Carbon Footprint Management Market to Reach USD 13.7 Billion by 2028 Growing at a CAGR of 6.1

Market Summary:

According to our report, the Carbon Footprint Management Market is expected to reach USD 13.7 billion by 2028, growing at a CAGR of 6.1% from 2021 to 2028. Carbon emission is the major reason for global warming owing due to the market consumption activities and industrial production. Many organizations support greener manufacturing practices to reduce carbon footprint. In addition, various companies are developing carbon footprint management software to avoid carbon emissions. Thus, the growing government initiatives to control carbon emission and increased focus of major companies towards the development of carbon footprint management software are bolstering the growth of the Carbon Footprint Management Market in the coming years. In addition, a major focus on enterprise sustainability by various organizations is likely to fuel the growth of the Carbon Footprint Management Market in the near future.

Component Segment Outlook:

Based on the deployment mode segment, the market is categorized into Cloud and On-premises. The cloud segment is accounted for the largest share of the Carbon Footprint Management Market over the forecast period. The cloud-based deployment model is basically used for mobile and web application security and thus to propel the segmental growth of the market. This technology helps to reduce the risk of data loss and provides greater flexibility which in turn drives the segmental growth in the market.

Vertical Segment Outlook:

Based on the industry vertical segment, the market is divided into Manufacturing, Energy and Utilities, Residential and Commercial Buildings, Transportation & Logistics, and IT & Telecom. The energy and utility segment is accelerated the high market growth during the forecast period, owing to the increasing demand for natural gas, solar, fossil fuels, and wind energy in the Carbon Footprint Management Market. The high energy consumption is likely to bolster the segmental growth of the Carbon Footprint Management Market.

Regional Outlook

North America has commanded the growth of the Carbon Footprint Management Market over the forecast period. This is owing to the stringent regulations imposed by various government authorities to prevent carbon emission. For instance, the German government held a workshop on “Policies to Reduce Greenhouse Gas Emissions in Industry – Successful Approaches and Lessons Learned”. Also, the United States Environmental Protection Agency proposed to revise existing national greenhouse gas emissions standards for passenger cars and light trucks for Model.

Competitive Landscape:

Major players that dominate the Carbon Footprint Management Market are Schneider Electric, Intelex, IBM, SAP, Enablon, Locus Technologies, Carbon Footprint, Salesforce, ENGIE, Envirosoft, Enviance, ProcessMAP, Accuvio, IsoMetrix, Trinity Consultants, Carbon EMS, Native Energy, Dakota Software, EnergyCAP, and Eco track, among others.

Demand for Carbon Footprint Management Software Drive the Market

Factors such as compulsory carbon footprint regulations, increasing social responsibility programs, increasing organizational sustainability, and awareness about calculating & reporting carbon footprint are fuelling the growth of the Carbon Footprint Management Market. In this regard, many organizations are taking interest in developing carbon footprint management software to monitor,  manage, measure, and reduce the carbon, water, energy, and waste footprint. This software also provides functionalities such as industry verification, reporting, streamlining collection, and analysis by monitoring Sustainability Performance Indicators (KPIs) of the areas including safety, energy, environmental, carbon tracking, and social.

Recent Development:

In February 2020: Schneider Electric launched a green fleet policy. According to this policy, it aims to replace 100% of its car fleet with electric vehicles by 2030.

In March 2020: Native Energy and Southern Plains Land Trust (SPLT) announced the successful purchase of 6,600 acres of grassland in southeastern Colorado to Prevent 190,000 Tonnes of CO2e from entering the Atmosphere.

In June 2020: SAP launched a carbon emission accounting system to monitor climate change. This development increases the Company’s Carbon Footprint Management Market share.