"Smart Strategies, Giving Speed to your Growth Trajectory"

Carbon Accounting Software Market Size, Share & Industry Analysis, By Deployment (Cloud-based and On-premise), By Industry (Energy & Utilities, IT & Telecom, Healthcare, Transportation & Logistics, Retail, Construction & Infrastructure, Food & Beverages, Chemicals, and Others), and Country Forecast, 2024-2032

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI107292



Play Audio Listen to Audio Version

The global carbon accounting software market size was valued at USD 15.32 billion in 2023 and is projected to grow from USD 18.52 billion in 2024 to USD 100.84 billion by 2032, exhibiting a CAGR of 23.6% during the forecast period (2024-2032). Carbon accounting software is a specialized tool used by organizations to measure, manage, and report their greenhouse gas (GHG) emissions and carbon footprint. These software solutions offer several advantages for businesses and institutions committed to sustainability and environmental responsibility.

Additionally, many governments and regulatory bodies require organizations to report their GHG emissions and carbon footprint as part of stringent environmental regulations or voluntary initiatives such as the Carbon Disclosure Project (CDP) or the Task Force on Climate-related Financial Disclosure (TCFD). These software solutions help organizations comply with these regulations and standards by providing standardized reporting templates and data management tools. Such factors are creating numerous opportunities for carbon accounting solutions in the market.

COVID-19 severely impacted the global economy due to imposed lockdowns around the globe. However, the pandemic contributed to the shift toward sustainable business practices driven by investors, consumers, and even employees, who measured and monitored the carbon footprint of their manufacturing facilities.


Adoption of Generative AI Proficiencies into Carbon Accounting to Upsurge the Market Growth

Generative AI is anticipated to significantly impact carbon accounting solutions, transforming the way organizations measure, manage, and mitigate their greenhouse gas (GHG) emissions and carbon footprint.

Generative AI algorithms can automate data collection, processing, and analysis tasks within carbon accounting solutions, improving data accuracy and reliability. By leveraging machine learning techniques, generative AI can identify patterns, anomalies, and trends in emissions data, enabling more accurate reporting and decision-making.

Moreover, generative AI algorithms enable scalable and accessible solutions for carbon accounting software, making advanced analytics and decision support capabilities available to organizations of all sizes and sectors. By leveraging cloud based platforms and distributed computing resources, generative AI democratizes access to cutting-edge technologies, driving innovation and collaboration in carbon accounting and sustainability management. Further, high-tech and retail industries are focusing on implementing generative AI initiatives to reduce CO2 emissions. For instance,

  • In August 2023, Persefoni, an AI-powered carbon measurement and reporting company, raised USD 50 million in Series C-1 funding to add generative AI capabilities to its carbon accounting software. This implementation would help customers to make easy calculation selections and receive real-time support.

Thus, the impact of generative AI on carbon accounting solutions is transformative, empowering organizations to address climate change, mitigate environmental risks, and create value through sustainable business practices.

Carbon Accounting Software Market Trends

Implementation of Custom-made Carbon Accounting Software for Industry-Specific Supply Chains

Supply chains are a prominent source of carbon emissions. Carbon accounting solutions can help businesses track their carbon emissions across the supply chain and identify opportunities to minimize them.

Integrating carbon accounting solutions into any supply chain provides various benefits, contributing to reaching the overall sustainability goals and responsible business practices. It helps businesses enhance data collection and mapping with different sources, including bills, invoices, and supplier reports.

Facilitating data sharing and partnership with suppliers is critical for precise data collection and emission minimization strategies. With real-time analytics, reporting, and integration with broader sustainability platforms, vendors can design and build industry-specific solutions tailored to the unique challenges of specific industries. Hence, market players are advancing their solutions to meet industry requirements and foster business growth. For instance,

  • In September 2023, CBRE (Coldwell Banker Richard Ellis) entered into a partnership with Emitwise to fast-track carbon emission declines across the supply chain globally. The partnership is aimed to collect GHG (greenhouse gas emissions) data from its supply chain and offer carbon accounting competencies to its suppliers.

