The Market for ESG Reporting Software Poised for E
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Posted On: 09/27/2024 5:43:39 PM
The Market for ESG Reporting Software Poised for Explosive Growth
Environmental, social and governance (ESG) frameworks are used to evaluate the business practices and performance of organizations on various ethical and sustainability issues. Increased use of these frameworks has seen reporting software that eases data collection and reporting become increasingly popular.
ESG reporting software is designed to assist companies in tracking, analyzing and reporting their corporate responsibility and sustainability initiatives. These tools also enable organizations to enhance stakeholder engagement, improve transparency and comply with regulatory requirements.
HTF Market Intelligence’s latest study estimates that the global market for ESG reporting software is poised to rake in about $5 billion in revenues by 2030. The market, which was valued at $2 billion in 2023, is expected to grow at a compound annual growth rate of 20% between 2023–2030.
With ESG factors being prioritized by more investors and the demand for strong and reliable reporting solutions increasing, more companies are adopting software that can accurately report on ESG metrics. The primary drivers of this market include the need for organizations to comply with ever-changing regulations and show their commitment. The growing emphasis being placed on transparency and corporate sustainability is also driving the market’s growth.
Those interested in expanding into this emerging market, where sustainability initiatives and regulatory frameworks are gaining momentum, may benefit from developing niche solutions. However, it is important to keep in mind that data accuracy and quality are still a concern for the ESG reporting software market. Additionally, the variability and complexity of ESG frameworks and reporting standards is an issue for some.
Currently, the dominating regions in this market are Europe and North America. The Asia-Pacific region is growing at the fastest pace, however.
In the last month, some players in the market have made significant strides to increase their share of this market. This past July, Envoria and Vodafone Business partnered to launch a solution called the ESG Navigator. The solution offers clients an effective Software-as-a-Service (SaaS) solution that can address their sustainability needs, especially those in line with the Corporate Sustainability Reporting Directive set to take effect next year. With this, organizations can now collect, track, analyze and report their ESG data.
Corporate Sustainability Reporting Directive (CSRD) is focused on improving the disclosure process and offering consumers and investors a more consistent and simpler way to evaluate the sustainability performance of organizations. Envoria, a leading provider of ESG solutions, powers the solution with its reporting software.
Other key players mentioned in the report include Microsoft, SAP, Oracle, IBM, Enablon, Diligent Corp., Sphera, Gensuite, iCIMS, Envizi, Cognizant, Verisk, EcoRealist, QSIRE, Workiva and Sustainability Software Solutions.
This expected growth in the market for ESG reporting software will afford interested businesses such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) more software options to choose from, and increasing competition is also likely to drive the prices of these software packages down.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESG, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer
Environmental, social and governance (ESG) frameworks are used to evaluate the business practices and performance of organizations on various ethical and sustainability issues. Increased use of these frameworks has seen reporting software that eases data collection and reporting become increasingly popular.
ESG reporting software is designed to assist companies in tracking, analyzing and reporting their corporate responsibility and sustainability initiatives. These tools also enable organizations to enhance stakeholder engagement, improve transparency and comply with regulatory requirements.
HTF Market Intelligence’s latest study estimates that the global market for ESG reporting software is poised to rake in about $5 billion in revenues by 2030. The market, which was valued at $2 billion in 2023, is expected to grow at a compound annual growth rate of 20% between 2023–2030.
With ESG factors being prioritized by more investors and the demand for strong and reliable reporting solutions increasing, more companies are adopting software that can accurately report on ESG metrics. The primary drivers of this market include the need for organizations to comply with ever-changing regulations and show their commitment. The growing emphasis being placed on transparency and corporate sustainability is also driving the market’s growth.
Those interested in expanding into this emerging market, where sustainability initiatives and regulatory frameworks are gaining momentum, may benefit from developing niche solutions. However, it is important to keep in mind that data accuracy and quality are still a concern for the ESG reporting software market. Additionally, the variability and complexity of ESG frameworks and reporting standards is an issue for some.
Currently, the dominating regions in this market are Europe and North America. The Asia-Pacific region is growing at the fastest pace, however.
In the last month, some players in the market have made significant strides to increase their share of this market. This past July, Envoria and Vodafone Business partnered to launch a solution called the ESG Navigator. The solution offers clients an effective Software-as-a-Service (SaaS) solution that can address their sustainability needs, especially those in line with the Corporate Sustainability Reporting Directive set to take effect next year. With this, organizations can now collect, track, analyze and report their ESG data.
Corporate Sustainability Reporting Directive (CSRD) is focused on improving the disclosure process and offering consumers and investors a more consistent and simpler way to evaluate the sustainability performance of organizations. Envoria, a leading provider of ESG solutions, powers the solution with its reporting software.
Other key players mentioned in the report include Microsoft, SAP, Oracle, IBM, Enablon, Diligent Corp., Sphera, Gensuite, iCIMS, Envizi, Cognizant, Verisk, EcoRealist, QSIRE, Workiva and Sustainability Software Solutions.
This expected growth in the market for ESG reporting software will afford interested businesses such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) more software options to choose from, and increasing competition is also likely to drive the prices of these software packages down.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESG, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer
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