Sustainability Management Software Market Overview
Sustainability Management Software Market Size was valued at USD 0.14 billion in 2023. The Sustainability Management Software market industry is projected to grow from USD 0.17 billion in 2024 to USD 0.68 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.9% during the forecast period (2024 - 2032). The main market driver of this expansion is the growing understanding among many businesses that they may enhance their profits by cutting back on additional operating expenses.
Figure 1: Sustainability Management Software Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Sustainability Management Software Market Trends
The market for sustainability management software is expected to develop as a result of rising investments in EHS and sustainability software. Software for environmental, health and safety (EHS) allows companies to manage all the data they produce in relation to regulatory compliance, sustainability initiatives, and corporate risk. Growing expenditures on EHS software will fundamentally alter how companies manage their data. For instance, Mucker Capital, Blackhorn Ventures, Matchstick Ventures, SaaS VC, Valo Ventures, and Stout Street provided seed money to Colorado-based Optera in April 2021 for the development of their sustainability management software. With this finance, Optera can more swiftly create capabilities for the next generation and facilitate the rapid onboarding of new customers from any industry. The market for sustainability management software is expanding as a result of rising investments in sustainability software. Thus, this factor is driving the market CAGR.
In the market for sustainability management software, strategic alliances are a crucial trend that is becoming more and more popular. In order to increase their market position, a large number of companies in the sustainability management software sector are entering into partnerships. For instance, the electronics company Samsung Electronics, based in South Korea, joined forces with ABB in April 2022. In order to reduce carbon emissions and energy expenditures in both residential and commercial buildings, this cooperation strives to implement holistic energy management. ABB is a provider of energy management systems with a basis in Switzerland. Additionally, in October 2021, Siemens Energy teamed with SPIE, a company based in Europe that offers multi-technical services in the domains of communications and energy. This alliance intends to provide effective, sustainable, and technologically advanced solutions to the energy company as it moves toward a future without warming. German-based Siemens Energy is a provider of sustainability management solutions.
The market growth is mostly driven by the trend toward green efforts. The best way to address the issues posed by GHG emissions is thought to be through the use of green energy. Utilizing renewable resources as a source of energy is known as green energy generating. A detailed report on the quantity of CO2 produced per unit of production by organisations is provided by sustainability management software. By enabling users to track, measure, plan, store, and report carbon emission data in organisations, it aids in the reduction of GHG emissions. Additionally, it aids in raising awareness of the risks posed by GHG emissions and assists in the identification and application of effective cost-saving strategies by lowering power and heating and cooling expenses. Thus, it is anticipated that this aspect will accelerate the Sustainability Management Software market revenue globally.
Sustainability Management Software Market Segment Insights
Sustainability Management Software Component Insights
The Sustainability Management Software market segmentation has been segmented by component into Software and Service. The service segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Real-time information, charting and monitoring tools, management services, and other services are offered to users through green technology and sustainability solutions.
Figure 2: Sustainability Management Software Market by component, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sustainability Management Software Software Mode Insights
The Sustainability Management Software market segmentation has been segmented by software into Collaboration and Communication Systems. The hybrid cloud segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. A collaboration system enables people to communicate and exchange documents in a digital environment through the use of software and technology. Collaboration tools are used by businesses to address issues including disorganized communication, paper-intensive workflows, and the difficulty to allow employees to work from home.
Sustainability Management Software Service Insights
The Sustainability Management Software market data has been segmented by service into Implementation Service and Consulting Service. The implementation service segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Increasing company and organisation knowledge of the advantages of implementation services for sustainability management software.
Sustainability Management Software Deployment Insights
The Sustainability Management Software market data has been segmented by deployment into Cloud-Based and On-Premise. The cloud segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. SaaS applications can be used on any device with an internet connection and are accessed via the internet. Numerous advantages that on-Cloud solutions provide, including higher scalability, lower operating costs, simple accessibility from anywhere in the globe, and real-time data tracking, have led to a rise in the use of this technology across many different industry sectors.
