Carbon footprint is amount of greenhouse gases majorly carbon dioxide released into atmosphere by human activities. Carbon footprint could be a broad measure or could be applied to actions of an individual, an event, a family, an organization, or an entire nation. It includes direct emissions, such as emission that is emitted from fossil fuel combustion in heating, manufacturing, and transportation. Additionally, carbon footprint also includes emission of other greenhouse gases including, nitrous oxide, methane, and chlorofluorocarbons (CFCs).
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The major factors driving the growth of the Global Carbon Footprint Management market include the rising government initiatives for low carbon policies, growing demand for energy consumption by industries, strong initiatives by firms on green building projects, and multiple initiatives taken by corporates for environmental sustainability. Most of the companies are adopting business intelligence not only to save cost but to become environment friendly at the same time. Companies use business intelligence technology to bring behavioral changes and become eco-friendly. The continued depletion in resources has diverted businesses toward environmental awareness as, it saves cost, meet compliance requirements, and helps to create brand awareness among customers. Companies that are observed being environmentally sensitive creates vision of care. Thus, corporates across the world have started investing in R&D activities and support social action initiatives. For instance, HPE Company reported its greenhouse gas emission after this HPE Company initiated plans that aim at reducing carbon gas emission and cutting back toxic substances which are used in manufacturing of products like cartridges. Moreover, various companies have launched numerous recycling program which ensures that majority of manufacturing waste does not end up in landfills. Such continuous initiatives taken by corporates is catalyzing the growth of the market. However, lack of willingness to adopt carbon emission software among developing and undeveloped countries might hinder the growth of Carbon Footprint Management market.
Based on deployment mode, the market is segmented into cloud and on-premises. Among these, the cloud segment is expected to observe higher CAGR during the forecast period. Cloud infrastructure aims at critical elements of resource efficiency and green IT-energy efficiency. It offers enhanced control of data, which reduces risk and concerns of data loss and regulatory compliance, respectively. Moreover, cloud-based deployment is more economical and IT resources are used more efficiently when business applications run on shared environment. Multiple benefits of cloud-based deployment such as speed, enhanced scalability, 24/7 service and improve IT security is accelerating the growth of the segment.
On the basis of vertical, the market is segmented into manufacturing, energy & utilities, residential & commercial buildings, transportation & logistics, IT & telecom. Among these, the transportation & logistics vertical is expected to observe higher CAGR during the forecast period attributed to the high emission of carbon through transports which raises environmental issues, such as climate change or global warming. Thus, transportation & logistic industry is increasingly adopting carbon management practices, aiming at keeping social contact intact and to seek opportunities to enhance logistic efficiency for economic gains.
Based on region, North America is anticipated to lead the market during the forecast period due to rigorous regulatory framework and high spending on carbon management solution by industries and government in the region. Moreover, Asia-Pacific is projected to grow at higher CAGR during the forecast period attributed to the rapid urbanization, industrialization and increasing government initiatives for carbon management programs in the region.
The key players in the market includes Salesforce.com, Inc, EsNGIE SA, IsoMetrix Inc, Schneider Electric, Intelex Technologies, IBM Corporation, SAP SE, Enablon France SA, Trinity Consultants, Inc, and Dakota Software Corporation among others.
The Global Carbon Footprint Management market has been segmented based on Component, Deployment Mode, Organization Size, Vertical, and Region. Based on Component, market is segmented into Solution, and Services. Based on, Deployment Mode market is segmented into Cloud, and On-Premises. Based on Vertical, market is segmented into Manufacturing, Energy & Utilities, Residential & Commercial Buildings, Transportation & Logistics, and IT & Telecom. Based on organization size, the market is segmented into SMEs and Large Enterprises.
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