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The Carbon Accounting Software Market size was valued at USD 14.4 bn in 2023 and is expected to reach USD 101.26 bn by 2032 with a growing CAGR of 24.2 % over the forecast period 2024-2032.
A growing focus on corporate sustainability is prompting businesses to showcase their environmental efforts. This software allows companies to transparently track and communicate their carbon footprint, demonstrating their commitment to sustainability and attracting environmentally conscious consumers and investors. Furthermore, rising ESG reporting requirements are making carbon accounting software an essential tool. Environmental, Social, and Governance (ESG) reporting is becoming standard practice, and carbon emissions are a crucial aspect. This software facilitates the collection and analysis of data required for comprehensive ESG reports, ensuring transparency and meeting investor expectations. Beyond its role in regulatory compliance and reporting, carbon accounting software can also lead to significant cost savings.
Finally, technological advancements are propelling the market forward. Due to their scalability, accessibility, and ease of use features, cloud solutions are becoming more popular. Integration with existing financial software streamlines data collection and improves overall efficiency. In addition, artificial intelligence (AI) will be incorporated into parts of the solution to enable more accurate data analysis and emissions forecasting. These factors, combined with growing awareness of climate change and growing corporate responsibility, create a strong and thriving market for carbon accounting software solutions.
KEY DRIVERS:
Consistently increasing government initiatives to reduce the emission of carbon and greenhouse gases.
Adoption by the Energy and Utilities Sector
Carbon accounting software are help to reduce the cost of enterprises.
By creating energy-related rules and regulations, governments from various nations are taking steps to limit carbon emissions. Enterprises are being persuaded to use carbon accounting software in their operations by the financial impact of non-compliance and the increased customer demand for energy-efficient products. By developing regulations and recommendations to lower environmental pollution levels and greenhouse gas levels, several organizations are concentrating on global warming.
RESTRAINTS:
Demand for carbon accounting software is reduced due to rapidly increasing greenwashing.
Fossil fuel businesses may use "greenwashing" to falsely claim that they are promoting sustainability. The idea that businesses and organizations should sell their sustainable contributions is criticized as being dishonest and detrimental. Businesses have engaged in "greenwashing" by showcasing their clean energy and pollution reduction measures in press releases and ads. Several businesses have been implicated in greenwashing in different ways.
OPPORTUNITIES:
Government Initiatives pose significant opportunity in Carbon Accounting Software market for growth.
Governments are implementing stricter regulations on greenhouse gas emissions, often mandating carbon footprint reporting for specific industries or company sizes. For eg. The European Union's Emissions Trading System (EU ETS) requires companies in various sectors to report and pay for their carbon emissions. This has significantly increased the use of carbon accounting software in Europe. Many countries have pledged to achieve net-zero emissions by a certain date. These national goals translate into regulations, incentives, and funding initiatives that encourage businesses to adopt sustainable practices.
Example: The United States has set ambitious goals for reducing carbon emissions. The Department of Energy's funding for Industrial Assessment Centers (IAC) up to $52.5 million for its Industrial Assessment Centers (IAC) to help smaller manufacturers improve efficiency, save money, and reduce their carbon footprint. These centers offer assessments to smaller manufacturers, helping them identify opportunities to improve energy efficiency and reduce their carbon footprint.
CHALLENGES:
Data Availability and Quality
Accurate carbon footprint calculations require access to reliable and complete data on energy consumption, materials used, and waste generation. This can be a barrier for many organizations.
The war has accelerated the adoption of renewable energy sources in Europe as countries try to reduce their dependence on Russian fossil fuels. This shift to renewable energy sources is expected to increase the demand for carbon accounting software as companies and governments need to monitor and manage their emissions more effectively. and the actual mechanics of warfare, such as fuel for tanks and planes, account for less than 10% of war's total emissions. rebuilding civil infrastructure and housing is the largest source of carbon, accounting for about half of all emissions. This highlights the need for carbon accounting software that accurately monitors and manages emissions from various sources. the war also caused significant emissions, a total of 120 million tons of carbon dioxide equivalent in the first year, equivalent to the annual emissions of Belgium Military emissions are dominated by Russia's use of fossil fuels, accounting for 64% of military emissions. it highlights the importance of carbon accounting software in monitoring and controlling emissions from military operations.
