructure. While on-premises deployment may need a significant initial investment in infrastructure and maintenance, it enables the organizations to own and control every aspect of the ESG reporting process, which provides data security, compliance with standards, and customization to meet their unique needs.
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