Energy consumption by industries has accelerated the amount of carbon in the atmosphere, voicing concerns about environmental deterioration. This calls for robust measures and more sustainable and efficient energy solutions to curtail the damage. To this end, governments around the world are undertaking robust initiatives and policies to minimize carbon emissions and mitigate the caused damage. Such an equation of carbon footprints with industries is triggering the growth of the carbon footprint management market. Higher installation and maintenance costs are likely to restrain the market growth; however, the emphasis on net-zero targets shall keep the demand for these solutions up throughout the forecast timeline. 

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Next-generation Technological Advancements to Unveil Remunerative Prospects for Carbon Footprint Management Market

The technological intervention has significantly enabled organizations to diminish the impact of carbon footprint. Integration of technologies helps bring down the levels of carbon emissions during production. Leveraging futuristic technologies such as Artificial Intelligence (AI), big data solutions, and Internet of Things (IoT), industries are pacing toward sustainable development. In addition, various organisations are inclined toward the utilisation of AI-powered data engineering solutions to keep track of emissions while assessing their carbon footprint. These solutions further facilitate data collection from operations, IT equipment, and almost every facet of the value chain, including transporters, suppliers, and goods’ downstream consumers. These positive trends are incentivising technological developments in the domain; creating substantial growth opportunities for the player in the carbon footprint management market.

Rapid Industrialisation to Augment Adoption of Carbon Footprint Management Market

Lately, the industrial sector has become more reliant on energy for various operations. Evidently, a significant proportion of energy consumption was marked by the commercial sector, manufacturing sector businesses comprised a great proportion of this share. Consequently, this has created a robust demand for energy at the global level. Furthermore, coal has been a major source of energy production and needs to be managed efficiently for optimal utilisation of non-renewable energy resources. This has propelled governments and industries to adopt carbon footprint management solutions that will help in better management and tracking of these resources. With a consistent rise in industrialisation, the global carbon footprint management market is set to expand at a remarkable pace. 

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North America to Reign Supreme in Carbon Footprint Management Market Owing to Favourable Government Initiatives

North America is pacing ahead of market competition with rapid industrialisation, greater reliance on energy resources, and supportive government norms. The carbon footprint management market is further fuelled by the unstable production of carbon, and untempered carbon emissions causing serious environmental and health issues. Considering these issues, various countries in the region are implementing stringent tax laws and regulations to keep a tab on carbon footprint. Additionally, industries and the national government are making cumulative efforts to limit the global temperature increase to two degrees Celsius. That said, North America is likely to sustain dominance over the forecast timeframe. 

Major Market Players

Some of the most competitive players in the global carbon footprint management market include Salesforce.com, Inc., IBM Corporation, IsoMetrix, Sphera, Natural Capital Partners, SAP SE, Dakota Software Corporation, ProcessMAP Corporation, Schneider Electric SE, Wolters Kluwer NV, VelocityEHS, Aurecon, Carbon Trust, Greenstone+ Limited, Cority, Engie SA, and Accruent.

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