Carbon Footprint Management Market Forecast to 2028
An increase in government initiatives for emissions reduction, increasing demand for energy consumption by industries, and implementation of COP27 targets to limit global warming are the major drivers of the carbon footprint management markets. A general shift toward cloud computing and paperless economy is another factor that would provide opportunities for the growth of the carbon footprint management market during the forecast period.
According to a new market research report,
The global carbon footprint management market is projected to reach USD 30.8 billion by 2028 from an estimated USD 11.3 billion in 2023, at a CAGR of 22.2% during the forecast period.
Leading Market Players:-
IBM (US), Schneider Electric (France), Salesforce (US), SAP (Germany), ENGIE (France), Enviance (US), Isometrix (South Africa), ESP (New Zealand), Dakota Software (US), Accuvio (US), ProcessMap (US), Locus Technologies (US), NativeEnergy (US), EnergyCap (US), Carbon Footprint Ltd (UK), EcoTrack (US), Carbon Trust (UK), Envirosoft (Canada), Intelex (Canada), Enablon (France), and Trinity Consultants (US).
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By deployment mode, the cloud segment of the carbon footprint management market is expected to be the largest during the forecast period. Businesses are opting for cloud-based solutions as they guarantee safety and security because of these advantages. Cloud deployment mode provides advantages such control over data, lower possibility of data loss, and absence of concerns about regulatory compliance. Moreover, cloud has lower deployment costs, and provides ease of execution, upgrades, and maintenance. All these factors are expected to drive the growth of this segment during the forecast period.
The financial services sector, by vertical, of the carbon footprint management market is expected to grow at the highest CAGR between 2022 to 2028, owing to the opportunities in sustainable finance products such as sustainability-linked loans, green and transition bonds, sustainable investment funds, and insurance solutions. The banking, and the BFSI (banking, financial services, and insurance) sector as a whole, is IT intensive and the GHG emissions associated with financial institutions’ investing, lending, and underwriting activities are on average over 700 times higher than their direct emissions. Moreover, financial institutions appear to be focused on low-carbon transition opportunities and are rapidly engaging to support and lead the transition to a low-carbon world, driving the fast growth of the segment in the market.
Carbon Footprint Management Market Dynamics
Driver: Increase in government initiatives for low carbon policy
Restraints: High Initial Investment
Opportunities: The shift Towards Cloud Computing and Paperless Economy
Challenges: Challenges in comprehensively measuring, monitoring, and reporting Scope 3 emissions
North America is expected to dominate the carbon footprint management market
North America held a dominant position in the carbon footprint management market industry in 2022, and is expected to continue to do so throughout the forecast period as a result of the region’s proactive efforts to reduce the effects of climate change. In line with this, the region has set strong NDC targets and enacted binding ESG disclosure regulations. Carbon footprint management solutions are expected to see considerable growth over the next few years.
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Report Objectives
- To define, describe, segment, and forecast the carbon footprint management market by component, deployment mode, organization size, vertical, and region, in terms of value.
- To provide comprehensive information about the drivers, restraints, opportunities, and industry-specific challenges that affect the market growth
- To strategically analyze the global carbon footprint management market with respect to individual growth trends, future expansions, and each segment’s contribution to the market.
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders.
- To forecast the growth of the global carbon footprint management market with respect to the main regions (Asia Pacific, North America, Europe, Middle East & Africa, and South America).
- To profile and rank key players and comprehensively analyze their market share.
- To analyze competitive developments such as acquisitions, contracts & agreements, product launches, and expansions in the carbon footprint management market.
- This report covers the global carbon footprint management market size in terms of value and volume.
