Carbon Accounting Software Global Market Report 2024

The carbon accounting software market size has grown exponentially in recent years. It will grow from $15.0 billion in 2023 to $18.56 billion in 2024 at a compound annual growth rate (CAGR) of 23.8%. The expansion observed during the historic period can be attributed to several factors, including the proliferation of environmental regulations and reporting requirements, corporate sustainability initiatives aimed at greenhouse gas emission reduction goals, heightened awareness surrounding climate change and environmental impact, advancements in data analytics and reporting technologies, and the mounting pressure from stakeholders for transparent emissions reporting.

The carbon accounting software market size is expected to see exponential growth in the next few years. It will grow to $42.44 billion in 2028 at a compound annual growth rate (CAGR) of 23%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of carbon pricing and emissions trading schemes, the integration of carbon accounting with enterprise resource planning (ERP) systems, the adoption of artificial intelligence and machine learning for enhanced data analysis, the increasing demand for real-time monitoring and reporting capabilities, and a heightened focus on supply chain emissions management. Key trends expected during this period include a shift towards cloud-based carbon accounting solutions, an emphasis on standardization and compliance with international reporting frameworks, the increasing utilization of blockchain technology for emissions tracking and verification, the rise of integrated sustainability management platforms, and a growing trend of collaboration and data sharing among organizations to collectively impact emissions reduction efforts.

Government initiatives aimed at achieving net-zero emissions are expected to drive the growth of the carbon accounting software market in the coming years. These initiatives, undertaken by major countries' governments, involve implementing policies, programs, and regulations to ensure that greenhouse gas (GHG) emissions are balanced by removal from the atmosphere, ultimately resulting in a net-zero carbon footprint. The increasing focus on net-zero emissions stems from growing concerns about climate change and its detrimental effects on the environment, ecosystems, and human well-being. Carbon accounting software plays a crucial role in helping businesses comply with these regulations by providing tools to accurately measure, track, and report emissions data. For instance, a report published by the White House in December 2023 outlined the U.S. government's goal to achieve net-zero emissions in its operations by 2050, with interim targets of reducing emissions by 65% by 2030 and achieving a net-zero emissions building portfolio by 2045. Such initiatives are spurring the demand for carbon accounting software.

Leading companies in the carbon accounting software market are leveraging artificial intelligence (AI) to develop advanced solutions such as CERius, aimed at enhancing data accuracy, automating analysis, and providing actionable insights for efficient carbon footprint reduction. By integrating AI, these companies are optimizing decarbonization planning, improving emissions tracking, and supporting informed decision-making to achieve sustainability goals across industries. For example, GE Vernova, a U.S.-based company specializing in carbon emissions management solutions, introduced CERius in September 2023. This AI-based carbon emissions management software assists energy companies in advancing toward net-zero goals by offering precise data and abatement planning capabilities. CERius automates greenhouse gas data collection, facilitates scenario analysis, promotes team collaboration, and enables standardized reporting based on greenhouse gas protocols. With features tailored for decarbonization planning, multi-team collaboration, emissions tracking, and compliance reporting, CERius empowers energy companies to make informed decisions and strategize effectively for carbon reduction.

In October 2022, Sage Group, a UK-based business software and solutions provider, successfully acquired Spherics Technology Ltd. for an undisclosed sum. This strategic acquisition is geared towards assisting small and medium-sized enterprises (SMEs) in achieving net-zero carbon emissions by integrating Spherics into Sage Group's ecosystem. Spherics Technology Ltd., based in the UK, specializes in the development of carbon accounting software. The acquisition aligns with Sage Group's commitment to supporting sustainable practices and providing businesses with tools to navigate the challenges of achieving environmental goals.

Major companies operating in the carbon accounting software market are Persefoni AI Inc., SAP SE, Net0 Software Limited, Diligent Corporation, IBM Environmental Intelligence Suite, Sphera Solutions Inc., Envizi, Emitwise Ltd., OneTrust LLC, Carbon Analytics, Greenly Company, Carbon Clear Limited, Sinai Technologies, CarbonetiX, Salesforce Inc., Rev-ID International Ltd., CarbonChain Inc., Watershed Technology Inc., Pangolin Associates Pty. Ltd., eValue8 B.V, Carbonstop, South Pole Group, Ecometrica, Climate Earth Inc., TerraPass Inc.

North America was the largest region in the carbon accounting software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the carbon accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the carbon accounting software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Carbon accounting software refers to specialized computer programs or platforms meticulously crafted to aid organizations in measuring, managing, and reporting carbon and other greenhouse gas (GHG) emissions. It serves as a pivotal tool in assisting organizations in setting emission reduction targets, implementing sustainability initiatives, and contributing to global efforts aimed at mitigating climate change by effectively managing their carbon footprint.

The primary software types within the realm of carbon accounting software include emission management software, software for carbon offsetting, and software for energy management. Emission management software stands as specialized tools devised to monitor, track, and analyze an organization's greenhouse gas emissions and other pollutants. These software solutions are available through various deployment models such as cloud-based and on-premise, catering to industries including energy and utilities, IT and telecom, healthcare, transportation and logistics, retail, construction and infrastructure, food and beverages, chemicals, among others.

The carbon accounting software market research report is one of a series of new reports that provides carbon accounting software market statistics, including carbon accounting software industry global market size, regional shares, competitors with carbon accounting software market share, detailed carbon accounting software market segments, market trends, and opportunities, and any further data you may need to thrive in the carbon accounting software industry. This carbon accounting software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The carbon accounting software market includes revenues earned by entities by providing carbon tracking software, carbon reporting software, and carbon footprint software. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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