Sustainability and Energy Management Software Industry is Expected to Reach $8 Billion by 2028 -IBM, Schneider Electric, SAP, ICONICS, Thinkstep, Enablon, Accuvio, CA Technologies, UL EHS Sustainability, Verisae, Ecova, Envizi, Gensuite, Figbytes

Sustainability and Energy Management Software Industry is Expected to Reach $8 Billion by 2028.Sustainability and energy management software a system database of information associated with financial data, energy, resources, and other important factors. These factors aid enterprises to monitor, analyze, and control operations. This software is designed to help enterprises enhance energy and sustainability business performance through automated data analysis, management, and reporting. Currently, enterprises are necessitated to monitor and analyze their performance in numerous ways. Sustainability & energy management software support increased use of software in operations, compliance with regulatory obligations, streamlining of processes, effective understanding of risks, overlapping reporting requirements, etc.

The global sustainability & energy management software market is estimated to account for US$ 2,326.2 Mn in terms of value by the end of 2027.

Market Dynamics- Drivers

Increasing investments EH&S and sustainability software is expected to drive growth of the global sustainability & energy management software market during the forecast period
Major organizations in various sectors such as oil & gas exploration and production are focused on strategizing, in order to create value through sustainability. These organizations seek to improve returns on capital day by reducing operating costs via improved natural-resource management, in order to achieve this goal. Moreover, key organizations in the market are regularly revising their business portfolios, in order to determine the potential impact of trends to leverage new growth opportunities. For instance, in March 2016, ArcelorMittal, a multinational steel manufacturing corporation, incorporated sustainability in its organizational design through a department for scientific analyses of the life cycles of steel products.

Constant increase in regulatory obligations and industry guidelines are expected to propel the global sustainability & energy management software market growth over the forecast period
Major resource-focused industries use a large amount of water, raw materials, energy, and water resources. This, in turn, leads to a large number of emissions, solid waste, and effluents. Generally, these industries are subjected to various regulatory policies and norms. Furthermore, enterprises are focused on adopting sustainability management solutions in order to comply with strict regulatory policies. Therefore, these factors are expected to propel the global sustainability & energy management software market growth in the near future.

Statistics:

North America held dominant position in the global sustainability & energy management software market in 2019, accounting for 36.3% share in terms of value, followed by Europe, APAC, Latin America, and MEA respectively.

Some of the Top companies Influencing this Market include:

IBM, Schneider Electric, SAP, ICONICS, Thinkstep, Enablon, Accuvio, CA Technologies, UL EHS Sustainability, Verisae, Ecova, Envizi, Gensuite, Figbytes

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Sustainability and Energy Management Software Market Types:

Cloud Based, On Premise.

Sustainability and Energy Management Software Market Applications:

Automotive, Building Automation, Oil & Gas, Manufacturing, Pharmaceutical, Utilities & Energy, Others

Market Opportunities

Growing adoption of cloud computing can present lucrative growth opportunities
Many sectors have started adopting cloud computing for various applications. However, its benefits still remain undervalued in the sustainability and energy management space. Cloud-based technology provides various benefits of updating and upgrading software in real-time, thereby allowing users to utilize data more efficiently. It can be adopted in enterprises to gain significant benefits such as robustness, scalability, reduced complexity, low cost, and granular level of visibility of sustainable information. Moreover, these solutions can help companies improve their performance, achieve greater return on investment, and generate more efficient reports.

Providing end-to-end customer experience can offer major business opportunities
SMEs are demanding software solutions that are sophisticated, convenient, and provide value-for-money. Thus, delivering different choices in options can create immense potential revenue opportunities for sustainability & energy management software vendors. Providing an end-to-end customer experience that complies with industry standards can offer major business opportunities for market players in the near future.

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The massive outbreak of the COVID-19 pandemic has mercilessly taken a lot of lives as well as hampered the overall rate of market growth excessively. Hence, in this condition, the market experts must take the charge of formulating some efficient ideas to get rid of this prevailing situation and maintain a substantial rate of Sustainability and Energy Management Software Market growth.

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