Global ESG Software Market Analysis By Component, Enterprise Size, Growth & Forecast 2032

The size of the global ESG Reporting Software Market was estimated at USD 0.56 billion in 2022 and is anticipated to grow at a CAGR of 18.5% from 2022 to 2032 to reach USD 2.57 billion. Software that assists organisations in gathering, analysing, and reporting information about their sustainability practises, social impact, and corporate governance is known as SG (Environmental, Social, and Governance) reporting software. Companies may monitor and report on indicators including carbon emissions, diversity and inclusion, board diversity, employment practises, and community involvement thanks to this software. Because investors, regulators, and consumers are demanding more openness and accountability, the market for ESG reporting software is expanding quickly. More and more software systems, like accounting and finance systems, are integrating ESG reporting tools.
Growing demand for sustainability reporting: As stakeholders put more and more pressure on businesses to address environmental and social issues, there will be an increase in demand for ESG reporting software. Although ESG reporting software is now most common in sectors like banking and energy, there is potential for growth in sectors like healthcare and manufacturing. There is a chance for ESG reporting software firms to create new features and functions that address the changing needs of their clients as the ESG Reporting Software Market expands.

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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

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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.

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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