Sustainability Management Software Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Sustainability Management Software market accounted for USD 0.04 billion in 2021 and is expected to exhibit a 45.80% CAGR during the study period. The presence of manufacturers in industrialized nations like the US and Canada is cited as one of the key causes of the expansion. Additionally, major market players intend to increase their commercial presence across the globe by utilizing business tactics including partnerships, mergers, and collaboration.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3 SUSTAINABILITY MANAGEMENT SOFTWARE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific Sustainability Management Software market accounts for the fastest growing market share. Growing business interest in developing information technology and sustainable software has fueled the market's expansion. Additionally, it is anticipated that the Asia-Pacific region would expand more quickly in the years to come. Further, the China Sustainability Management Software market held the largest market share, and the India Sustainability Management Software market was the fastest-growing market in the region.
Europe's Sustainability Management Software market is expected to grow at a substantial CAGR from 2022 to 2030. because the major firms have made significant investments in research and development. Leading government programmes showcasing cutting-edge low-carbon technology are anticipated to drive market expansion. Moreover, UK Sustainability Management Software market held the largest market share, and the Germany Sustainability Management Software market was the fastest-growing market in this region
Sustainability Management Software Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their product lines, which will help the Sustainability Management Software industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the Sustainability Management Software industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, the Sustainability Management Software industry has provided medicine with some of the most significant benefits. The Sustainability Management Software markets major players such as Schneider Electric (France), IBM Corporation (U.S.), SAP SE (Germany), CA Technologies (U.S.), Verisae Inc. (U.S.), Thinkstep (Germany), Urjanet Inc (U.S.), Accuvio (Ireland), Ecova Inc. (U.S.) and Figbytes Inc. (Canada).
European multinational Schneider Electric SE is a leader in digital automation and energy management. Utilizing a combination of energy technologies, real-time automation, software, and services, it addresses homes, buildings, data centres, infrastructure, and industries. In March 2020, a new estate management programme called EcoStruxure was released by Schneider Electric.
The International Business Machines Corporation (IBM), sometimes known as Big Blue, is an American multinational technology company with operations in more than 175 nations with headquarters in Armonk, New York. It offers to host and consulting services in a variety of fields, including mainframe computers and nanotechnology and is an expert in computer hardware, middleware, and software. In February 2017, Privately held TRIRIGA, Inc., a developer of estate management software solutions, was purchased by IBM Corporation.
Key companies in the Sustainability Management Software market include
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CA Technologies (U.S.)
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Verisae Inc. (U.S.)
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Thinkstep (Germany)
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Urjanet Inc (U.S.)
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Accuvio (Ireland)
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Ecova Inc. (U.S.)
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Figbytes Inc. (Canada)
Sustainability Management Software Industry Developments
October 2020: Open Systems International, Inc. (OSI Inc.) was purchased by Emerson, a US-based manufacturer and provider of engineering services, for $1.6 billion. Emerson expanded its selection of software and automation solutions through this acquisition. By enabling utility customers to increase energy efficiency from generation to customer delivery, cutting-edge modular technology from OSI Inc. and Emerson's Ovation control system helped the industry as a whole achieve its goals of grid stability and the integration of renewable energy sources.
In 2020: A cloud computing business named NordCloud was acquired by IBM, according to a press release. Through this acquisition, IBM will be able to grow its clientele and increase its revenue.
Sustainability Management Software Market Segmentation
Sustainability Management Software Component Outlook (USD Billion, 2018-2030)
Sustainability Management Software Software Outlook (USD Billion, 2018-2030)
Sustainability Management Software Services Outlook (USD Billion, 2018-2030)
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Implementation Service
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Consulting Service
Sustainability Management Software Deployment Outlook (USD Billion, 2018-2030)
Sustainability Management Software Regional Outlook (USD Billion, 2018-2030)
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
Sustainability Management Software Market Highlights:
