Dublin, July 24, 2024 (GLOBE NEWSWIRE) — The “Global ESG Reporting Software Market: By Offering (Software & Services), Deployment Type (On-Premise & Cloud), Organization Size (Large Enterprises & SMEs), Vertical (BFSI & Government, Public Sector, Non-Profit), and Region – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
The ESG reporting software market is expected to grow from $900 million in 2024 to $2.1 billion in 2029, growing at a CAGR of 17.0%.
This market study covers the ESG Reporting Software market across various segments. It aims to forecast the market size and growth potential of this market across various market segments such as offering, deployment type, organization size, vertical, and region. The study includes a detailed competitive analysis of the key players in the market, their company profiles, key observations on their product and business offerings, recent developments, and key market strategies.
The ESG reporting software market has gradually gained traction across various sectors including BFSI, government, public sector and non-profit organizations, manufacturing, retail, energy, technology, etc. by integrating comprehensive sustainability metrics, advanced data analytics, and real-time reporting capabilities.
These software solutions offer end-to-end ESG management, including data collection, performance tracking, compliance reporting, and stakeholder engagement. Organizations are increasingly adopting ESG reporting software to improve operational efficiency, comply with regulatory requirements, and improve sustainability initiatives. The solutions segment primarily includes data integration, analytics, and reporting platforms supported by APIs, SDKs, and other connectivity technologies.
The European market has highly diverse business needs. Its achievements in science and technology are notable. Moreover, R&D is an integral part of the European economy. A robust economic infrastructure and high internet penetration make Europe one of the top markets for cloud-based services. The key countries analyzed in this region are UK, Italy, and Germany. A well-established internet and robust economic infrastructure, along with business demand for ESG solutions, make Europe one of the top three markets and the second largest market for the ESG reporting software market. The key countries analyzed in this report include UK, Germany, and Italy.
UK and Germany have the highest potential in the ESG reporting software market among all other countries. The business demands in the European market are diverse and quite similar to those in North America. Companies in this region have strong technological expertise and larger IT budgets.
Leading companies like Microsoft, Oracle, IBM, and OVH have established cloud partnerships with European vendors to meet growing customer demands and expand their customer base. The region is an early adopter of advanced technologies due to the companies’ strong technical expertise and large IT budgets. Factors such as data security and data sovereignty are forcing companies in the region to adopt ESG reporting software solutions.
Leading vendors offering ESG reporting software solutions across the globe include Wolters Kluwer (Netherlands), Nasdaq (US), PWC (UK), Workiva (US), LSEG (UK), Greenstone (UK), Diligent (US), Sphera (US), Cority (Canada) and Intelex (Canada).
The services are essential to the delivery of ESG reporting as they provide assistance, know-how and advice to help organisations manage sustainability projects and meet reporting requirements.
On the one hand, we help organizations navigate the complexities of ESG reporting through our consulting, training and advisory services, including setting sustainability goals, developing ESG strategies and supporting the implementation of reporting standards such as the Global Reporting Initiative (GRI), Carbon Disclosure Project (CDP) and Sustainability Accounting Standards Board (SASB).
Service providers help organizations identify relevant ESG metrics, collect and analyze the data, and develop ESG reports customized to the organization’s needs and stakeholder expectations. Additionally, services may include stakeholder engagement, materiality assessment, and benchmarking to help organizations understand how they are performing relative to industry peers and best practices.
Additionally, services include software implementation, customization and support to ensure your organization successfully utilizes ESG reporting software to manage your sustainability data and reporting processes, including software installation, configuration, integration with existing systems, user training and ongoing technical support.
Service providers work closely with organizations to fine-tune ESG reporting software to their specific needs, ensuring they get the most out of their investments while achieving their sustainability goals. The services complement ESG reporting software by providing organizations with the knowledge, tools and support they need to understand the complexities of sustainability reporting and demonstrate their dedication to environmental, social and governance responsibility.
Based on vertical, the retail and consumer goods segment will grow at the highest CAGR during the forecast period.
In the retail and consumer goods industry, ESG reporting software is essential for companies to manage and report on their sustainability activities. ESG reporting software helps retail and consumer goods companies collect, analyze, and report non-financial ESG data such as environmental impact, social initiatives, and governance practices. This includes monitoring energy consumption, waste generation, supply chain practices, labor standards, and diversity efforts.
Additionally, ESG reporting software helps retail and consumer goods companies promote transparency and build trust with consumers, investors, and other stakeholders. By providing a complete toolset to handle sustainability monitoring and reporting, ESG reporting software enables companies to highlight their dedication to sustainability and corporate social responsibility. This can result in brand loyalty, positive reputation, and a competitive advantage in the marketplace as consumers move toward products and brands that align with the values of sustainable and responsible behavior.
This report provides insights into:
Analysis of key drivers (ESG reporting software facilitates proactive risk management strategies by enabling companies to set thresholds, benchmarks, and targets related to ESG performance metrics), opportunities (ESG reporting software can integrate with various enterprise systems such as ERP, CRM, and HCM platforms to consolidate data and streamline reporting processes), and challenges (expanded scope of responsibilities of corporate boards of directors also requires serious focus and timeline commitment for directors to meet their legal obligations). Product Development/Innovation: Detailed insights into upcoming technologies, R&D activities, new product & service launches in the ESG Reporting Software market. Market Development: Comprehensive information on lucrative market – The report analyzes the ESG Reporting Software market across various regions. Market Diversification: Comprehensive information on new products and services, untapped regions, recent developments, and investments in the ESG Reporting Software market. Competitive Assessment: Detailed assessment of market share, growth strategies, and business processes provided in the ESG reporting software market of leading players such as Wolters Some of the names in the ESG reporting software market include Kluwer (Netherlands), Nasdaq (US), PWC (UK), Workiva (US), and LSEG (UK).
Key attributes:
Report AttributesDetailsNumber of Pages260Forecast Period2024 – 2029Estimated Market Value in 2024 (USD)$0.9 billionForecasted Market Value to 2029 (USD)$2.1 billionCAGR17.0%Target RegionGlobal
Featured Companies
Wolters KluwerNasdaqPwCWorkivaLSEGGreenstoneDiligentSpheraCorityIntelexNovistoEmexIBMAnthesisDiginexBain & CompanyKeramida Inc.IsoMetrixVervantisAccuvioESG FloMeasurablPlan ASustainLabESGgo
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Global ESG Reporting Software Market
