ESG reporting software spend tipped to quadruple to $5.6bn by 2029 - study

illuminem summarizes for you the essential news of the day. Read the full piece on Business Green or enjoy below:

🗞️ Driving the news: The ESG reporting software market is projected to grow fourfold, reaching $5.6 billion by 2029
• This surge is driven by rising regulatory pressures and increasingly complex corporate reporting requirements worldwide

🔭 The context: Businesses are increasingly relying on technology solutions to meet stringent sustainability reporting standards and address growing investor and stakeholder demands for transparency • Global regulations, like those from the EU and ISSB, are accelerating the adoption of ESG-focused tools

🌍 Why it matters for the planet: Efficient ESG reporting allows businesses to track and disclose sustainability performance, fostering accountability and better environmental outcomes
• Accurate reporting supports global climate targets by aligning corporate actions with sustainability goals

⏭️ What's next: The ESG software market is expected to expand rapidly, with companies investing in tech-driven solutions to simplify compliance and improve data accuracy
• This trend reflects a broader move towards digitized sustainability management

💬 One quote: The global ESG reporting software market is projected to grow from $0.9 billion in 2024 to $2.1 billion by 2029, at a compound annual growth rate (CAGR) of 17.0% during this period

📈 One stat: The ESG reporting software market is predicted to hit $5.6 billion by 2029, a fourfold increase from current levels

Click for more news covering the latest on corporate sustainability