Carbon Accounting Software Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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What fueled the previous growth in the carbon accounting software market?
The market for carbon accounting software has experienced rapid expansion in recent years. The market’s valuation, which sat at $18.56 billion in 2024, is predicted to rise to $22.77 billion in 2025, reflecting a compound annual growth rate (CAGR) of 22.7%. The significant growth seen in this historical period can be linked to factors such as stricter environmental laws and reporting standards, the implementation of corporate sustainability drives and goals to minimize greenhouse gas emissions, an increased understanding of the impacts of climate change and environmental damage, improvements in data analytics and reporting technology, and the growing demand from stakeholders for transparent emissions reportage.
What will be the carbon accounting software market size in the future?
The market size for carbon accounting software is anticipated to experience significant growth in the upcoming years, escalating to $52.35 billion in 2029 with a CAGR of 23.1%. The increased growth rate during the forecast period can be credited to the development of carbon pricing and emissions trading plans, incorporation of carbon accounting into ERP systems, the implementation of AI and machine learning for improved data analysis, the need for real-time monitoring and reporting, and a focus on managing emissions throughout the supply chain. Notable trends during the forecast period include a transition towards cloud-based carbon accounting software, a focus on standardization and complying with international reporting structures, a rising utilization of blockchain technology for emissions monitoring and validation, the emergence of integrated sustainability management platforms, and collaboration and data sharing between organizations for a coordinated impact on reducing emissions.
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What main drivers are fueling expansion in the carbon accounting software market?
The expansion of carbon accounting software market is expected to be catalyzed by growing governmental measures for achieving net-zero emissions. Such measures are focused on attaining a balance between total greenhouse gas (GHG) emissions and the amount eradicated from the atmosphere, thus achieving a net-zero carbon footprint. This rising focus on net-zero emissions is due to the increasing apprehensions about climate change and its detrimental impacts on the environment, ecological systems, and human health. Carbon accounting software provides businesses with the ability to accurately measure, track, and report emissions data, thus complying with these regulations. An example of this is the objective set by the U.S. government in December 2023, detailed in a report by the White House, a US government body, aiming to achieve net-zero emissions in its operations by 2050, targeting a specific 65% emissions reduction by 2030. Moreover, there’s a plan to build a net-zero emissions portfolio by 2045, with a midway goal of cutting emissions by 50% until 2032. Therefore, the rising governmental actions focusing on net-zero emissions are fueling the growth of the carbon accounting software market.
What key areas define the segmentation of the global carbon accounting software market?
The carbon accounting software market covered in this report is segmented –
1) By Software Type: Emission Management Software, Software For Carbon Offsetting, Software For Energy Management
2) By Deployment: Cloud-Based, On-Premise
3) By Industry: Energy And Utilities, IT And Telecom, Healthcare, Transportation And Logistics, Retail, Construction And Infrastructure, Food And Beverages, Chemicals, Other Industry
Subsegments:
1) By Emission Management Software: Carbon Footprint Calculation And Reporting, Emission Tracking And Monitoring, Emission Reduction Target Setting, Emission Data Analytics, Regulatory Compliance Management, Carbon Reporting For Stakeholders
2) By Software For Carbon Offsetting: Carbon Credit Management, Carbon Offset Portfolio Management, Offset Project Tracking, Carbon Offset Validation And Verification, Integration With Carbon Offset Providers, Reporting And Documentation For Offsetting Activities
3) By Software For Energy Management: Energy Consumption Tracking And Analysis, Energy Efficiency Optimization, Renewable Energy Integration, Smart Grid Management, Energy Data Analytics And Reporting, Demand Response Management
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Who are the dominant players expanding their reach in the carbon accounting software market?
Major companies operating in the carbon accounting software market are Persefoni AI Inc., SAP SE, Net0 Software Limited, Diligent Corporation, IBM Environmental Intelligence Suite, Sphera Solutions Inc., Envizi, Emitwise Ltd., OneTrust LLC, Carbon Analytics, Greenly Company, Carbon Clear Limited, Sinai Technologies, CarbonetiX, Salesforce Inc., Rev-ID International Ltd., CarbonChain Inc., Watershed Technology Inc., Pangolin Associates Pty. Ltd., eValue8 B.V, Carbonstop, South Pole Group, Ecometrica, Climate Earth Inc., TerraPass Inc
How are evolving market trends shaping carbon accounting software Strategies?
Prominent players in the carbon accounting software industry are concentrating their efforts on the incorporation of artificial intelligence (AI) to innovate sophisticated solutions like CERius, improve data precision, automate the analytical process, and deliver practical insights for effective carbon footprint reduction. This integration includes AI that amplifies decarbonization blueprinting, enhances emission tracking, and bolsters informed choices for the accomplishment of sustainability objectives across a multitude of sectors. To illustrate, in September 2023, GE Vernova, a company based in the US which specializes in carbon emission management solutions, introduced CERius, a carbon emission management software powered by AI. Purpose-built to support energy companies in proceeding towards their net-zero objectives, it delivers precision in data and planning capabilities for abatement. This empowers organizations to accurately gauge, manage, and actualize insights necessary for aligning with carbon-neutral emission goals. The system automates the collection of greenhouse gas data, offers analysis of different scenarios, fosters team cohesion, and delivers standard reports in line with greenhouse gas protocols. Its intent is to aid energy companies in decarbonization planning, enhancing teamwork across multiple teams, tracking emissions, and compliance reporting, thereby leading to more precise decision-making regarding carbon reduction tactics.
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Which regions are emerging as leaders in the carbon accounting software market?
North America was the largest region in the carbon accounting software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the carbon accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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