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Carbon footprint is the amount of greenhouse gases released into the atmosphere due to the performance of any human activity. The greenhouse gases are slowly depleting the ozone layer that surrounds the earth and is causing serious concerns like climate change, global warming, and various illnesses. The growing concern of global warming has given rise to controlling and managing the carbon footprint of various industries and countries.
Based on the type, the market is classified into solutions and services. Services include consulting, integration and deployment, and support and maintenance. The services segment accounted for the major share of the market, and it is anticipated that it will maintain its attractiveness during the forecast period, as they are widely preferred by enterprises for their feasibility and affordable operational costs. Services may also be customized according to the requirements and provide improved business performance.
Based on the deployment, the global market is classified into cloud-based and on-premises. The cloud-based segment accounted for the major share in the market. Cloud-based solutions and services offer safety and security against data loss and ensure regulatory compliance. They also offer ease of deployment and can be modified or scaled up easily. Other benefits of cloud-based solutions and services include round-the-clock service at a good speed.
Based on the vertical, the market is classified into Manufacturing, Energy & Utilities, Residential and Commercial Buildings, Transportation and Logistics, and IT and Telecom. The Energy and Utilities segment accounted for the major share of the market, and it is anticipated that it will maintain its attractiveness during the forecast period due to the heating and cooling needs coupled with a strong economy in the sector. The surge in energy demand and electricity generation has created a rise in carbon footprints, which has led to the utilization of carbon footprint management.
Several governments and organizations across the globe are issuing regulatory mandates and legislative directives regarding the reduction of carbon footprint. Industries are urged to reduce carbon footprints to conform to the standards set by the environmental regulations. This factor is likely to drive the global carbon footprint management market during the forecast period.
The key market restraint for the market is the high initial investment cost in carbon footprint management. Small enterprises cannot afford the services, which is greatly affecting the growth of the market.
Key Market Driver -
Government Policies and Legislative Mandates for Reducing Carbon Footprint across the Globe
Key Market Restraint -
High Initial Investment
Some of the major companies in the carbon footprint management market are Carbon Footprint Ltd, Salesforce, ENGIE, IsoMetrix Software, Intelex Technologies ULC, Laragon Sustainability Solutions, SAP, Enablon, Trinity Consultants, Dakota Software, Envirosoft Corporation, Enviance | a Cority company, ProcessMAP Corporation, Accuvio Sustainability Reporting Software, Carbon EMS, Native Energy and EnergyCAP, Inc.
The global carbon footprint management market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the major share of the global market, as the region emits the largest amount of greenhouse gases as compared to the rest of the world. The North American market is also increasing due to the growing concern of climate change in the U.S. and Canada. Asia-Pacific is the fastest-growing region for the global carbon footprint management market, owing to the rising industrialization and urbanization in developing nations such as India and China. Europe is also a fast-growing region due to the stringent environmental regulations in countries like Denmark. Latin America and the Middle East & Africa are steadily growing regions, owing to the massive climate change the region is facing.
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