Such collaborations and new innovations create various opportunities for carbon accounting software market growth across different supply chains that are aiming to achieve sustainable goals.

Request a Free sample to learn more about this report.

Carbon Accounting Software Market Growth Factors

Increasing Government Initiatives toward Net-Zero Emissions to Amplify Product Demand

Governments in various countries are taking initiatives to reduce carbon emissions by framing energy-related guidelines and protocols. The financial influence of non-compliance and the rising demand from customers for energy-efficient products are convincing enterprises to adopt this software in their businesses. Thus, several organizations are addressing global warming by implementing policies and guidelines to reduce environmental emission levels and greenhouse gases.

Moreover, a constant push from lawmakers, the public, and climate advocates has prompted governments globally to adopt rigorous climate regulations. As reports and opinions on the reality of the climate crisis worsen, governments have no option but to adopt stricter regulations, specifically for large enterprises. For instance,

  • In December 2023, CEQ (Council on Environmental Quality) announced a new net-zero government inventiveness countries, with countries joining the U.S. to reduce climate emissions from government processes. The United States Government signed agreements to offer Federal amenities in 16 states with 100 percent CFE (carbon pollution-free electricity) by 2030. This would upsurge the U.S. government’s dependence on clean energy from 38% to 47% up to 100% by 2030.

To meet the global net-zero target, enterprises must cut their emissions and evaluate and report on their progress, thus achieving the transparency and liability that investors and other shareholders demand.

Such initiatives by various countries worldwide motivate enterprises and organizations to work toward zero emissions. Thus, eventually propelling the demand for carbon accounting solutions in the market.


Rising Greenwashing Practices to Hinder the Demand for Carbon Accounting Software

Greenwashing is the act of an enterprise making misleading or false entitlements regarding its sustainability deeds, usually to improve its status and financial earnings. Regulatory organizations strive to eliminate greenwashing to improve consumer and investor trust and to channel funds into sustainable investments.

Greenwashing can serve as a misleading way for fossil fuel companies to present themselves as contributing toward sustainability. Hence, greenwashing stands as a deceitful and harmful marketing strategy where enterprises present themselves as more sustainable than they truly are. Such actions can mislead the potential customer and also hinder the global efforts toward achieving a net-zero emission mission. For instance,

  • According to industry experts, there has been a 70% rise in global greenwashing incidents by financial services and bank firms over the previous 12 months compared to the previous year.

Enterprises have been involved in greenwashing through commercials and press releases showcasing their clean energy and pollution reduction initiatives. Several enterprises have faced exposure for engaging in greenwashing practices.

The increasing prevalence of such deceptive policies poses a serious threat to authentic efforts toward achieving net-zero emissions, ultimately hindering the demand for the carbon accounting software industry.

Carbon Accounting Software Market Segmentation Analysis

By Deployment Analysis

Cost Efficiency and Real-time Monitoring Capabilities of Cloud-based Deployment to Fuel Segment Growth

By deployment, the market is bifurcated into cloud-based and on-premise software. 

Cloud-based deployment is anticipated to grow with the strongest growth rate. The rising adoption of cloud-based solutions is contributing to the market progress. Cloud-based models help enterprises to reduce upfront costs and eliminate the requirement for investment in hardware infrastructure and maintenance. Hence, various enterprises prefer cloud-based carbon accounting solutions for better business growth.

  • May 2023, Microsoft and Fujitsu Limited announced a collaboration to empower sustainability transformation. Sustainable manufacturing enables digitized manufacturing places to leverage Microsoft Cloud for sustainability in developing solutions that aid enterprises in more easily visualizing risks linked with changing environmental conditions.

On-premise deployment holds the highest market share during the forecast period. On-premise deployment provides enhanced security and privacy to the enterprises managing their carbon emissions, as it is stored and managed internally within the organization’s IT infrastructure. It also empowers businesses to customize the solutions as per their requirements.

