The Global Corporate Social Responsibility Software Market size is expected to reach $1.4 billion by 2028, rising at a market growth of 9.7% CAGR during the forecast period.
A corporate social responsibility (CSR) conceptual framework allows businesses to incorporate environmental and social concerns into their operations and interactions with stakeholders. Companies may use corporate social responsibility (CSR) software to evaluate and keep track of their day-to-day operations and associated activities.
Corporate social responsibility, often known as self-regulation, aims to keep corporations accountable to society and have a positive impact on it. A company may implement CSR by being environmentally conscious and eco-responsible, promoting diversity, equality, and inclusion in the workplace, treating staff members well, giving back to the community, and making moral business decisions.
CSR evolved from voluntary decisions made by individual firms to regional, national, and international regulations. Meanwhile, many businesses opt to go above and beyond the requirements of the law and incorporate the concept of "doing good" into their operating plans.
There are several methods for businesses to implement CSR. But, for an organization's actions to be legitimate, they must be interwoven into its culture and daily operations. In today's socially conscious environment, employees and customers like working with and purchasing companies that promote CSR. A firm should analyze its primary issues, goals, and values to choose which CSR programs best align with its culture and objectives. The organization has two alternatives for performing the evaluation: doing it internally or contracting an outside party.
COVID-19 Impact Analysis
Some companies have donated money to local or state governments or healthcare institutions; others have bought supplies and equipment to combat the virus. In contrast, many have changed their manufacturing processes to provide supplies for medical professionals, including gowns, masks, and hand sanitizer. These measures include supporting smart working, giving training opportunities that can be completed from home, and in some circumstances, providing financial help. Hence, initially, due to the restrictions and lockdowns, the market suffered a decline in demand but later recovered due to various factors providing growth opportunities to the market.
Market Growth Factors
The increasing penetration of social media
Social media users come from a wide range of demographics, which expands the potential for diversified visitors. By tailoring social media to the requirements of the business, they can ensure that they get traffic and visitors from various sources. Correcting keywords and other SEO recommendations will also ensure bigger and better traffic. Social media and mobile technology are expanding quickly, giving businesses new chances to interact with their stakeholders and customers online. Hence, the need for CSR software solutions to efficiently handle and attract more audience is increasing, along with making the business stand out from others by prominently performing CSR, therefore propelling the market growth.
The rising importance of sustainability for businesses
The overuse of resources is a problem for the whole planet. A sustainability plan enables a business to make long-term investments. In terms of sustainability, inaction now might result in more significant losses later. Many business executives are embracing the circular economy as they become more conscious of the need for recycling and reusing. Businesses focus more on sustainability as they work to lessen their environmental effect and perform better in social responsibility. Due to this, there is an increased need for CSR software solutions that can efficiently monitor and manage sustainability projects which are surging the market's expansion.
Market Restraining Factors
High cost of implementation
The biggest drawback of CSR is that small firms bear a disproportionate share of their expenses. Large organizations may afford to set aside money for CSR reporting, but smaller companies with between 10 and 200 workers may not always be able to do the same. A small business can use social media to communicate its CSR policy to customers and the local community. But, monitoring transactions takes time and can need employing more staff, which the company might not be able to afford. The high implementation cost, especially for SMEs, is expected to hinder market growth.
Deployment Outlook
Based on deployment, the corporate social responsibility software market is segmented into on-premise and cloud. The cloud segment held the highest revenue share in the corporate social responsibility software market in 2021. This is due to the growing accessibility of software in a flexible and affordable module via the cloud. Moreover, this enables adequate data security and cooperation among many parties. Cloud-based CSR allows businesses to do numerous CSR operations from a single platform.
Application Outlook
On the basis of application, the corporate social responsibility software market is divided into large enterprises and small and medium-sized enterprises (SMEs). The small & medium sized enterprises (SMEs) segment procured a substantial revenue share in the corporate social responsibility software market in 2021. This is because of the growing tendency of small and medium-sized businesses towards cloud platforms to automate CSR operations and to lessen the complexity of administering the cause while following compliance and laws.
Regional Outlook
Region-wise, the corporate social responsibility software market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North American region led the corporate social responsibility software market by generating the maximum revenue share in 2021. This is due to factors including firms' increased attention to social obligations and actions. Also, a major contributing element to this transition is the rising demand from the people in the region for the corporate sector to conduct its business in a socially and morally responsible way. These characteristics are expected to drive the market's growth in the region.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wolters Kluwer N.V., NAVEX, Inc., Salesforce.com, Inc., Benevity, Inc., GivePulse, Inc., CyberSWIFT Infotech Pvt. Ltd., iPoint-systems gmbh, Blackbaud, Inc. (YourCause, LLC), Tennaxia and Vee Technologies (The Sona Group).
Scope of the Study
By Deployment
- Cloud
- On-premise
By Application
- Large Enterprises
- Small & Medium-Sized Enterprises (SMEs)
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Wolters Kluwer N.V.
- NAVEX, Inc.
- Salesforce.com, Inc.
- Benevity, Inc.
- GivePulse, Inc.
- CyberSWIFT Infotech Pvt. Ltd.
- iPoint-systems gmbh
- Blackbaud, Inc. (YourCause, LLC)
- Tennaxia
- Vee Technologies (The Sona Group)
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post-sales research support with 10% customization free
Table of Contents
Companies Mentioned
- Wolters Kluwer N.V.
- NAVEX, Inc.
- Salesforce.com, Inc.
- Benevity, Inc.
- GivePulse, Inc.
- CyberSWIFT Infotech Pvt. Ltd.
- iPoint-systems gmbh
- Blackbaud, Inc. (YourCause, LLC)
- Tennaxia
- Vee Technologies (The Sona Group)
Methodology
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