ESG Report Software Market Predicted to Reach $2.25 Billion by 2031 – Exclusive Report by InsightAce Analytic Pvt. Ltd.
InsightAce Analytic Pvt. Ltd. has announced the release of a market assessment report on “Global ESG Reporting Software Market – (By Component (Solutions, Services), By Deployment Type (On-Premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Vertical (BFSI, Government, Public Sector & Non-Profit, Retail)), Trends, Industry Competitive Analysis, Revenue and Forecast to 2031.”
According to the latest research from InsightAce Analytic, the global ESG reporting software market is valued at USD 710 million in 2022 and is expected to reach USD 2.25 billion by 2031, growing at a CAGR of 13.86% during the forecast period 2024-2031.
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ESG Software: Accelerating Sustainable Investing
Delivered as a Software-as-a-Service (SaaS) platform, ESG software helps companies maximize their Environmental, Social, and Governance (ESG) efforts, ultimately expanding investor choice and enhancing business value.
What is sustainable investing?
Sustainable investing, also known as ESG investing, focuses on identifying companies that demonstrate responsible, ethical and sustainable practices. Investors and capital markets organizations are turning to ESG software to evaluate corporate behavior and gain insights that help predict future financial performance.
Benefits of ESG Software
Many companies use these software programs to reduce or eliminate risks associated with their investments, assets, and operations. ESG software platforms facilitate investment evaluation and ultimately improve the decision-making process.
Competitive Environment
The ESG software industry is a highly competitive field with a wide range of players, from large, established enterprise software companies to innovative start-ups. This competition drives the continuous development of the market.
Looking to the future: The growing importance of ESG reporting
Over the next few years, the need for ESG software is expected to grow as ESG reporting becomes more important to investors and stakeholders, and companies will increasingly rely on these tools to demonstrate their commitment to sustainability and responsible practices.
List of major players in the ESG Report Software market:
• Enhelix (USA)
• Anthesis (UK)
• Diginex (Hong Kong)
• Bain & Company (USA)
• Keramida (USA)
• Isometrix (USA)
• Accuvio (acquired by Diligent) (USA)
• Wolters Kluwer (Netherlands)
• Nasdaq (USA)
• PwC (UK)
• Workiva (USA)
• Refinitiv (UK)
• Diligent (USA)
• Sphera (USA)
• Cority (Canada)
• Intelex (Canada)
• Greenstone (UK)
• Novist (Canada)
• EMECS (Ireland)
• others
Market Trends:
driver-
The growing demand for digital substations is due to ESG programs that increase brand awareness and drive brand loyalty. Consumers are interested in making ethical purchases and are intrigued by the efforts companies are making to promote sustainability.
Research has shown that small businesses that have taken steps to address sustainability issues tend to attract more customers and consumers who are interested in doing business with companies that address these issues. Small businesses can create value by implementing ESG programs.
assignment:
The biggest challenge companies face when preparing ESG disclosures is data management. Many companies are beginning to organize their data to comply with voluntary frameworks and legal requirements. Sustainability determinations are inherently complex, and ESG reporting is already creating problems for companies.
Achieving a comprehensive and holistic view of ESG benefits and drawbacks is difficult as data is often recorded manually in spreadsheets or scattered across silos within companies. The COVID-19 pandemic has led to a decline in overall business activity, negatively impacting the global economy.
The pandemic has had a major impact on many businesses due to supply chain interruptions, reduced productivity, work stoppages, unexpected reorganizations in operations, and inventory management issues.
While the first few months may have been a struggle, the market for ESG reporting software is expected to grow significantly in the coming months.The importance of ESG has increased dramatically throughout the pandemic.The pandemic has made it clear that companies in crisis can be at risk.
Regional trends:
The North American ESG reporting software market is expected to hold a major share in terms of revenue. It is projected to grow at a high CAGR in the near future, owing to the expected rise in product penetration in the region. After all, environmental risks are being mitigated through the widespread use of Environmental, Sustainability, and Governance (ESG) reporting software.
Regulatory agencies such as the Occupational Safety and Health Administration in the United States have mandated the use of ESG reporting software for many companies, including materials, chemicals, energy, and utilities. OSHA is the agency that promotes workplace safety standards, resulting in reduced occupational hazards.
Moreover, given the widespread use of Environmental, Sustainability, and Governance (ESG) reporting tools to mitigate environmental risks, Europe holds a significant share of the market due to its developed and rapidly expanding economy.
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Recent developments:
• In May 2023, Novisto continued on its path by raising $20 million in a Series B funding round led by Inovia Capital. Portage and SCOR Ventures were the first to invest in the round, with White Star Capital and Diagram Ventures also contributing. Novisto used these funds to accelerate new product development and market growth.
• In March 2023, PwC and Sphera partnered to accelerate the expansion of their market-leading ESG management platform. By combining their strengths in technology and strategy consulting, Sphera and PwC hope to rapidly expand their client base, increase adoption of the Sphera platform’s capabilities and build a more robust ESG digital ecosystem for their clients.
ESG Report Software Market Segmentation
By Components –
• solution
• service
By deployment type –
• On-premise
• Clouds
By organization size –
• Large companies
• Small and medium-sized enterprises
Vertical direction-
• Banking, Financial Services and Insurance
• IT and ITeS
• Government and Public Sector
• Manufacturing
• Retail and Consumer Goods
• Healthcare and Life Sciences
• Energy and Utilities
• Other industries
By region –
North America-
• America
• Canada
• Mexico
Europe-
• Germany
• England
• France
• Italy
• Spain
• Other Europe
Asia Pacific –
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
latin america-
• Brazil
• Argentina
• Other Latin American countries
Middle East and Africa
• GCC countries
• South Africa
• Rest of the Middle East and Africa
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