By Industry Analysis

To know how our report can help streamline your business, Speak to Analyst

Growing Adoption of Carbon Accounting Solutions in Energy & Utilities to Augment Segment Growth

Based on industry, the market is segmented into energy & utilities, IT & telecom, healthcare, transportation & logistics, retail, construction & infrastructure, food & beverages, chemicals, and others (Metals & Mining and Government)

The energy and utilities segment accounts for the highest market share and is projected to grow with a leading CAGR during the forecasted period. The energy & utilities industry is prominently implementing carbon accounting software, especially within power generation facilities, utilities, and renewable energy vendors. These entities require carbon accounting software to monitor and record their emissions from energy production, consumption, and distribution. It helps businesses track their environmental impact, comply with regulatory necessities, and optimize energy efficiency. For instance,

This software adoption plays a crucial role in helping enterprises across different industries, such as construction & infrastructure, food & beverages, chemicals, transportation, and many others, monitor their progress toward accomplishing sustainable goals. It empowers them to identify emission hotspots and implement mitigation measures effectively.


Based on geography, the market is studied across five countries, including China, the U.S., India, Russia, and rest of the world.

China dominated the carbon accounting software market share, with the highest market revenue share in 2023. The growth of the electronics, semiconductor, and pharmaceutical industries has increased greenhouse gas emissions. Moreover, China has taken concrete steps to tackle carbon emissions. Research institutions, industry associations, and non-governmental organizations (NGOs) in China proactively promote awareness and form alliances in the realms of carbon accounting and sustainability. Such initiatives offer resources, guidance, and best practices to help enterprises adopt and implement this software efficiently nationwide. For instance,

  • According to the World Bank CCDR (Country Climate and Development Report), for China vital changes in industry, energy, transport, land use, and cities would aid China to comprehend its national promises to reach top carbon emissions before 2030 and accomplish carbon neutrality by 2060.

To know how our report can help streamline your business, Speak to Analyst

The rest of the world is predicted to grow with a leading CAGR. Several countries such as Japan, South Korea, Germany, Saudi Arabia, and Indonesia are adopting electrification in all sectors to boost electricity demand with renewables. Moreover, governments of various nations such as Canada, Germany, the U.K. and others are taking pre-emptive steps to achieve net zero goals. Additionally, many countries are adopting measures that provide in-depth knowledge of greenhouse gas dynamics and impacts. Thus, increasing demand for carbon accounting among developed and developing countries drives the market's growth. Additionally, various key players are forming alliances and introducing carbon accounting solutions into different geographical regions to expand their business. For instance,

  • Net0 expanded its presence in Dubai by launching a carbon management platform in the UAE. The company aims to tackle climate change in the UAE and contribute to net zero objectives across the globe.

The U.S. relies heavily on electricity for its energy needs and the type of energy source used to generate electricity is one of the major factors influencing emissions. Therefore, the electric power sector is the largest consumer of coal in the U.S. However, increased investments in research, development, demonstration, and deployment of advanced technologies in producing iron and steel, cement, chemicals, and other industries enable these sectors to adopt low-carbon production. For instance,

  • According to Industry Experts in the U.S., in 2021, GHG (greenhouse gas) emissions from electric power accounted for 25%, the transportation sector accounted for 28%, and businesses and homes accounted for 13% of total U.S. greenhouse gas emissions.

India is projected to show a steady growth rate due to the increasing global adoption of policies on carbon emissions. Additionally, greenhouse gas emissions and other pollutants are increasing in India due to the growing electricity demand. Additionally, rising government initiatives and the introduction of severe regulations on carbon emissions are anticipated to open up growth opportunities for vendors in the market.

Russia, one of the top emitters of greenhouse gases, has made insufficient efforts to slowdown the climate change. The prominent industries heavily rely on revenues from oil and gas exports. The constituent entities in Russia play a crucial role as policymakers and implementers of climate change mitigation. In addition, preparing the CO2 emissions inventory of Russian constituent companies is considered a priority step to achieve emission reductions.