Rebuild and release.
The economic slowdown has increase the adoption of carbon accounting software especially in the energy and utilities sector, as companies seek to reduce their carbon footprint and comply with environmental regulations. also, the economic slowdown can also push companies to focus on cost-effectiveness. Carbon accounting software can help identify areas for resource reduction and energy efficiency, leading to cost savings. this has led to an increased demand for Software as a Service (SaaS)-based carbon accounting software, as companies prefer to focus on their core operations without the burden of managing complex IT environments. SaaS solutions eliminate the need for organizations to invest in and maintain extensive IT infrastructure, making them particularly beneficial for businesses that prefer to focus on their core operations.
By Deployment
Cloud-Based
On-Premise
Based on Deployment, the market is divided into cloud-based and on-premises. Cloud-based adoption is expected to grow at the strongest growth rate. The spread of cloud-based solutions promotes the development of the market. that is why several companies prefer cloud-based carbon accounting solutions for better business growth.
In May 2023, Microsoft and Fujitsu Limited announced a collaboration that will transform sustainability. Sustainable manufacturing enables the use of digitized production sites to promote sustainability in the Microsoft cloud, while developing solutions that help companies more easily visualize the risks associated with changing environmental conditions.
On-premises deployment will hold the largest market share during the forecast period. On-premises deployment offers enhanced security and privacy to companies managing carbon emissions, as it is stored and managed within the organization's IT infrastructure. It also gives companies the ability to tailor solutions to their needs.
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By Industry
Energy & Utilities
IT & Telecom
Healthcare
Transportation & Logistics
Retail
Construction & Infrastructure
Food & Beverages
Chemicals
Others
Based on the industry, the market is divided into information technology and telecommunications, energy and utilities, transport and logistics, retail, healthcare, construction and infrastructure, food and beverages, chemicals and others. the energy and utilities segments account for the largest share of the market and are projected to grow at a major CAGR during the forecast period. The energy and utilities industry is a prominent adopter of carbon accounting software, particularly in power plants, utilities and renewable energy providers. Those communities need carbon accounting software to track and record emissions from their energy production, consumption and distribution.
The United States and Canada are the dominant players in the North American carbon accounting software market. Stringent government regulations for emission reduction and rising corporate sustainability goals are driving market growth. also the California's ambitious climate goals have led to a thriving market for carbon credits and require companies to track and report their emissions, fueling demand for carbon accounting software, for e.g., the California Cap-and-Trade Initiative to reduce greenhouse gas emissions.
The Asia Pacific region is expected to witness the highest growth rate in the carbon accounting software market, The rapid growth of manufacturing industries in countries like India and China is lead to a significant increase in greenhouse gas emissions. For Eg. China's national carbon trading scheme, launched in 2021, is expected to significantly drive the demand for carbon accounting software in the country. Governments in these regions are implementing stricter regulations to curb emissions. Also, the growing economies in the region are experiencing a rise in environmental awareness, prompting companies to adopt sustainable practices.
For instance, the Indian government has launched a program to incentivize companies to adopt carbon footprint management practices.Carbon accounting software helps them track and manage their carbon footprint. on the other hand The regulatory environment for carbon accounting varies across different countries in Asia Pacific, which can create challenges for companies operating in multiple regions. In some developing economies within the region, awareness about carbon accounting and its importance is still relatively low.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are IBM Environmental Intelligence Suite, Diligent Corporation, Persefoni AI, Sphera, Emitwise, Greenly, Sinai Technologies, Net Zero Cloud by Salesforce, Net0, Sweep, and other key players.
