The Global Sustainability & Energy Management Software Market, By Software (Cloud Based, and On Premise), By End Use Application (Automotive, Building Automation, Oil & Gas, Manufacturing, Pharmaceutical, Utilities & Energy and Others), By Module (Utility Data Management, Carbon Reporting & Management, Sustainability Reporting & Management, Energy Optimization, Facility & Asset Management and Compliance Management), and by Region (North America, Europe, Asia Pacific, Latin America, MEA) - Global Forecast to 2027, is expected to be valued at US$ 2,326.2 million by 2027, exhibiting a CAGR of 11.4% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Sustainability and energy management software a system database of information associated with financial data, energy, resources, and other important factors. These solutions are comprised of project planning and management, portfolio management, scenario planning, and supply chain management thereby allowing the transformation of corporate energy and sustainability practices. Along with having increased financial responsibilities to shareholders and investors, enterprises face pressure regarding compliance with legal requirements to disclosing non-financial metrics as well.
Rising growth in awareness among organizations regarding sustainability management is expected to boost the global sustainability & energy management software market growth over the forecast period
In the recent past, awareness related to sustainability and energy management has increased significantly. Previously, it was only a regulatory obligation though it is gaining strategic prominence presently, particularly in sectors such as chemicals, manufacturing, and oil & gas. Thus, growing awareness regarding sustainability management in combination with increasing complexity in operations is expected to propel growth of the global sustainability & energy management software market in the near future.
The global sustainability & energy management software market is estimated to account for US$ 2,326.2 Mn in terms of value by the end of 2027.
Major awareness regarding brand and image reputation can present lucrative growth opportunities over the forecast period
Environmental sustainability has become a major global concern leading to a rise in the number of investors, customers, and suppliers who consider sustainability management a vital factor in making decisions about their relationship with manufacturers. As a result of this, enterprises are focused on developing sustainability goals and investing significantly in sustainability management solutions, in order to enhance their brand value and reputation.
Lack of stringent regulations regarding environmental protection in emerging economies is expected to hinder the global sustainability & energy management software market growth over the forecast period
In emerging economies such as China and India, SMEs are a major emitter of environmental pollution. These enterprises have a passive attitude toward pollution prevention as environmental awareness among such enterprises is still low. Enforcement of pollution standards is inadequate and only government-owned enterprises are targeted for environmental monitoring. In these economies, regulations regarding environmental protection are still separate from the economic planning process and integration of environmental thinking into economic planning is still not achieved. Thus, these factors are expected to hamper the global sustainability & energy management software market growth in the near future.
Growing complexity and strict regulatory environmental norms have led to adoption of domestic IT solutions. These solutions were initially developed for sustainability management and related tasks, which were unable to provide desired results. Enterprises are focused on using sustainability-related data, in order to transform processes, products, and related practices and incorporate sustainability into each stage of their business operations. Moreover, vendors are seeking to capitalize on the adoption of these advanced technologies, in order to provide visibility of environmental and sustainability-associated data.
Key players in the global sustainability & energy management software market are focused on collaboration activities, in order to gain a competitive edge in the market. For instance, in May 2013, CA technology collaborated with RF code, which leading provider of distributed IT environmental monitoring and asset management solutions, in order to assist customers with improved environmental and asset monitoring capabilities. Furthermore, in November 2016, Verisae, Inc. collaborated with BACE, which is a manufacturer of heavy-duty balers and compactors for recycling and waste management industry.
Key players operating in the global sustainability & energy management software market are IBM Corp. (TRIRIGA), Figbytes Inc., Schneider Electric, Gensuite LLC, SAP SE, Envizi, ICONICS, Inc., Ecova, Inc., Urjanet, Verisae, Inc., Thinkstep, UL EHS Sustainability, Sphera, Enablon, CA Technologies, and Accuvio.