Carbon Footprint Management Market by Component (Solution and Services), Service (Consulting, and Integration and Deployment), Incredible Growth & Future Scope By Global Opportunity Analysis and Industry Forecast, 2021–2027

Carbon footprint management is the measured output units of carbon dioxide (CO2) and methane (CH4) for a particular individual, product, practice or organization as it applies to environmental impact. Carbon footprint is expressed in metric tons per year. Historically, carbon footprint was an intended measure of all emissions but in its expression, it is converted to CO2. A carbon footprint a significant measure of the environmental impact of carbon dioxide and methane’s contributing factors to man-made climate change in the form of greenhouse gases, also referred to as global warming. Carbon footprint of an organization can be classified into three types, organization footprint, value chain footprint, and product footprint. Carbon footprint pertains to the total amount of greenhouse gas emissions produced directly and indirectly by an organization, event, product, or person and is typically expressed in equivalent tons (or kg) of carbon dioxide.

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Increased attention of governments to implement low-carbon policies, raise awareness for environment sustainability by corporates, high demand and focus on energy consumption by numerous industries, and strong initiatives by multiple firms on green building projects are a few factors that drive the growth of the carbon footprint management market. However, lack of willingness to adopt carbon emission solutions in undeveloped & developing countries and high costs involved in replacement of existing infrastructure to replace with green technology are a few factors that hinder the growth of the market. Furthermore, modern industrialization for low carbon emission and adoption of advanced technologies, such as Internet of Things, artificial intelligence, and big data, provide lucrative opportunities for the carbon footprint management market.
Increased adoption of environment sustainability among corporates:
Corporations make a substantial contribution to the Global Greenhouse Gas (GHG) emissions, thus providing effective measures for the carbon footprint management. Many companies adopt GHG reduction policies to monitor & measure their emissions, to assign responsibility for emissions to managers, and to report these actions & outcomes to stakeholders. The organizations also act on information pertaining to senior management responsibilities for climate change, climate change risk management strategies, climate change policies, actions directed to reduce GHG emissions, capital investments & payback periods, objectives & targets, and GHG emission calculation methodologies & assumptions. In addition, many large-scale organizations collaborate with companies, which can help them to reduce carbon footprint to maintain their CSR activities, thus driving the growth of the carbon footprint management market.

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Infrastructure varies in every organization, thus making it complicated to choose an appropriate tool to replace the already-built infrastructure with a greener one. As this requires heavy investments and skilled expertise, to replace an already-built infrastructure with sustainable carbon footprint can incur high cost of installation, thereby restraining the growth of the carbon footprint management market.
Major shift toward paperless offices and cloud computing:
The amount of paper work requires extensive record keeping of various kinds and thus leads to voluminous amount of paper consumed; therefore there is a strong push for offices to become paperless or to reduce their reliance on hard copies. In addition, increase in adoption of cloud computing provides lucrative opportunities for the carbon footprint management market. For example, computerized management systems, which allow offices to scan paper documents and provide access to digital versions of that document across the cloud, have the potential to reduce paper consumption by a substantial margin. As a result, the integration and adoption of cloud computing to go paperless will certainly boost the market in the coming years.

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