LONDON, Oct. 25, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Environmental Social And Governance (ESG) Reporting Software Global Market Report 2023, the global environmental, social, and governance (ESG) reporting software market is poised for extraordinary growth, with the market size projected to surge from $0.67 billion in 2022 to $0.82 billion in 2023, representing an impressive Compound Annual Growth Rate (CAGR) of 21.30%. The ESG reporting software market is expected to reach $1.73 billion in 2027 at a CAGR of 20.65%.
Investor Demand Drives Market Expansion
The ESG reporting software market is undergoing a significant transformation, primarily attributed to the increasing demand for ESG information by investors. ESG reporting software plays a pivotal role in automatically providing investors with the data, reports, and essential information they need to evaluate a company's ESG standing. A study conducted by Capital Group in May 2022 revealed that 89% of investors had embraced ESG information, marking a substantial increase from 84% in the previous year among 1,130 respondents.
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Innovation Redefines the Market Landscape
Leading players in the ESG reporting software market, including Refinitiv LLC, Wolters Kluwer N.V., and Nasdaq Inc., are at the forefront of innovation. The adoption of advanced technologies is a key trend in the industry, with companies rolling out innovative platforms to strengthen their market presence. For example, Ez-XBRL, a US-based financial regulatory and compliance products and services company, recently launched the Integix ESG platform. This groundbreaking platform leverages advanced technologies such as artificial intelligence (AI) and natural language processing (NLP) to provide an unparalleled and intuitive approach to ESG initiatives.
Regional Dynamics
In 2022, North America emerged as the largest region in the ESG reporting software market, showcasing the region's commitment to ESG principles. However, Asia-Pacific is projected to be the fastest-growing region during the forecast period.
Market Segmentation
The ESG reporting software market boasts a diverse array of components and segments:
- By Component: The market is divided into Solutions and Services, catering to a wide range of business needs.
- By Deployment Type: It offers On-Premises and Cloud options, enabling flexibility in ESG reporting.
- By Organization Size: Both Small and Medium Enterprises (SME) and Large Enterprises have a stake in the ESG reporting software market.
- By Vertical: The market serves various verticals, including Banking, Financial Services, and Insurance; Information Technology (IT) and Information Technology-Enabled Services (ITeS); Government and Public Sectors; Manufacturing; Retail and Consumer Goods; Healthcare and Life Sciences; Energy and Utilities; and Other Verticals.
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As the ESG reporting software market experiences unprecedented growth, stakeholders must harness this report's insights. Businesses, investors, and policymakers can gain a deep understanding of market trends, technological innovations, and regional dynamics. This report is an invaluable resource for informed decision-making and fostering a more sustainable, ethical, and responsible future.
Environmental Social And Governance (ESG) Reporting Software Global Market Report 2023 by The Business Research Company provides insights on the environmental social and governance (ESG) reporting software market size, environmental social and governance (ESG) reporting software market segments, environmental social and governance (ESG) reporting software market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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