Energy Management Software Market to Value at 10.8% CAGR by 2024
Demand for software with sustainability reporting module is also expected to grow over the years, and is anticipated to exhibit highest revenue growth at 13.4% CAGR.
New York, NY -- (SBWire) -- 03/28/2017 --According to Persistence Market Research's recently published report on the global market for sustainability & energy management software, factors driving the growth in demand for such software include:
-Leading organizations across multiple industrial verticals are investing in development of such software to improve profit margins by ensuring greater return on capital and by reducing operating costs through advanced natural-resource management
-As more companies are being aware of the benefits of sustainability & energy management software, developers are advancing their offerings through intrinsic reformations and custom-made deliveries, which is incidentally helping companies employ sustainability & energy management programs along industrial guidelines & regulatory obligations
-Vendors are adopting sustainability & energy management software to capitalize opportunistic profits from big data analytics, cloud computing, remote connectivity, mobility and other emerging technologies.
The report estimates that the US$ 753.3 Mn market for sustainability & energy management software will expand across the globe at 10.8% CAGR to bringing in a little over US$ 1,700 Mn by the end of 2024. During this eight-year forecast period, above factors will instrument an impressive revenue growth for the global sustainability & energy management software market.
In the report, titled "Sustainability & Energy Management Software Market: Global Industry Analysis and Forecast, 2016-2024," North America has been currently observed as the largest sustainability & energy management software market in the world. Although, towards the latter half of the forecast period, the region will lose out its global dominance for sustainability & energy management software to Europe. With more than one-third share, Europe's sustainability & energy management software market will be at the forefront, replacing North America as dominant region. Through 2024, even Europe is likely to be outpaced by rampant adoption of sustainability & energy management software in Asia-Pacific. The report expects that the Asia-Pacific sustainability & energy management software market will soar at 13.4% CAGR throughout the forecast period.
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The report has also profiled companies globally-prominent for developing sustainability & energy management software, which include Schneider Electric, IBM Corporation, SAP SE, CA Technologies, Verisae, Inc., Thinkstep, Urjanet, UL EHS Sustainability, Accuvio, Ecova Inc., FigBytes Inc., ENVIZI, Gensuite LLC, Enablon and ICONICS, Inc.
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The report further reveals that the global sustainability & energy management software market will remain split between on-premise and cloud-based software. In 2017, on-premise sustainability & energy management software will be in great demand, but will lose out to cloud-based software by the end of 2024. Cloud-based sustainability & energy management software are projected to account for more than half of global market revenues, towards the end of the forecast period. Automotive, building automation, utilities & energy, and oil & gas are noted as the most lucrative end-use industries for sustainability & energy management software. Collectively, these four end-use applications of sustainability & energy management software will register revenue growth at more than 11% CAGR. Likewise, carbon reporting & management modules in sustainability & energy management software will remain in great demand.
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