On the basis of component, the market is divided into solution and service. The carbon footprint management market is segmented on the basis of component, deployment mode, industry vertical, and region. On the contrary, growing advancements in the field of artificial intelligence and data analytics provide a more efficient way of managing carbon footprint, which is expected to offer remunerative opportunities for expansion of the carbon footprint management market during the forecast period. However, complex infrastructure requirements and higher costs can hamper the carbon footprint management market during the forecast period. The growing drive for sustainability and greener alternatives for everyday energy requirements and rise in fear of climate change propel the growth of the global carbon footprint management market.
Moreover, carbon footprint management solutions can help businesses save on taxes by helping them improve their energy consumption using specialized AI and data analytics algorithms. According to this report the carbon footprint management market was valued at $9.3 billion in 2021, and is estimated to reach $18.2 billion by 2031, growing at a CAGR of 7% from 2022 to 2031.Ĭarbon footprint management systems can assist businesses and industries to reduce and offer their carbon footprints by improving their energy efficiency, utilizing renewable energy, raising awareness, focusing on environmental projects, and paying green taxes.
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