Market Research Future (MRFR) asserts that the global sustainability management software market is set to reach the value of approximately USD 900 million by 2023. The market is expanding at 7% CAGR during the forecast period (2017-2023).
Sustainability management software helps an organization to effectively track, measure, and report on their sustainability initiatives. This will subsequently enable the organization to function with the least impact possible on the environment. To put it simply, it aids enterprises in enhancing their business performance via automated analysis, data management and reporting.
Growing awareness amongst organizations fueling demand for sustainability management software
At present, there is an enhanced awareness regarding the concept of sustainability management in companies; it is no longer treated as a regulatory obligation. This is especially essential in companies operating in the manufacturing, chemicals and oil and gas sectors.
The market has significantly developed on the back of increasing competition amongst companies. Subsequently, companies are looking to stand out in the market by adopting sustainable methodologies in their business processes, setting them apart from other organizations.
Lack of strict regulations to hamper the market growth
As the awareness regarding protection of the environment and sustainable practices is low among companies in emerging nations, enforcement of stringent standards is uneven and only government-owned enterprises are generally subject to funding. These factors could be undermining factors in the market growth.
February 2018 – Tennaxia, Europe, has collaborated with U.S. based K·Coe Isom to offer both technology and services for food and beverage companies who are looking to improve, scale up their efforts sustainable performance.
The sustainability management software market can be segmented based on component, deployment, and application.
The component segmented is sub-segmented into software and service. The software comprises of sustainability performance and project management software, sustainable product development software, collaboration and communication system, infrastructure management software and corporate social responsibility data management software. Sustainability performance and project management software empower an organization by establishing project initiatives at corporate or site level, by focusing on executing strategy and increasing returns. It also improves enterprise reporting accuracy and usability and minimizes time and cost required for gathering data.
By deployment, the market is segmented into cloud-based and on-premise. Cloud-based sustainability management software is predicted to claim the largest market share. The segment is rising at a phenomenal rate on account of various benefits it offers, such as reduction in IT costs, flexibility of work practices, scalability, and convenience.
Various applications of sustainability management software are healthcare, manufacturing, oil & gas, automotive, IT and telecommunication and others. Sustainability management software is highly imperative for efficient and smooth running of operations in healthcare sector. With large database of patients and need to handle several sets of information about the patient, the healthcare industry makes high demand for the software to help with these issues.
The regional analysis of sustainability management software market has been studied for regions, namely Asia Pacific, North America, Europe and Rest of the World.
North America is the leading player in the global sustainability management software market due to major sustainability management software manufacturers present in the region.
However, as per the report, the Europe region is expected to dominate the market in the future due to presence of leading organizations who are investing in software development in order to improve their profit margins. Moreover, growing awareness amongst these market players regarding the benefits of sustainability management software has been instrumental in the market growth in the region as well.
APAC is the fastest growing region in the sustainability management market on account of increasing awareness among enterprises and flourishing IT infrastructure. Rapid industrialization and improving economy have also propelled the market growth in the region.
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The key players who are contributing to the market are Verisae, Inc. (U.S.), Thinkstep (Germany), Schneider Electric (France), IBM Corporation (U.S.), SAP SE (Germany), CA Technologies (U.S.), Urjanet Inc (U.S.), Accuvio (Ireland), Ecova Inc. (U.S.), Figbytes Inc. (Canada), among others.
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