Major Player in the Carbon Accounting and Management Software Market Witnessing an Increase While the Coronavirus Pandemic Has a Higher Impact:SAP SE, Schneider Electric, Enablon, IBM Corporation

Market Overview:

Carbon accounting and management software helps organizations track, report, and reduce their carbon footprint. It provides tools to collect, manage, and analyze carbon emission data related to various business activities and processes.

Market Dynamics:

The carbon accounting and management software market is expected to witness significant growth over the forecast period owing to increasing focus of various governments and organizations towards achieving their carbon neutrality goals. Various countries have committed to achieving net zero emissions by 2050 or earlier which is increasing the demand for carbon accounting and management software. Additionally, growing awareness about climate change risks is also driving many large enterprises to adopt carbon accounting practices and use relevant software solutions to manage and reduce their carbon footprint. Furthermore, integration of carbon accounting software with ERP, reporting, and other business software is also fueling their adoption.

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Growing Awareness Related to Carbon Footprint Management is Driving the Market:

There is a increasing awareness across various organizations, both private and public, regarding monitoring and reducing their carbon footprint. Companies are under immense pressure from stakeholders such as investors, customers and governments to measure and disclose their carbon emissions. Carbon accounting and management software helps organizations to track, measure and report their greenhouse gas emissions from different business processes and operations in a systematic manner. This enables organizations to identify areas for improvement and set emission reduction targets to work towards sustainability goals.

Stringent Government Regulations Regarding Carbon Emissions is another Major Market Driver:

Many governments across the world have introduced various policies and regulations aimed at reducing carbon emissions and mitigating climate change impacts. For example, European Union enacted Emission Trading System which puts a cap on total emissions from power plants and energy intensive industries. In the US, EPA requires mandatory reporting of GHG emissions by large industrial facilities. Failure to comply with such regulations can result in heavy fines for organizations. Adopting carbon accounting solutions allows organizations to effectively manage their carbon emissions data as per different compliance standards set by regulating authorities. This is positively influencing the adoption of such software.

Increasing Focus on Energy Efficiency is Boosting the Carbon Accounting Software Demand:

Rising energy costs and dependency on non-renewable fuels is pushing organizations to focus more on improving energy efficiency of their operations. Carbon accounting solutions enable monitoring of energy consumption patterns across various sources which helps in identifying opportunities for optimization. The granular data and insights on carbon and energy usage empowers organizations to implement strategies like retrofitting existing equipment with energy efficient technologies or replacing older vehicles with hybrid/electric models. This is driving greater importance of carbon accounting to manage energy costs in a sustainable way.

Lack of Standardized Methodologies is a Restraining Factor for the Market Growth:

There are no universally agreed upon standards and frameworks for calculating GHG emissions accounting. Organizations can use different carbon calculation protocols like WRI GHG Protocol, ISO 14064 or The Climate Registry which leads to inconsistent measurement approaches. Many smaller companies also find the complex carbon accounting processes difficult to implement. The lack of a standardized and streamlined methodology for carbon measurement acts as a hindrance for wider adoption of carbon management solutions. Vendors face challenges in developing products that can work across different industry verticals with varying needs.

Growing Market Opportunity in Small and Medium Businesses:

While large enterprises are ahead in formal carbon accounting practices, the SMB sector presents a substantial growth opportunity. Small businesses are increasingly realizing benefits of monitoring and reducing their carbon footprint to gain competitive advantage. They contribute significantly to total emissions and have potential for efficiency improvements. However, costs of specialized carbon management solutions had been a deterrent. Emergence of affordable SaaS based offerings is making carbon accounting accessible for SMBs. Vendors are customizing features and pricing models to better suit the needs of smaller customers. This presents a lucrative market expansion avenue going forward.

Integration of Carbon Data with ERP is an Emerging Market Trend:

Leading enterprise resource planning vendors are integrating capabilities for carbon accounting and environmental performance tracking within their core solutions. ERP systems already house vast operational and financial data that also factors into carbon footprint calculations. Integrating carbon data seamlessly with wider organizational systems allows generating contextualized insights across departments for holistic decision making. It fosters better collaboration and emission reduction strategy planning. This trend is expected to gain further ground as carbon management increasingly becomes a strategic priority embedded into regular business operations versus stand-alone function.

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Reason to Buy:

✔ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Carbon Accounting and Management Software Market.
✔ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
✔ The key findings and recommendations highlight crucial progressive industry trends in the Carbon Accounting and Management Software Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
✔ Develop/modify business expansion plans by using substantial growth offerings in developed and emerging markets.
✔ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
✔ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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