MarketsandMarkets forecasts the global ESG Reporting software market to grow from USD 0.7 billion in 2022 to USD 1.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period. The major factors driving the growth of the ESG Reporting software market include configuring resources easily, operational efficiency, and growing demand for cloud-based solutions and services, implementation of sustainable ESG solutions to perform core business operations.
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Large Enterprises segment forecasted to have multiplied growth in market size during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. With large enterprises, under ESG, “Environmental” refers to how a company is exposed to and manages risks and opportunities to solve problems associated with climate, natural resource scarcity, pollution, waste, and other environmental factors, as well as its own environmental impact. The term “social” refers to the examination of a companys values and business relationships through issues such as supply chain, product quality and safety, employee health and safety, diversity and inclusion policies, worker welfare, and slave labor concerns. “Governance” considers a companys corporate structure, board diversity, executive compensation, corporate resilience and event responsiveness, and policies and practices on lobbying, political contributions, bribery, and corruption. The worlds largest shareholder, the American multinational investment management corporation Blackrock, has informed the market that it believes sustainability risk, particularly climate risk, is an investment risk. As a result, where corporate disclosures are insufficient to make a thorough assessment, or a company has not provided a credible plan to transition its business model to a low-carbon economy, including short, medium and long-term targets, sustainability is a key component of the investment approach.
Government and public sector to record significant growth during the forecast period
Governments can help with the management and transition costs of ESG risks and exert significant influence over outcomes through their policy and regulatory functions, but initial measurement and attribution of ESG risks appears to be best captured by assigning them to each sector. SASB, TCFD, or GRI uniform ESG standards and regulatory frameworks for the public sector, as for the private sector. Because the objectives of the public sector are linked to public interest and benefit, public bodies have strong incentives to be more transparent about their impact. Climate change has sparked unprecedented public interest, and sustainability reports enable governments to demonstrate their progress in reducing emissions. The public sector is the largest economic sector in most countries, which means it has a significant impact on the environment. It serves two functions: it provides essential services such as the armed forces, healthcare, public transportation, and waste collection, all of which contribute to climate change.
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Unique Features in the ESG Reporting Software Market
With the help of extensive data management features, ESG reporting software enables businesses to gather, compile, and evaluate data pertaining to environmental, social, and governance issues from a range of internal and external sources.
In order to ensure consistency and comparability in ESG reporting across industries and sectors, ESG reporting software supports standardised reporting frameworks and guidelines such as the Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), Global Reporting Initiative (GRI), and others.
Organisations can identify and prioritise important ESG issues that are pertinent to their business, evaluate associated risks, and create mitigation measures by utilising the tools for materiality evaluation and risk management that are included in ESG reporting software.
By giving stakeholders—investors, clients, staff members, and communities—tools for communication, cooperation, and disclosure of ESG performance and initiatives, ESG reporting software promotes stakeholder involvement and transparency.
Organisations may monitor, track, and report on their ESG performance over time with the use of ESG reporting software, which provides predefined ESG performance measures and key performance indicators (KPIs), as well as customisable dashboards and reports.
Major Highlights of the ESG Reporting Software Market
Identifying and prioritising important ESG concerns, evaluating related risks, and creating mitigation plans are all made easier for organisations by the programme.
With tools for cooperation, communication, and the disclosure of ESG performance and efforts to communities, consumers, workers, and investors, ESG reporting software promotes stakeholder participation and transparency.
Organisations can integrate ESG data into annual reports and financial disclosures by linking their financial reporting systems with ESG reporting procedures.
Through audit trails, validation checks, and third-party assurance services, ESG reporting software ensures the correctness, dependability, and integrity of the ESG data reported by organisations.
By comparing ESG performance to rivals, industry peers, and sustainability indices, the programme facilitates peer comparison and benchmarking, offering valuable insights into areas of improvement and relative performance.
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Top Key Companies in the ESG Reporting Software Market
Major ESG Reporting software vendors Wolters Kluwer (Netherlands), Nasdaq (US), PwC (UK), Workiva (US), Refinitiv (UK), Diligent (US), Sphera (US), Cority (Canada), Intelex (Canada), Greenstone (UK), Novisto (Canada), Emex (Ireland), Enhelix (US), Anthesis (UK), Diginex (Hong Kong), Bain & Co. (US), Keramida (US), Isometrix (US), Accuvio (acquired by Diligent) (US). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements to expand their presence in the ESG Reporting software market. Product enhancements and collaborations have been the most adopted strategies by major players from 2020 to 2022, which helped companies innovate their offerings and broaden their customer base.
A prominent player in the ESG Reporting software market, Wolters Kluwer is a Dutch provider of information services. Legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare markets are served by the company. It is present in over 150 countries. The company emphasizes its social and environmental performance, as well as its adherence to CSR and ESG principles. Investors, customers, rating agencies, non-governmental organizations, and the general public are all evaluating companies based on non-financial criteria. Wolters Kluwer Legal & Regulatory has made a binding offer to acquire Enablon for Euro 250 million. Enablon is a leading global provider of Environmental, Health, Safety, and Sustainability software and SaaS solutions. Reports can be created in just a few steps through Enablon and based on the most recent standards, such as GRI, CDP, and DJSI. It also helps to set goals for social and environmental performance and track progress. Monitor corporate, business unit, geographic, and facility sustainability performance. Reduce reputational risks and ensure regulatory compliance. Also, it personalizes and tailor communications and reports to the specific needs of each stakeholder. Maintain a high level of transparency and accountability in social and environmental impacts. Enablon provides a wide range of applications for managing operational risks, ensuring compliance, improving performance, and engaging with stakeholders.
Coming next is Nasdaq, an American multinational financial services corporation that owns and operates three stock exchanges in the US, which orchestrates information capture, response management, and disclosure for GRI, DJSI, SDGs, MSCI, Sustainalytics, SASB, TCFD, CDP, and many others on a single platform. It provides raters, investors, and stakeholders with unified and tailored ESG data. It makes it easier to navigate ESG frameworks. Navigate the complex series of ESG frameworks more effectively. It simplifies data collection and response for ESG reporting. The platform and workflows aid in the preparation of ESG and sustainability reports. It automatically publishes ESG data to the user’s website. It communicates information without requiring the user to scroll through an entire ESG report. It makes sharing with rating agencies, auditors, investors, and others easier. It shares ESG data with rating agencies, auditors, investors, and other stakeholders in an efficient manner.
PwC, is a global professional services firm that offers clients various professional business services, including but not limited to accounting, auditing, human resources consulting, and strategy management, under the PwC brand. It is the world’s second-largest professional services network and one of the Big Four accounting firms, along with Deloitte, Ernst & Young (EY), and KPMG. It serves as the global network of firms’ coordinating entities. It manages the global brand and creates policies and initiatives to create a unified and coordinated approach to risk, quality, and strategy. It does not offer any services to customers. Due to local legislative requirements, PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Each member firm, like other professional services firms, is financially and legally independent. PricewaterhouseCoopers International Limited, a private company limited by guarantee under English law, coordinates PwC. PwC is also registered as a multidisciplinary entity that provides legal services. It provides a full range of services to assist businesses, from developing their initial ESG strategy to establishing good governance practices. The nature and specifics of its clients’ services are subject to independent restrictions and may vary to comply with SEC and AICPA independence standards. PwC has offices in 157 countries and 742 locations.
PwC assists organizations in understanding the impact and urgency of ESG regulations and integrating them into their corporate and business strategies. It caters to the possibility of not only retaining their operating license but also identifying opportunities for growth, mitigating risks, improving performance, enhancing reputation, easing access to finance, and being competitive in talent acquisition.
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