ESG Reporting Software Market worth $1.5 billion by 2027, growing at a CAGR of 15.9%: Report by MarketsandMarkets™
The major factors driving the growth of the ESG Reporting Software Market include surge in adoption of cloud-based solutions and services across verticals, higher investment by government as well in this market across regions, spike in corporate data volume, and credible corporate disclosures.
Chicago, March 20, 2023 (GLOBE NEWSWIRE) -- The Global ESG Reporting Software Market to grow from USD 0.7 billion in 2022 to USD 1.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period, according to a new report by MarketsandMarkets™.
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214 - Tables
40 - Figures
193 - Pages
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Scope of the Report
Report Metrics | Details |
Market size value in 2022 | $0.7 billion |
Revenue forecast in 2027 | $1.5 billion |
Growth Rate | 15.9% CAGR |
Market size available for years | 2018–2027 |
Base year considered | 2021 |
Forecast period | 2022–2027 |
Forecast units | Billion (USD) |
Segments covered | Component, deployment type, organization size, vertical and region |
Geographies covered | North America, Asia Pacific, Europe, Middle East & Africa, and Latin America |
Companies covered | Wolters Kluwer (Netherlands), Nasdaq (US), PwC (UK), Workiva (US), Refinitiv (UK), Diligent (US), Sphera (US), Cority (Canada), Intelex (Canada), Greenstone (UK), Novisto (Canada), Emex (Ireland), Enhelix (US), Anthesis (UK), Diginex (Hong Kong), Bain & Co. (US), Keramida (US), Isometrix (US) |
The Services segment is estimated to account for a larger CAGR during the forecast period. Services includes integration and implementation, training and support, and consulting. Services play a crucial role in the ESG Reporting Software Market as these services help in the before and after the deployment of ESG Reporting software solutions to the clients. Various phases, such as planning, deploying, maintaining, and upgrading ESG Reporting software solutions, service providers assist their clients. The following chapter explains the importance of ESG Reporting software services, such as integration and implementation, training and support, and consulting.
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The Manufacturing segment is expected to experience significant growth during the forecast period. ESG and sustainability initiatives have reached a tipping point, particularly for manufacturing firms. The significance of ESG has increased considering recent events such as the COVID-19 pandemic and the increasingly dire climate conditions. High carbon emissions, water scarcity, finite fossil fuel availability, severe weather conditions causing service disruptions, inefficiency, and waste management are the most common challenges that organizations face today. The manufacturing industry is a driver of economic growth, but it is also one of the largest contributors to global greenhouse gas (GHG) emissions. According to the United States Environmental Protection Agency (EPA), burning fossil fuels for industrial purposes accounts for 23% of greenhouse gas emissions. The significance of ESG is undeniable. Companies must take positive climate action and develop more sustainable manufacturing practices because the future of the planet depends on it.
The geographic analysis of the ESG Reporting Software Market is mainly segmented into 5 regions, namely, North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Middle East and Africa region is estimated to experience rapid growth during the forecast period. In the Middle East and Africa region, the BFSI, government and public, and energy and utility verticals are shifting toward the adoption of ESG Reporting services rapidly as organizations working in these regulated verticals are focusing on investing in real-time service resolutions. Sustainable and green technology has become a major component of the developmental planning of companies that require less IT infrastructure setup and capital planning. The region is extensively working on nascent ESG Reporting software solutions while offering standardized services to the users/clients. Service-focused companies in countries, such as the UAE and South Africa, have adopted ESG Reporting software applications to improve the first-time fix rate, reduce greenwashing and gain a higher return on capital investment.
Market Players
Some prominent players across all service types profiled in the ESG Reporting Software Market study include Wolters Kluwer (Netherlands), Nasdaq (US), PwC (UK), Workiva (US), Refinitiv (UK), Diligent (US), Sphera (US), Cority (Canada), Intelex (Canada), Greenstone (UK), Novisto (Canada), Emex (Ireland), Enhelix (US), Anthesis (UK), Diginex (Hong Kong), Bain & Co. (US), Keramida (US), Isometrix (US), Accuvio (acquired by Diligent) (US).
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