The global Sustainability Management Software Market is predicted to touch $900 million at a 7% CAGR over the forecast period (2017-2023). Sustainability management software is used by organizations for maintaining the efficient and smooth working of operational activities in companies. This helps in enhancing the performance of their business with the help of reporting, data management, and automated analysis.
Various factors are driving growth of the Sustainability Management Software Market. These factors, in accordance with the Market Research Future (MRFR) report, include growing awareness about sustainability management software amongst various organizations, various benefits that it offers such as higher return on capital and reduction in operating costs, growing competition amid companies, and increasing demand for sustainability management software from oil and gas and chemical sectors.
On the contrary, lack of strict regulation in environmental protection, especially in emerging economies, is predicted to deter the Sustainability Management Software Market growth over the forecast period.
The Market Research Future report provides a wide segmented analysis of the Sustainability Management Software Market based on deployment, component, and application.
Based on component, the Sustainability Management Software Market is segmented into service and software. The software segment is further segmented into corporate social responsibility data management software, infrastructure management software, collaboration and communication system, sustainable product development software, and sustainability performance and project management software.
Based on deployment, the Sustainability Management Software Market is segmented into on-premises and cloud-based. Of these, the cloud-based sustainability management software is expected to have the largest share in the market over the forecast period. This segment is increasing at a phenomenal pace due to numerous advantages it provides such as convenience, scalability, flexibility of work practices, and reduction in IT costs.
Based on applications, the Sustainability Management Software Market is segmented into IT and telecommunication, automotive, oil and gas, manufacturing, healthcare, and others. Of these, the healthcare segment will dominate the market over the forecast period. Sustainability management software is extremely crucial for the smooth and efficient functioning of operations within the healthcare sector. With a huge database of patients coupled with the need to handle various sets of information concerning the patient in the healthcare domain has increased the demand for this software to aid with such issues.
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Leading players profiled in the Sustainability Management Software Market report include Figbytes Inc. (Canada), Ecova Inc. (US), Accuvio (Ireland), Urjanet Inc (US), CA Technologies (US), SAP SE (Germany), IBM Corporation (US), Schneider Electric (France), Thinkstep (Germany), and Verisae Inc. (US), among others.
July 2019: A landscaping and turf replacement project will be undertaken at the Phoenix Sky Harbor International Airport for a more sustainable future both for the airport as well as the city at large. The Aviation Department will work with the Phoenix Water Services Department to reduce water consumption by at least 10%. It has worked with the Phoenix Water Services Department by conducting water audits in three airports as well as developed water conservation plans outlining the finest water conservation opportunities.
Based on the region, the Sustainability Management Software Market covers growth opportunities and the latest trends across Europe, North America, Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America is the leading player in the market owing to the presence of leading sustainability management software manufacturers here.
The Sustainability Management Software Market in the European region is likely to dominate the market over the forecast period owing to the presence of top organizations that are making huge investments in software development for improving their profit margins. Besides, increasing awareness amid these market players concerning the advantages of sustainability management software is instrumental in the growth of the Sustainability Management Software Market in this region.
The Sustainability Management Software Market in the APAC region is predicted to grow at the fastest pace during the forecast period. This is owing to growing awareness about sustainability management amid flourishing IT infrastructure and enterprises. Moreover, rapid industrialization coupled with improving economy, is also driving market growth in this region.