Sustainability Management Software Market Predicted to Grow at a CAGR of 20.40% by 2023 with Revenue of $54.3 Billion

 Market Highlights

The elevated return on investment on assets by cutting operating costs is projected to guide the sustainability management software market in the impending period. The availability of highly developed technologies is estimated to bolster the sustainability management software market share in the coming period. The rise in cloud computing is projected to expand the sustainability management software market.

Market Research Future (MRFR) asserts that the global sustainability management software market is set to reach the value of approximately USD 54.3 billion by 2030. The market is expanding at 20.40% CAGR during the forecast period (2020-2030).

At present, there is an enhanced awareness regarding the concept of sustainability management in companies; it is no longer treated as a regulatory obligation. This is especially essential in companies operating in the manufacturing, chemicals and oil and gas sectors.

The market has significantly developed on the back of increasing competition amongst companies. Subsequently, companies are looking to stand out in the market by adopting sustainable methodologies in their business processes, setting them apart from other organizations.

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Segmentation:

The segmental study of the sustainability management software market is conducted based on component, region, deployment, and application. The component-based segmentation of the sustainability management software market is divided into software and service. The software consists of infrastructure management software, sustainable product development software, collaboration & communication system, sustainability performance & project management software, and corporate social responsibility data management software. The application-based segmentation of the sustainability management software is segmented into healthcare, automotive, manufacturing, oil & gas, IT and telecommunication, and others. Based on the deployment, the sustainability management software market is segmented into cloud-based and on-premise. Based on the regions, the sustainability management software market consists of Asia Pacific, North America, Europe, and the rest of the regions.

Regional Analysis

The regional analysis of sustainability management software market has been studied for regions, namely Asia Pacific, North America, Europe and Rest of the World.

North America is the leading player in the global sustainability management software market due to major sustainability management software manufacturers present in the region.

However, as per the report, the Europe region is expected to dominate the market in the future due to presence of leading organizations who are investing in software development in order to improve their profit margins. Moreover, growing awareness amongst these market players regarding the benefits of sustainability management software has been instrumental in the market growth in the region as well.

APAC is the fastest growing region in the sustainability management market on account of increasing awareness among enterprises and flourishing IT infrastructure. Rapid industrialization and improving economy have also propelled the market growth in the region.

Key Players

The key players who are contributing to the market are Verisae, Inc. (U.S.), Thinkstep (Germany), Schneider Electric (France), IBM Corporation (U.S.), SAP SE (Germany), CA Technologies (U.S.), Urjanet Inc (U.S.), Accuvio (Ireland), Ecova Inc. (U.S.), Figbytes Inc. (Canada), among others.

Industry News

Donesafe, a Sydney-based online safety management software company has added Telstra as a client. Donesafe will be implementing a new safety management system using its highly adaptable and automated platform to increase workplace safety at Telstra. Telstra will be an addition to the client list that includes McDonald’s, Suncorp Group, IAG, NAB, Government of California, Brickworks, and more.

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