Global Environmental Software Market – Introduction
- Environmental software, also known as environmental management system (EMS), helps enterprises with monitoring, reporting, and enforcement of internal environmental compliances.
- Environmental software helps enterprises to track and examine environment data to reduce risks and meet regulatory requirements. Environmental software aids organizations to mechanize data collection & compliance, and ease identification & concerns about environmental waste. Moreover, the software streamlines environmental compliance of water, air, and waste guidelines so users can easily initiate ongoing program enhancements.
Impact of Coronavirus (COVID-19) on the Environmental Software Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) has a negative impact on the environmental software market. Economies across the globe started shrinking and growth is declining due to the pandemic situation. Therefore, most industries have stopped operations or activities worldwide, which is expected to negatively influence the growth of the environmental software market.
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Increasing Stringent Government Regulations & Compliances Regarding Environment Protection Expected to Drive the Global Environmental Software Market
- Globally, the increasing need to minimize environmental liabilities coupled with eliminating long-term business risks is significantly influencing enterprises to deploy advanced environment solutions for safety purposes. Several government agencies & organizations are enforcing stringent regulations & compliance requirements across various industries, in terms of safety & health of personnel.
- For example, companies in the U.K., U.S, Australia, and Canada have to mandatorily comply with industrial waste disposal standards and strict wastewater treatment norms such as the National Pollutant Inventory (NPI) in Australia, National Pollutant Release Inventory (NPRI) in Canada, and Toxics Release Inventory (TRI) in the U.S. The formation of these stringent standards is expected to drive companies to deploy environment management software to maintain environment safety.
- Moreover, the environment management system provides wide-ranging functionalities, including audit & inspection management, incident management, chemical management, compliance management, training management, risk analysis, performance metrics, air emission measurement, waste compliance, water quality, safety meetings, corrective actions, and ergonomics.
- The impact of this driver is expected to be high throughout the forecast period. Use of environmental software is on the rise across the globe, led by increasingly stringent government regulations & compliances regarding environment protection. This is expected to boost the global environmental software market in the next few years.
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High Installation Cost of Environmental Software Expected to Hamper the Environmental Software Market
- Across developing or under-developed nations, environmental software witness as a lower adoption owing to high cost of installation which is expected to hamper the growth of the environmental software market worldwide. Furthermore, some auxiliary services such as auditing could be expensive and complex, making environmental software more expensive.
- Therefore, high installing cost of environmental software is expected to hamper the global environmental software market.
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North America to Account for Major Share of the Global Environmental Software Market
- In terms of region, the global environmental software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global environmental software market during the forecast period due to the presence of several IT companies along with stringent Environmental Protection Agency (EPA) regulations, indicating potential growth of the market. Europe is expected to be the second largest market for environmental software from 2024 to 2030.
- Asia Pacific is projected to be a rapidly growing market for environmental software during the forecast period due to increasing awareness regarding environment safety across various industry verticals such as energy & utility, chemicals, and pharmaceuticals, specifically in India, Japan, and China.
Key Players Operating in the Global Environmental Software Market Include:
- Gensuite
- Intelex Technologies Inc.
- Cority Software Inc.
- Quentic GmbH
- DNV GL
- Others
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