ESG Reporting Software Market Detailed Analysis with Accurate Forecast to 2031

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 2023-2031.

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ESG software is a platform that offers software as a service and optimizes ESG initiatives to improve company values and investee selection. Sustainable investment, or ESG investing, is identifying the fields that collectively characterize a responsible, ethical, or sustainable investment. Capital market companies and investors use ESG software to assess corporate behaviour, which aids in predicting the financial performance of corporate players in the future. These software systems are operated by a variety of businesses to reduce or eliminate hazards related to their operations, assets, and investments. ESG software platforms aid in investment assessments, which leads to improved investment decision-making. There are numerous players in the ESG software market, ranging from well-established, massive enterprise software companies to tiny startups. As the importance of ESG reporting to stakeholders and investors increases, the need for ESG software is expected to grow in the upcoming years.

List of Prominent Players in the ESG reporting software market:
• 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)
• Enhelix (US)
• Anthesis (UK)
• Diginex (Hong Kong)
• Bain & Co. (US)
• Keramida (US)
• Isometrix (US)
• Accuvio (acquired by Diligent) (US)
• Others

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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

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.