ESG Reporting Software Market Unlocking Sustainability Performance: A Market Analysis of ESG Reporting Software

ESG Reporting Software Market worth $2.25 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global ESG Reporting Software Market- (By Component (Solutions, Services), By Deployment Type (On-premises, Cloud), By Organization Size (Large Enterprises, SMEs), By Vertical (BFSI, Government, Public Sector & Non-Profit, Retail)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global ESG Reporting Software Market is valued at US$ 0.71 Bn in 2022, and it is expected to reach US$ 2.25 Bn by 2031, with a CAGR of 13.86% during a forecast period of 2024-2031.

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ESG Software: Empowering Sustainable Investing
ESG software, offered as a Software-as-a-Service (SaaS) platform, empowers businesses to maximize their Environmental, Social, and Governance (ESG) initiatives. This ultimately enhances investor choices and strengthens business value.

What is Sustainable Investing?
Sustainable investing, also known as ESG investing, focuses on identifying companies that demonstrate responsible, ethical, and sustainable practices. Investors and capital market organizations leverage ESG software to evaluate a company's behavior, gaining insights that can help anticipate future financial performance.

Benefits of ESG Software
Numerous companies use these software programs to mitigate or eliminate risks associated with their investments, assets, and operations. ESG software platforms facilitate investment evaluations, ultimately improving the decision-making process.

A Competitive Landscape
The ESG software industry is a crowded field, with players ranging from large, established corporate software companies to innovative startups. This competition fosters ongoing development in the market.

Looking Ahead: The Growing Importance of ESG Reporting
In the coming years, the need for ESG software is likely to rise due to the growing significance of ESG reporting for investors and stakeholders. Companies will increasingly rely on these tools to demonstrate their commitment to sustainability and responsible practices.

List of Prominent Players in the ESG reporting software market:

• Enhelix (US)
• Anthesis (UK)
• Diginex (Hong Kong)
• Bain & Co. (US)
• Keramida (US)
• Isometrix (US)
• Accuvio (acquired by Diligent) (US)
• Wolters Kluwer (Netherlands)
• Nasdaq (US)
• PwC (UK)
• Workiva (US)
• Refinitiv (UK)
• Diligent (US)
• Sphera (US)
• Cority (Canada)
• Intelex (Canada)
• Greenstone (UK)
• Novisto (Canada)
• Emex (Ireland)
• Others

Market Dynamics:
Drivers-
Growing demand for digital substations can be attributed to the ESG program, which makes a brand more recognizable and even promotes brand loyalty. Consumers care more about purchasing ethically and are more intrigued by what companies are doing to promote sustainability.

Research has shown that small- to medium-sized businesses that have taken steps to address sustainability concerns tend to attract more clients and consumers interested in doing business with companies tackling these issues. By putting in place an ESG program, small and medium-sized enterprises can create value.

Challenges:
The prime biggest challenge that firms will face when creating ESG disclosures is data management. Many businesses are starting to arrange their data to adhere to voluntary frameworks or even legal requirements. Determining sustainability is inherently complex, and ESG reporting is already creating problems for businesses.

Providing a thorough, integrated picture of the advantages and drawbacks of ESG is difficult since the data is frequently manually documented in spreadsheets or scattered around the company in silos. The global COVID-19 epidemic has caused a decline in business activity overall and a detrimental impact on the worldwide economy.

Because of supply chain interruptions, decreased productivity, operational shutdowns, unanticipated organizational changes in working, and issues with inventory management, the pandemic has had a significant impact on a number of businesses.

Though it may have suffered in the first few months, the market for ESG reporting software is anticipated to rise significantly in the coming months. Throughout the epidemic, the significance of ESG has increased dramatically. It was made clear by the epidemic that firms at peril might be facing a crisis.

Regional Trends:
The North American ESG reporting software market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future because the increasing product penetration in the region is expected. After all, environmental risks have been reduced by the widespread use of environmental, sustainability, and governance (ESG) reporting software.

Regulatory bodies like the Occupational Safety & Health Administration in the US have forced many businesses, including materials, chemicals, and energy and utilities, to use ESG reporting software. OSHA is a body that promotes workplace safety standards. As a result, occupational dangers were reduced.

Besides, Europe had a considerable share in the market due to its developed economy and rapid expansion in light of the widespread use of environmental, sustainability, and governance (ESG) reporting tools to reduce environmental risks.

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Recent Developments:

• In May 2023, Novisto raised $20 million in a Series B funding round led by Inovia Capital and went well. Portage and SCOR Ventures put money into the round for the first time, and White Star Capital and Diagram Ventures also put money in. Novisto used these funds to speed up the creation of new products and its market growth.

• In March 2023, PwC and Sphera joined forces to hasten the expansion of their market leading ESG management platform. By combining their technology and strategy consulting strengths, Sphera and PwC hope to rapidly grow their customer base, increase adoption of the Sphera platform's features, and build a more robust ESG digital ecosystem for their clients.

Segmentation of ESG reporting software market-
By Component-
• Solutions
• Services
By Deployment Type-
• On-premises
• Cloud
By Organization Size-
• Large Enterprises
• SMEs
By Vertical-
• Banking, Financial Services, and insurance
• IT and ITeS
• Government and Public Sector
• Manufacturing
• Retail and Consumer Goods
• Healthcare and Life Sciences
• Energy and Utilities
• Other Verticals
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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