In May 2024, Engie, a French multinational utility company, partnered with a sustainability software provider to implement a cloud-based carbon accounting platform across its operations. This signifies a growing trend of large corporations adopting advanced carbon accounting solutions.
In May 15, 2024, Siemens announced a collaboration with a leading carbon management consultancy to develop a new AI-powered carbon accounting solution. This collaboration aims to leverage artificial intelligence for more efficient and accurate carbon footprint tracking.
In April 2024, Schneider Electric launched a new carbon accounting software solution specifically designed for small and medium-sized businesses (SMBs). This development indicates an expansion of the market to cater to the needs of a wider range of companies.
| Report Attributes | Details |
| Market Size in 2023 | US$ 14.4 Bn |
| Market Size by 2032 | US$ 101.26 Bn |
| CAGR | CAGR of 24.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Deployment (Cloud-based and On-premise) • By Industry (Energy & Utilities, IT & Telecom, Healthcare, Transportation & Logistics, Retail, Construction & Infrastructure, Food & Beverages, Chemicals, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | IBM Environmental Intelligence Suite, Diligent Corporation, Persefoni AI, Sphera, Emitwise, Greenly, Sinai Technologies, Net Zero Cloud by Salesforce, Net0, Sweep |
| Key Drivers | • Consistently increasing government initiatives to reduce the emission of carbon and greenhouse gases. • Adoption by the Energy and Utilities Sector • Carbon accounting software are help to reduce the cost of enterprises. |
| Market Opportunities | • Government Initiatives pose significant opportunity in Carbon Accounting Software market for growth. |
Ans: The expected CAGR of the Carbon Accounting Software Market during the forecast period is 24.2 %.
Ans: The Carbon Accounting Software Market size is forecasted to surpass USD 101.26 billion by 2032.
Ans. Consistently increasing government initiatives to reduce the emission of carbon and greenhouse gases. Carbon accounting software are help to reduce the cost of enterprises
Ans. Carbon accounting software helps organizations track, manage, and report their greenhouse gas (GHG) emissions. It streamlines data collection, automates calculations, and facilitates emission reduction strategies.
Ans: Challenges include data gathering, ensuring data accuracy, and integrating the software with existing workflows. However, most vendors offer implementation support and training resources.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact Of Russia Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Carbon Accounting Software Market Segmentation, By Deployment
9.1 Introduction
9.2 Trend Analysis
9.3 Cloud-Based
9.4 On-Premise
10. Carbon Accounting Software Market Segmentation, By Industry
10.1 Introduction
10.2 Trend Analysis
10.3 Energy & Utilities
10.4 IT & Telecom
10.5 Healthcare
10.6 Transportation & Logistics
10.7 Retail
10.8 Construction & Infrastructure
10.9 Food & Beverages
10.10 Chemicals
10.11 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 Trend Analysis
11.2.2 North America Carbon Accounting Software Market by Country
11.2.3 North America Carbon Accounting Software Market By Deployment
11.2.4 North America Carbon Accounting Software Market By Industry
11.2.5 USA
11.2.5.1 USA Carbon Accounting Software Market By Deployment
11.2.5.2 USA Carbon Accounting Software Market By Industry
11.2.6 Canada
11.2.6.1 Canada Carbon Accounting Software Market By Deployment
11.2.6.2 Canada Carbon Accounting Software Market By Industry
11.2.7 Mexico
11.2.7.1 Mexico Carbon Accounting Software Market By Deployment
