The global emissions management software market is projected to grab a moderate CAGR during the forecast period, i.e., 2022-2030. End-User companies are progressively adopting the emissions management software across verticals, backed by the need for adhering to carbon emission compliances, which is estimated to drive the market growth. The increasing government initiatives across the world is also expected to boost the growth of the emissions management software market.
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The increasing amount of greenhouse gas (GHG) emissions is a burning concern amongst various governmental and non-governmental organizations. One of the most harmful gas to deal with in carbon management is CO2 and it needs significant efforts to monitor, measure its levels, and reduce its emission across the world. Emissions management software helps to measure, plan, store, report, and manage emissions associated to different organizational activities. Moreover, emissions management software has numerous advantages, such as improved operational efficiency, communication of business metrics to stakeholders, differentiation of operations, improved product and image, compliance with restrictive mandates, and mitigating the business risks of climate change. Owing to this changed outlook, businesses and consumers are more aware of the present and future consequences of todays' company’s harmful emissions, which is estimated to boost the market growth. The remarkable growth of this software market can also be attributed to several initiatives by governments to support environmental and corporate sustainability.
The market is segmented on the basis of product type into cloud-based and web-based, out of which, the cloud-based segment is estimated to grab the largest share during the forecast period because it offers better control of the data, along with the reduced risk of data loss and concerns related to regulatory compliance. Owing to these benefits, several enterprises are choosing cloud-based solutions to ensure safety and security, which is expected to boost the segment growth. The cloud deployment model offers benefits like increased scalability, speed, 24/7 service, and enhanced IT security. Technological advancement is one among the first drivers boosting the expansion of the IT industry. According to the report of India Brand Equity Foundation, the IT & BPM industry’s revenue is estimated approximately US$ 194 billion in FY21, an increase of 2.3% YoY. The domestic income of the IT industry is estimated to reach US$ 45 billion, and export revenue is estimated to be US$ 150 billion in FY21.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in North America is predicted to gain the largest share over the forecast period due to the increasing adoption of cloud-based emissions management by varied industries. Moreover, the increasing adoption of technology and rising demand for clean and renewable energy are projected to boost the market growth.
The market in the APAC is anticipated to exhibit significant revenue share by growing at the highest CAGR over the forecast period owing to rapid digitalization and technological rise. According to the India Brand Equity Foundation (IBEF), installed renewable power generation capacity has gained pace over the past few years, having a CAGR of 17.33% between FY16-20. The Indian software product industry is expected to achieve US$ 100 billion by 2025. With the government's increased support and improved economics, the sector has become enticing from an investor's perspective. Increasing demand for emissions management in various industries to enhance emission control, is also estimated to boost the market growth.
The global emissions management software market is further classified on the basis of region as follows:
Our in-depth analysis of the global emissions management software market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising need for emission control due to increasing environmental problems and initiatives by corporates for environment sustainability are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
The high investment cost and lack of innovative solutions to address unique environmental solutions are the challenges estimated to hamper emissions management market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the rapid digitalization and rise in technologies. Moreover, the adoption and the rising demand for clean and renewable energy is anticipated to boost the market growth.
The major players dominating the emissions management software market are Schneider Electric, Intelex Technologies, Dakota Software Corporation, Envirosoft, Accuvio, and NativeEnergy among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, end user, and by region.
With respect to product type, the cloud- based segment is anticipated to hold the largest market share owing to the better control of the data, along with the reduced risk of data loss and concerns related to regulatory compliances.
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