In the past, most of the enterprises in order to communicate their progress were utilizing traditional sustainability reporting formats. Though, it dropped their brand value associated with their social and ecological accomplishments. With the advancement in technologies along with the desire to gain the competitive edge, players later on initiated to use custom-built legacy systems with sustainability and energy management software to boost the brand significance.
In order to acquire bigger business value in the market, top most manufacturers are focusing on giving close study to environmental and sustainability goals. It has been observed that the usage of sustainability and energy management software maximizes the use of untapped resources. Thus, market players are enhancing their solutions by fundamental reformations and custom made deliveries in order to expand their resource sustainability. The global market has observed augmented awareness from several untapped sectors in the recent past. This includes manufacturing, chemicals, and oil and gas.
What is sustainability and energy management software?
In simple words, sustainability and energy management software have the databank of information. It has an amassed database of financial data, energy, and resources usage. One of the most vital benefits of using such software is its greater ability to enhance the operations in an efficient manner. In order to attain more sustainable business, firms use this software for analysis, reporting, and management. Its significant capacity to manage supply chain, project& planning, and also scenario planning is propelling its demand across several industry sectors. The projections according to persistence market research say that the global market for sustainability and energy management software will rise at the lucratively during the forecast period of 2016-2024. They assume that global industry will witness a CAGR growth of over 10.8% during the same time span. The current value is at US$ 753 million which will further expand up to US$ 1700 million by the end of the assessment period.
Propelling factors for sustainability and energy management software
North America currently leads the market. The analysis reveals that it will be replaced by Europe in the second half of the assessment period. Though, the expanding market for sustainability and energy management in Asia Pacific will possibly overtake Europe during the coming years. Though, it is said the in Asia Pacific regions such as China and India, small and medium firms are the key reason for environmental pollution. These areas hold less awareness in terms of sustainable and environmental practices.
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The large-scale organizations are liable towards execution of pollution standards. In almost many cases, investments regarding pollution control and sustainable processes are mainly administered towards government and large-scale enterprises. This may act as the hampering factor as the small scale organizations are displaying low growth in the terms of adoption for sustainability and energy management software. Utilities and energy, automotive, building automation, manufacturing, pharmaceutical are the leading end-users existing in the market. Building automation segment is said to be the most attractive segment throughout the assessment period. It will display a profitable CAGR of close to 13.2% over the forecast period.