11.2.7.2 Mexico Carbon Accounting Software Market By Industry
11.3 Europe
11.3.1 Trend Analysis
11.3.2 Eastern Europe
11.3.2.1 Eastern Europe Carbon Accounting Software Market by Country
11.3.2.2 Eastern Europe Carbon Accounting Software Market By Deployment
11.3.2.3 Eastern Europe Carbon Accounting Software Market By Industry
11.3.2.4 Poland
11.3.2.4.1 Poland Carbon Accounting Software Market By Deployment
11.3.2.4.2 Poland Carbon Accounting Software Market By Industry
11.3.2.5 Romania
11.3.2.5.1 Romania Carbon Accounting Software Market By Deployment
11.3.2.5.2 Romania Carbon Accounting Software Market By Industry
11.3.2.6 Hungary
11.3.2.6.1 Hungary Carbon Accounting Software Market By Deployment
11.3.2.6.2 Hungary Carbon Accounting Software Market By Industry
11.3.2.7 Turkey
11.3.2.7.1 Turkey Carbon Accounting Software Market By Deployment
11.3.2.7.2 Turkey Carbon Accounting Software Market By Industry
11.3.2.8 Rest of Eastern Europe
11.3.2.8.1 Rest of Eastern Europe Carbon Accounting Software Market By Deployment
11.3.2.8.2 Rest of Eastern Europe Carbon Accounting Software Market By Industry
11.3.3 Western Europe
11.3.3.1 Western Europe Carbon Accounting Software Market by Country
11.3.3.2 Western Europe Carbon Accounting Software Market By Deployment
11.3.3.3 Western Europe Carbon Accounting Software Market By Industry
11.3.3.4 Germany
11.3.3.4.1 Germany Carbon Accounting Software Market By Deployment
11.3.3.4.2 Germany Carbon Accounting Software Market By Industry
11.3.3.5 France
11.3.3.5.1 France Carbon Accounting Software Market By Deployment
11.3.3.5.2 France Carbon Accounting Software Market By Industry
11.3.3.6 UK
11.3.3.6.1 UK Carbon Accounting Software Market By Deployment
11.3.3.6.2 UK Carbon Accounting Software Market By Industry
11.3.3.7 Italy
11.3.3.7.1 Italy Carbon Accounting Software Market By Deployment
11.3.3.7.2 Italy Carbon Accounting Software Market By Industry
11.3.3.8 Spain
11.3.3.8.1 Spain Carbon Accounting Software Market By Deployment
11.3.3.8.2 Spain Carbon Accounting Software Market By Industry
11.3.3.9 Netherlands
11.3.3.9.1 Netherlands Carbon Accounting Software Market By Deployment
11.3.3.9.2 Netherlands Carbon Accounting Software Market By Industry
11.3.3.10 Switzerland
11.3.3.10.1 Switzerland Carbon Accounting Software Market By Deployment
11.3.3.10.2 Switzerland Carbon Accounting Software Market By Industry
11.3.3.11 Austria
11.3.3.11.1 Austria Carbon Accounting Software Market By Deployment
11.3.3.11.2 Austria Carbon Accounting Software Market By Industry
11.3.3.12 Rest of Western Europe
11.3.3.12.1 Rest of Western Europe Carbon Accounting Software Market By Deployment
11.3.2.12.2 Rest of Western Europe Carbon Accounting Software Market By Industry
11.4 Asia-Pacific
11.4.1 Trend Analysis
11.4.2 Asia Pacific Carbon Accounting Software Market by Country
11.4.3 Asia Pacific Carbon Accounting Software Market By Deployment
11.4.4 Asia Pacific Carbon Accounting Software Market By Industry
11.4.5 China
11.4.5.1 China Carbon Accounting Software Market By Deployment
11.4.5.2 China Carbon Accounting Software Market By Industry
11.4.6 India
11.4.6.1 India Carbon Accounting Software Market By Deployment
11.4.6.2 India Carbon Accounting Software Market By Industry
11.4.7 Japan
11.4.7.1 Japan Carbon Accounting Software Market By Deployment
11.4.7.2 Japan Carbon Accounting Software Market By Industry
11.4.8 South Korea
11.4.8.1 South Korea Carbon Accounting Software Market By Deployment
11.4.8.2 South Korea Carbon Accounting Software Market By Industry
11.4.9 Vietnam
11.4.9.1 Vietnam Carbon Accounting Software Market By Deployment
11.4.9.2 Vietnam Carbon Accounting Software Market By Industry
11.4.10 Singapore
