Pune, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Carbon Accounting Software Market Size Analysis:
“A report from SNS Insider indicates that the Carbon Accounting Software Market was valued at USD 16.1 billion in 2023 and is projected to grow to USD 102.9 billion by 2032, at a compound annual growth rate (CAGR) of 22.9% over the forecast period of 2024-2032.”
This growth is due to the increasing need for organizations to acquire efficient carbon management strategies, along with advancements in digital technology that make tracking and reporting easier. The demand for carbon accounting software is driven by the need to track and reduce greenhouse gas (GHG) emissions. Governments and regulatory bodies worldwide are setting aspiring climate goals that require businesses to reduce their carbon footprint. To meet these requirements, businesses are hugely investing in software that allows them to accurately measure and report their emissions.
Growing investors' interest in ESG stocks also contributes to the market expansion. It pushed companies to pay extra attention to sustainability reporting, leading to the adoption of carbon accounting software in business operations. The market is driven by the increasing need for companies to understand their carbon data availability, which allows acting in alignment with the strategies carefully enforced on all levels for the global reduction of the carbon footprint. However, another factor that drives the demand is that companies operating in different sectors are starting to realize the economic implications of such practices. While working on their environmental footprint, firms prefer using carbon accounting software to monitor their progress and ensure compliance. For instance, as of 2023, around 70% of large organizations worldwide use carbon accounting software or similar tools to monitor their environmental impact, up from 51% in 2020. At the same time, companies from the energy, manufacturing, transportation, and construction sectors actively increase the implementation of carbon accounting software in operations, as their elevated emissions warrant them being under high regulation.
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Major Players Analysis Listed in this Report are:
- Climate Vault - (Carbon Offsetting, Climate Risk Assessment)
- Carbon Tracker - (Carbon Disclosure, Climate Risk Analysis)
- Persefoni - (Carbon Accounting, Climate Risk Management)
- Climate Neutral Group - (Carbon Footprint Calculation, Carbon Offset Solutions)
- Watershed - (Carbon Accounting, Climate Risk Management)
- Climate Analytics - (Climate Risk Assessment, Climate Change Modeling)
- Climate Action Tracker - (Climate Policy Tracking, Climate Target Analysis)
- Coolset - (Carbon Footprint Calculation, Carbon Reduction Strategies)
- Normative - (Carbon Footprint Calculation, Carbon Reduction Strategies)
- Plan A - (Carbon Footprint Calculation, Carbon Reduction Strategies)
- Emitwise - (Carbon Footprint Calculation, Carbon Reduction Strategies)
- Sinai Technologies - (Carbon Accounting, Climate Risk Management)
- Vaayu - (Carbon Footprint Calculation, Carbon Reduction Strategies)
- Greenly - (Carbon Footprint Calculation, Carbon Offset Solutions)
- Sustain Life - (Carbon Footprint Calculation, Carbon Reduction Strategies)
- Pledge - (Carbon Footprint Calculation, Carbon Offset Solutions)
- Sphera - (Carbon Accounting, Sustainability Management)
- Intelex Technologies - (Carbon Accounting, Environmental Management)
- Net0 - (Carbon Footprint Calculation, Carbon Reduction Strategies)
- Evalue8 Sustainability - (Carbon Footprint Calculation, Carbon Reduction Strategies)
Carbon Accounting Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 16.1 billion |
| Market Size by 2032 | USD 102.9 billion |
| CAGR | CAGR of 22.9% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | 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 Growth Drivers | •Increasing pressure to reduce supply chain emissions is fueling the need for comprehensive carbon accounting software. •AI and machine learning integration enhance real-time tracking, automation, and predictive analytics for carbon management •Rising consumer preference for eco-friendly brands drives businesses to adopt carbon reporting to highlight sustainability efforts. |
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Segmentation Analysis
By Enterprise Size
The large enterprise segment dominated the market and accounted for more than 53.2% of market revenue in 2023. Large enterprises mostly work in different areas and sectors, requiring advanced tools to track and report their carbon emissions worldwide. The need to address environmental regulations and meet ESG standards results in significant investments in advanced carbon accounting software. large enterprise can effectively monitor their sustainability efforts and maintain transparency with stakeholders through these solutions, which provide detailed insights, customizable reports, and integration with other enterprise systems.
The small and medium enterprises (SMEs) segment is expected to grow at the highest CAGR during the forecast period. small and medium-sized enterprises are turning to carbon accounting software mostly to comply with and enhance their sustainability image with stricter environmental regulations. The growing accessibility of affordable, easy-to-use cloud-based solutions makes it easier to use these tools without the need for large initial investments. Moreover, increasing requests from customers and collaborators for greater transparency in environmental efforts are motivating small and medium enterprises to prioritize investments in carbon management to remain competitive in the industry.
By End-Use
In 2023, the energy and utilities sector dominated the market and held the largest revenue share. Energy and utility companies, which are the main emitters of greenhouse gases, are required to adhere to strict environmental regulations and reporting mandates. These sectors are facing immense pressure to decrease their carbon footprint and shift towards more environmentally-friendly practices. Companies use carbon accounting software to effectively monitor emissions throughout their activities, increase energy efficiency, and ensure adherence to environmental regulations. The industry's emphasis on sustainability, along with regulatory requirements, has led to the extensive use of carbon accounting software.
The transportation and logistics industry is anticipated to grow at the highest CAGR during the forecast period. Strict goals regarding environmental regulations and carbon reduction set by governments, companies in this sector must now utilize advanced carbon accounting software to better monitor and manage their emissions.
Carbon Accounting Software Market Segmentation:
By Deployment
- On-premise
- Cloud
By Enterprise Size
- Large Enterprises
- SMEs
By End-Use
- Energy & Utilities
- IT & Telecom
- Healthcare
- Transportation & Logistics
- Retail
- Construction & Infrastructure
- Food & Beverages
- Chemicals
- Others
Regional Landscape
In 2023, North America dominated the carbon accounting software market and held the majority of revenue share, surpassing 39.3%. The U.S. and Canadian governments have implemented strict regulations on reporting greenhouse gas emissions, forcing organizations from different sectors to utilize carbon accounting software.
Europe’s carbon accounting software market is expected to see substantial growth during the forecast period. The European Union's aspiring climate objectives, such as the European Green Deal and the pledge to achieve carbon neutrality by 2050, are driving organizations to implement sophisticated carbon accounting solutions.
Recent Developments
In June 2024, SCS Consulting Services Inc. partnered with Sustain, a developer of carbon accounting platforms.
In May 2024, Notch, a climate firm, launched its latest carbon accounting software platform, created to help businesses of all sizes in different industries reach Net Zero objectives and increase their competitive standing.
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Key Takeaways
- It provides a comprehensive analysis of the global carbon accounting software market, including growth projections, market dynamics, and competitive landscape.
- It highlights the increasing regulatory pressures on businesses to reduce carbon emissions and the role of carbon accounting software in meeting compliance requirements.
- Opportunities for growth in the market are identified, particularly in the Europe region and sectors focused on energy efficiency and renewable energy integration.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Carbon Accounting Software Market Segmentation, By Deployment
8. Carbon Accounting Software Market Segmentation, by Enterprise Size
9. Carbon Accounting Software Market Segmentation, by End-Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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