List of Key Companies in Carbon Accounting Software Market

Key Players Emphasize Advanced Solutions to Strengthen their Business Position

Market players emphasize expanding their global presence and market share through product developments, partnerships, mergers, and acquisition strategies. These enterprises focus on developing effective marketing strategies and new solutions to maintain and grow their market share. Consequently, key market players focus on various strategic initiatives, such as upgrades with advanced technologies, investment in startups, forming alliances with associations and organizations, and many more. The reports offer a comprehensive competitive landscape and an in-depth vendor selection approach and analysis using quantitative and qualitative research to forecast precise market growth.

List of Key Companies Profiled:


  • November 2023- IBM announced collaborations with Riyadh Air and Aeromexico. The collaborations help these companies implement the Environmental Intelligence Suite of IBM to anticipate, monitor, strategies, and respond to the probable impact of extreme weather events on-air set-ups.

  • September 2023- BT (British Telecom) collaborated with SAP to transform carbon emissions visibility, standardize sustainability recording value chains across the globe and challenge Scope 3 emissions. SAP SDX allows BT to gather, share, and trace carbon data over its supplier base, offering unparalleled reflectivity into the carbon footprint of its enterprise services and products.

  • July 2023- Persefoni and ERM collaborated to empower enterprises to accomplish decarbonization goals. ERM offers end-to-end facilities over the complete spectrum of an enterprise’s decarbonization journey. It comprises target-setting and planning, incorporating decarbonization strategies into value chains and operations, and helping customers with their disclosure and reporting.

  • June 2023- Microsoft introduced the new ESG innovations Project ESG Lake in Microsoft Cloud for Sustainability. The latest innovation helps enterprises to standardize and centralize data in an inclusive ESG data estate. The industry data platform allows partners, customers, and ISVs to accomplish analytics and develop custom applications to meet their industry-precise needs.

  • March 2023- SCSK announced a partnership with SINAI Technologies to fast-track decarbonization offerings in Japan. These offerings comprise specialization of SINAI in enhancing scope three management and scenario modeling for enterprises in Japan and customers of SCSK that are most in requirement of mitigation modeling. The alliance between SCSK and SINAI allows companies to progress their decarbonization journeys and carbon neutrality by unifying SINAI’s Decarbonization Intelligence Platform with digital proficiencies and SCSK's vast partnership network.


An Infographic Representation of Carbon Accounting Software Market

To get information on various segments, share your queries with us

The market research report provides a detailed market analysis. It focuses on crucial aspects such as leading companies and software and services applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

To gain extensive insights into the market, Request for Customization




Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 23.6% from 2024 to 2032


Value (USD Billion)


By Deployment

  • Cloud-based

  • On-premise

By Industry

  • Energy & Utilities

  • IT & Telecom

  • Healthcare

  • Transportation & Logistics

  • Retail

  • Construction & Infrastructure

  • Food & Beverages

  • Chemicals

  • Others (Metals & Mining and Government)

By Country

  • China (By Deployment and By Industry)

  • U.S. (By Deployment and By Industry)

  • India (By Deployment and By Industry)

  • Russia (By Deployment and By Industry)

  • Rest of the World (By Deployment and By Industry)

Frequently Asked Questions

According to Fortune Business Insights, the market is projected to reach USD 100.84 billion by 2032.

In 2023, the global markets value stood at USD 15.32 billion.

The market is projected to grow at a CAGR of 23.6% over the forecast period.

By deployment, the cloud-based deployment leads the market in terms of CAGR during the studied period.

Increasing government initiatives toward net-zero emissions is a key factor driving the product demand for carbon accounting software.

IBM, SAP SE, Microsoft, Salesforce, Persefoni AI, Greenly, Sphera, and Diligent Corporation, among others, are the top players in the market.

China held the highest market share in 2023.

By industry, energy and utilities are expected to grow with the leading CAGR over the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 150

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Information & Technology Clients

Bain & Company

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.