Corporate Sustainable Software Market: Current Analysis and Forecast (2022-2028)

Corporate Sustainable Software Market: Current Analysis and Forecast (2022-2028)

Corporate sustainability is a strategy used by a company to provide its products and services in a way that promotes both economic and sustainable growth. Additionally, it favors long-term growth through environmentally friendly methods over immediate financial gains. The rising adoption of corporate sustainability software can be attributed to the increasing focus on environmental issues, such as managing energy consumption, optimizing the use of renewable energy sources, and reducing the carbon footprint and greenhouse gas emissions of corporates, which is creating a demand for corporate sustainability software. Furthermore, the increasing use of smart grids and smart meters is driving the market. With increasing energy demand and aging power infrastructure, governments around the world are increasingly moving towards modernizing their energy grids by deploying smart grid solutions. Demand for energy efficiency solutions is increasing in the market as various governments embark on modernization projects to upgrade their power grids. For example, the Missouri Public Services Commission has invested USD 6.3 Bn in grid modernization.

• Based on deployment, the market is classified into on-premises and cloud. The on-premises segment captured a significant share of the global corporate sustainability software market and is expected to witness robust CAGR during the forecast period, owing to the high preference for this type of deployment to have complete control over confidential data and less dependency on the internet in case of internet interruption.
• By application, the corporate sustainability software market is divided into document management, compliance management, performance management, and reporting. The performance management segment catered to a commendable share of the market in 2020 because it helps businesses align their resources, and systems to meet sustainability objectives. Any functions that evaluate data to show how a company's sustainability practices are doing fall under the category of performance management. Access to configurable dashboards and benchmarking, which evaluates an organization's performance in terms of sustainability or energy management in comparison to predetermined standards or those of other businesses, are important components
• For a better understanding of the market adoption of the corporate sustainability software industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The North American region is expected to be the largest region of the corporate sustainability software market. The growing adoption of corporate sustainability software can be attributed to the growing adoption of smart meters, and the deployment of energy management systems to monitor and manage electricity consumption is expected to drive the demand for energy management systems in the region. Government policies in the region are also directed toward achieving higher efficiencies to reduce the consumption of energy
• Some of the major players operating in the market include Cority Software Inc., Novisto Inc., Intelex Technologies Inc., StarTex Software LLC., Tavares Group Consulting Inc., Locus Technologies, Key Green Solutions LLC, Emex Software Ltd, Diligent Corporation, Sphera Solutions Inc.