Carbon footprint is
a measure of the total amount of greenhouse gases produced to
directly or indirectly support given activities, which may either be
human or machine oriented. This is usually expressed in equivalent
tons of carbon dioxide (CO2). The global carbon
footprint management market is made up by the solutions and
services that help manage carbon footprint. Over the course of the
last few years, the global footprint management market has grown
substantially. Growing concerns about climate change, global warming
and the need for an international agreement on carbon emission has
directed the market’s growth.
The factors
favorable for the global carbon footprint management market’s
growth include the increased implementation of a standardized
regulatory framework and government initiatives to promote low carbon
emission policies. Growing concerns about enterprise sustainability
and corporate social responsibility (CSR) programs among the
corporates is expected to drive this market. The increasing
implementation of analytics to use the insights from data and its
associated processes for improved decision-making is also anticipated
to drive this market.
The high cost
associated with the replacement of existing infrastructure with
greener and low carbon emitting infrastructure is expected to be one
of the restraints on the growth of global carbon footprint management
market. Lack of clarity about the regulatory landscape and strategic
benchmarking is further expected to hamper growth. The high initial
investment is expected to present barriers toward the entry of new
players into this market.
The global carbon
footprint management market is expected to witness immense growth
opportunities from the modernization of IT and telecom
infrastructure. Carbon footprint management, which is becoming
increasingly important for energy-extensive industries, is
anticipated to provide favorable avenues of growth in this market.
The shift to ultra-low-emission transportation is also anticipated to
favor market growth. Additionally, support for the carbon trading
market is expected to provide opportunities for market growth.
The global carbon
footprint management market can be segmented on the basis of type,
deployment, industry vertical, and region. On the basis of type, the
market can be segmented into software and service segments. The
service segment can be further bifurcated into professional service
and managed service. On the basis of deployment, the market can be
divided into on-premise deployment and on-demand deployment. On the
basis of industry vertical, the market can be divided into IT and
telecom, manufacturing, commercial buildings, transportation, and
other utilities. The manufacturing segment is expected to witness
significant growth. On the basis of region the global carbon
footprint management market can be segmented into North America,
Europe, Asia Pacific, Middle East and Africa, and South America.
North America is anticipated to hold a substantial market share in
the foreseeable future, with growth largely attributable to a
comparatively established regulatory framework and higher spending on
carbon footprint management solutions. However, emerging markets such
as South America and Asia Pacific are expected to show promising
growth in the long run. This is due to the rapid industrialization,
increased foreign investments, and government subsidies for carbon
management programs in the region, supported by global bodies for
environment protection.
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The major players in
the carbon footprint management market can be divided into two
sub-categories. Software vendors, which include Thinkstep, Enablon,
Ecova, Inc., ProcessMAP Corporation, Greenstone+, Verisae, Inc., and
IHS Markit Ltd. Enviance, Schneider Electric SE, and FirstCarbon
solutions make up the list of major service vendors for the carbon
footprint management market.
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