May 22, 2024

The Global Sustainability And Energy Management Software Market Growth Accelerated By Increasing Need For Energy Efficiency

Sustainability and energy management software helps organizations monitor, analyze, report, and reduce their energy consumption and costs in real-time. These software solutions deliver analytics-driven insights to effectively manage resources and achieve sustainability goals. They provide integrated performance tracking and reporting for various energy sources including electricity, gas, water, and other utilities.

The global Sustainability And Energy Management Software Market is estimated to be valued at US$ 175 in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Many countries have implemented policies such as carbon emission limits, energy efficiency portfolio standards, and zero emissions targets which is compelling industries and commercial buildings to minimize their energy footprint. Sustainability and energy management solutions help organizations effectively monitor and optimize their utility consumption in compliance with the evolving energy efficiency mandates. The software allows generating performance reports required for regulatory compliance while also reducing energy costs through strategic resource management. This trend is expected to continue accelerating revenue growth of the sustainability and energy management software market during the forecast period.

Segment Analysis
The global sustainability and energy management software market is segmented by deployment into cloud and on-premises. The cloud segment dominates the market and is expected to continue its dominance over the forecast period. Cloud deployment allows easy accessibility to software from anywhere and provides scalability and flexibility. It reduces infrastructure and maintenance cost for organizations. On-premises segment will continue to lose share rapidly to cloud deployment over the coming years.

Key Takeaways
The Global Sustainability And Energy Management Software Market Size is expected to witness high growth over the forecast period. The global Sustainability And Energy Management Software Market is estimated to be valued at US$ 175 in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2031.

Regional analysis: North America dominates the market currently due to stringent government regulations regarding energy consumption and emissions. However, Asia Pacific is expected to offer highest growth opportunities during the forecast period supported by robust economic growth and rapid industrialization in major countries like China and India.

Key players: Key players operating in the sustainability and energy management software market are IBM Corporation, SAP SE, Schneider Electric, Iconics, Inc., Urjanet, Verisae, Inc., Enablon, Envizi, Thinkstep, UL EHS Sustainability. Accruent leads the market currently with wide product portfolio and global presence. SAP, Schneider Electric, and IBM are other major players owing to their integrated sustainability solutions and expertise in ERP and IoT platforms.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it