11.4.10.1 Singapore Carbon Accounting Software Market By Deployment
11.4.10.2 Singapore Carbon Accounting Software Market By Industry
11.4.11 Australia
11.4.11.1 Australia Carbon Accounting Software Market By Deployment
11.4.11.2 Australia Carbon Accounting Software Market By Industry
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Carbon Accounting Software Market By Deployment
11.4.12.2 Rest of Asia-Pacific Carbon Accounting Software Market By Industry
11.5 Middle East & Africa
11.5.1 Trend Analysis
11.5.2 Middle East
11.5.2.1 Middle East Carbon Accounting Software Market by Country
11.5.2.2 Middle East Carbon Accounting Software Market By Deployment
11.5.2.3 Middle East Carbon Accounting Software Market By Industry
11.5.2.4 UAE
11.5.2.4.1 UAE Carbon Accounting Software Market By Deployment
11.5.2.4.2 UAE Carbon Accounting Software Market By Industry
11.5.2.5 Egypt
11.5.2.5.1 Egypt Carbon Accounting Software Market By Deployment
11.5.2.5.2 Egypt Carbon Accounting Software Market By Industry
11.5.2.5 South Africa
11.5.2.5.1 South Africa Carbon Accounting Software Market By Deployment
11.5.2.5.2 South Africa Carbon Accounting Software Market By Industry
11.5.2.6 Rest of Africa
11.5.2.6.1 Rest of Africa Carbon Accounting Software Market By Deployment
11.5.2.6.2 Rest of Africa Carbon Accounting Software Market By Industry
11.5.2.6 Saudi Arabia
11.5.2.6.1 Saudi Arabia Carbon Accounting Software Market By Deployment
11.5.2.6.2 Saudi Arabia Carbon Accounting Software Market By Industry
11.5.2.7 Qatar
11.5.2.7.1 Qatar Carbon Accounting Software Market By Deployment
11.5.2.7.2 Qatar Carbon Accounting Software Market By Industry
11.5.2.8 Rest of Middle East
11.5.2.8.1 Rest of Middle East Carbon Accounting Software Market By Deployment
11.5.2.8.2 Rest of Middle East Carbon Accounting Software Market By Industry
11.5.3 Africa
11.5.3.1 Africa Carbon Accounting Software Market by Country
11.5.3.2 Africa Carbon Accounting Software Market By Deployment
11.5.3.3 Africa Carbon Accounting Software Market By Industry
11.6 Latin America
11.6.1 Trend Analysis
11.6.2 Latin America Carbon Accounting Software Market by Country
11.6.3 Latin America Carbon Accounting Software Market By Deployment
11.6.4 Latin America Carbon Accounting Software Market By Industry
11.6.5 Brazil
11.6.5.1 Brazil Carbon Accounting Software Market By Deployment
11.6.5.2 Brazil Carbon Accounting Software Market By Industry
11.6.6 Argentina
11.6.6.1 Argentina Carbon Accounting Software Market By Deployment
11.6.6.2 Argentina Carbon Accounting Software Market By Industry
11.6.7 Colombia
11.6.7.1 Colombia Carbon Accounting Software Market By Deployment
11.6.7.2 Colombia Carbon Accounting Software Market By Industry
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Carbon Accounting Software Market By Deployment
11.6.8.2 Rest of Latin America Carbon Accounting Software Market By Industry
12. Company Profiles
12.1 IBM Environmental Intelligence Suite
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Diligent Corporation
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Persefoni AI
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Sphera
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Emitwise
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Greenly
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Sinai Technologies
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Net Zero Cloud by Salesforce
12.8.1 Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Net0
12.9.1 Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Sweep
12.10.1 Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. USE Cases And Best Practices
15. Conclusion
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