Sustainability and energy management software is attracting the industries from several business sectors as it helps to minimize the energy cost, increase productivity, and achieve competitive advantage. It incorporates every aspect of corporate sustainability program right from the establishment of resource/energy use by finding & tracking conservation projects, to validation of goals & company-wide performance.
Major factors contributing to the growth of the global sustainability & energy management software market include growing demand from the enterprises to monitor & analyze performance, rise in investments in software, and rapid increase in industrialization.
Most of the industries including production and oil & gas emphasize on strategizing to generate value from sustainability. To accomplish this, industries look to enhance returns on capital by minimizing operating cost through amendment of natural resource management. In addition to this, rise in industry guidelines and regulatory obligations are fueling the market growth. Further, growing awareness regarding sustainability & energy management across the industries is propelling the growth of the market. Furthermore, increase in adoption of cloud is likely to create numerous opportunities for the growth of the global market. However, in emerging economies, field of environmental protection lacks strict regulations which may impede market growth.
The global sustainability & energy management software market is classified based on software, module, end-use, and region. Based on the software, the global market is split into on premise and cloud based. The module segment is categorized into sustainability reporting & management, carbon reporting & management, utility data management, compliance management, facility & asset management, and energy optimization. Based on the end-use, the market is bifurcated into oil & gas, building automation, automotive, utilities & energy, pharmaceutical, manufacturing, and others.
Asia Pacific is predicted to hold maximum share in the global sustainability & energy management software market during the forecast period. Factors contributing to the market growth includes rapid industrialization and growing awareness regarding sustainability & energy management software. In addition to this, increase in demand for the software from enterprises and growing necessity to minimize the operating cost is also fueling the market in this region. North America is estimated to grow at a healthy rate owing to presence of advanced technology and heavy investment in software coupled with rapid implementation of cloud computing.
SAP SE, IBM Corporation, Envizi, Accuvio, Enablon SA, Accruent, LLC, CA Technologies, Inc., Thinkstep AG, Schneider Electric SA, and Urjanet, Inc. are some of the leading players operating in the global market.
In Oct 2021, IBM disclosed AI-driven software for environmental intelligence, which will help businesses to address climate risk and sustainability objectives.
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