Overview and Scope
Carbon accounting software refers to specialized computer programs or platforms designed to assist organizations in measuring, managing, and reporting carbon and other greenhouse gas (GHG) emissions. It helps organizations set emission reduction targets, implement sustainability initiatives, and contribute to global efforts to mitigate climate change by managing the carbon footprint effectively.
Sizing and Forecast
The carbon accounting software market size has grown exponentially in recent years. It will grow from $15.00 billion in 2023 to $18.56 billion in 2024 at a compound annual growth rate (CAGR) of 23.8%. The growth in the historic period can be attributed to increasing environmental regulations and reporting requirements, corporate sustainability initiatives and greenhouse gas emission reduction goals, growing awareness of climate change and environmental impact, advances in data analytics and reporting technologies and rise of stakeholder pressure for transparent emissions reporting.
The carbon accounting software market size is expected to see exponential growth in the next few years. It will grow to $42.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to expansion of carbon pricing and emissions trading schemes, integration of carbon accounting with enterprise resource planning (ERP) systems, adoption of artificial intelligence and machine learning for enhanced data analysis, demand for real-time monitoring and reporting capabilities, focus on supply chain emissions management. Major trends in the forecast period include shift towards cloud-based carbon accounting solutions, emphasis on standardization and compliance with international reporting frameworks, increasing use of blockchain technology for emissions tracking and verification, rise of integrated sustainability management platforms, collaboration and data sharing among organizations for collective impact on emissions reduction.
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Segmentation & Regional Insights
The carbon accounting software market covered in this report is segmented –
1) By Software Type: Emission Management Software, Software For Carbon Offsetting, Software For Energy Management
2) By Deployment: Cloud-Based, On-Premise
3) By Industry: Energy And Utilities, IT And Telecom, Healthcare, Transportation And Logistics, Retail, Construction And Infrastructure, Food And Beverages, Chemicals, Other Industry
North America was the largest region in the carbon accounting software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the carbon accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing government initiatives towards net-zero emissions are expected to propel the growth of the carbon accounting software market going forward. Government initiatives towards net-zero emissions refer to actions, policies, and programs implemented by major countries’ governments to achieve a state where the total greenhouse gas (GHG) emissions produced are balanced by the amount removed from the atmosphere, resulting in a net-zero carbon footprint. The increase in government initiatives towards net-zero emissions is attributed to growing concerns about climate change and its adverse effects on the environment, ecosystems, and human well-being. Carbon accounting software helps businesses comply with these regulations by providing the tools to measure, track, and report emissions data accurately. For instance, in December 2023, according to a report published by the White House, a US-based governmental body, the U.S. government aims to achieve net-zero emissions in its operations by 2050, with a specific target of reducing emissions by 65% by 2030. Additionally, the government plans to have a net-zero emissions building portfolio by 2045, with an interim goal of a 50% reduction in emissions by 2032. Therefore, increasing government initiatives towards net-zero emissions is driving the growth of the carbon accounting software market.
Key Industry Players
Major companies operating in the carbon accounting software market are Persefoni AI Inc., SAP SE, Net0 Software Limited, Diligent Corporation, IBM Environmental Intelligence Suite, Sphera Solutions Inc., Envizi, Emitwise Ltd., OneTrust LLC, Carbon Analytics, Greenly Company, Carbon Clear Limited, Sinai Technologies, CarbonetiX, Salesforce Inc., Rev-ID International Ltd., CarbonChain Inc., Watershed Technology Inc., Pangolin Associates Pty. Ltd., eValue8 B.V, Carbonstop, South Pole Group, Ecometrica, Climate Earth Inc., TerraPass Inc
The carbon accounting software market report table of contents includes:
1. Executive Summary
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