Increasing need to reduce energy consumption and operational costs has led to the rising demand for carbon and energy software, globally. In addition, rising concerns towards climatic changes and global warming have made it imperative for various governments across the world to work towards reducing carbon emissions. Thereby, energy intensive industries including oil and gas, energy and utilities, and manufacturing need to monitor and assess their energy consumption. Carbon and energy software has offered a viable solution to such industries to effectively monitor and assess overall energy consumption and carbon emissions associated with various business operations within an organization. Furthermore, increasing popularity of sustainability management across various organizations in the IT and telecommunication, retail and manufacturing industries is further driving the demand for carbon and energy software market.
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Increasing complexities and expansion of supply chain in various organizations across the world have led to increasing operational costs. Thereby, organizations seek to deploy carbon and energy software in order to efficiently map, monitor, and assess energy consumer by various individual processes throughout the supply chain. Furthermore, such software enables organizations to optimize various operations to achieve higher sustainability in terms of carbon emissions and energy consumption. Carbon and energy software offers precise measurement of the carbon emissions enabling organizations to publish their carbon footprint accurately. Organizations can fine tune their operations to reduce their overall carbon footprint and comply with various government regulations and norms pertaining to carbon emission.
Depending on their specific requirements, customers can choose between the on-premise and hosted carbon and energy software solutions. Increased control over information and higher privacy offered by the on-premise carbon and energy software solutions has led to the higher adoption of these solutions across critical industries such as oil and gas; and energy and utilities. Increasing need for enhanced scalability and rising penetration of Internet has led to the increasing popularity of hosted or cloud-based carbon and energy software solutions. Reduced initial investments and enhanced convenience are expected to drive the growth of hosted carbon and energy software market.
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By geography, North America led the overall carbon and energy software market in terms of revenue in 2013 on account of higher adoption of this software solution in the region. Europe held the second largest revenue share of the overall carbon and energy software market in 2013. Carbon and energy software market in Asia Pacific is expected to achieve significant growth during the forecast period from 2014 to 2022.
Increasing government activities for curtailing carbon emissions and achieving higher energy efficiency are expected to drive the carbon and energy software market in this region. Furthermore, higher concentration of IT and telecommunication sector in countries including China, India, Japan, and Indonesia offer immense growth opportunities in the carbon and energy software market during the forecast period from 2014 to 2022. Countries in the Latin America region including Brazil, Argentina, and Chile have also been identified as growth markets during the forecast period.