The global ESG Reporting Software Market size was valued at USD 0.56 billion in 2022, and is projected to reach USD 2.57 billion by 2032 at a CAGR of 18.5% from 2022 to 2032.
SG (Environmental, Social, and Governance) reporting software is a type of software that helps organizations collect, analyze, and report data related to their sustainability practices, social impact, and corporate governance. This software enables companies to track and report on metrics such as carbon emissions, diversity and inclusion, board diversity, labor practices, and community engagement. The ESG reporting software market is growing rapidly due to increased demand for transparency and accountability from investors, regulators, and consumers. ESG reporting software is increasingly being integrated with other software systems such as accounting and financial reporting software to provide a comprehensive view of an organization’s performance. ESG reporting software is incorporating AI and ML to help companies identify areas for improvement and optimize their sustainability efforts. As ESG reporting becomes more important, there is an increased demand for accurate and verified data.
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Market Segmentation:
By Deployment type:
• On-premise
• Cloud-based
By End-use industry:
• Banking, Financial Services, and Insurance (BFSI)
• Healthcare
• Manufacturing
• Energy and utilities
• IT and telecom
• Others
Key Players:
SAP SE
BlackRock Inc.
MSCI Inc.
Sustainalytics
ISS ESG
Moody’s Corporation
S&P Global Inc.
Enablon
Goby Inc.
Trucost, part of S&P Global
Bloomberg LP
ERM Group, Inc.
Refinitiv
Qomply Limited
Nasdaq, Inc
Regional Analysis:
Currently, North America dominates the ESG reporting software market due to the presence of several large ESG software vendors in the region, as well as the growing demand for ESG reporting among companies in the region. The United States is the largest market for ESG reporting software in North America due to the high adoption rate among large companies and the increasing regulatory pressure to report on ESG factors. Europe is also a significant market for ESG reporting software, driven by the European Union’s Sustainable Finance Action Plan, which aims to redirect capital towards sustainable investments and improve corporate reporting on sustainability issues. This has led to the implementation of several ESG reporting regulations in the region, such as the EU Taxonomy, which requires companies to report on the sustainability of their investments. The Asia-Pacific region is expected to be the fastest-growing market for ESG reporting software in the coming years, due to increasing awareness of sustainability issues and growing regulatory pressure in countries such as China and India. The region also has a large and growing pool of investors who are incorporating ESG factors into their investment decisions, driving demand for ESG reporting from companies. Overall, the ESG reporting software market is expected to grow significantly in all regions as companies face increasing pressure from stakeholders to report on their sustainability practices and performance.
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Impact of COVID-19 on the global ESG Reporting Software Market:
The COVID-19 pandemic has had both positive and negative impacts on the ESG reporting software market. On the one hand, the pandemic has increased awareness of sustainability issues and highlighted the importance of corporate responsibility and accountability. This has led to an increased demand for ESG reporting software as companies seek to demonstrate their commitment to sustainability and meet the growing demand from investors and other stakeholders for ESG disclosure. On the other hand, the pandemic has also resulted in a slowdown in the global economy and a decrease in business activity, which has affected the adoption of ESG reporting software by some companies. Some businesses have had to delay or cancel their sustainability initiatives due to financial pressures and a need to focus on more immediate concerns. The pandemic has also led to changes in the way companies operate, with many adopting remote work arrangements and digital technologies to maintain business continuity. This has led to an increased demand for cloud-based ESG reporting software as companies seek flexible and scalable solutions that can be accessed remotely.
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