According to a new market research report published by Report Ocean, the Corporate Social Responsibility Software Market is anticipated to grow at a CAGR of 7.9%, during the forecast period. The market is estimated to reach US$ 1,370.5 million by 2030.
This detailed market research report by Report Ocean include in-depth analysis of technological innovations, market trends, supply chain trends, future trends, leading players, and key developments. The report also includes additional information about other factors such as drivers, restraints and challenges faced by this market, along with an overview for each mentioned segment in the study.
The global corporate social responsibility software market size was US$ 669.8 million in 2021. The global corporate social responsibility software market is forecast to reach US$ 1,370.5 million by 2030 by growing at a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2022 to 2030.
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The U.S. current-account deficit increased and reached US$ 234.8 billion in Q4 2021. However, the Canadian Dollar exchange (CAD) increased by 29.9% in Q1 22 to reach US$ 294.4 billion, widening the imbalance by US$ 68.6 billion. In the first quarter of 2022, exports of goods and services rose by US$ 27.7 billion, totaling US$ 1.07 trillion. However, the nation’s goods and services deficit decreased to US$ 79.9 billion in June from US$ 87.9 billion in May, which was corrected, a US$ 5.7 billion decrease that indicated some relief. On the other hand, the annual inflation rate in the country hit 8.7%.
The logistics price increased by 34.9% in July 2022, disrupting the supply chain, while electricity prices increased by 15.5%, the highest level since February 2006. Besides that, The number of existing U.S. homes sold in July 2022 decreased by 5.95% to 4.85 million (seasonally adjusted annual rate), which was the lowest number since May 2020 and under the market’s forecast of 4.89 million. The home sector sales fell for the sixth month in a row as the mortgage rate reached its highest point at 6.3%. The U.S. economy continues to be heavily impacted by the global energy crisis, causing people to spend less and conserve more.
Corporate social responsibility (CSR) is an organization’s responsibility for public awareness related to ethical and environmental issues. It incorporates all the efforts pertaining to the welfare of the ethical, social, and ecological standards.
Competitors in the Market UL LLC Cyber Grants LLCEV Cargo Eco Vadis Enablon Cyber SWIFT Infotech Pvt. Ltd. Other Prominent Players
Factors Influencing the Market
The growing focus of companies towards health, welfare, and sustainable development of society will drive the growth of the global corporate social responsibility software market.
Corporate social responsibility software helps organizations in managing their social, ethical, and ecological responsibility and activities. It also tracks the effectiveness of corporate social responsibility. Moreover, this software is efficient for businesses to communicate their CSR programs to employees, customers, and investors. Such benefits of the software are forecast to boost the growth of the market.
The wide applications of CSR software in logistics & transportation, retail, manufacturing sectors will contribute to the growth of the market.
Favorable policies by government bodies will escalate the growth of the corporate social responsibility software market. For instance, according to Section 135 of the Companies Act of 2013, the Indian Government has mandated corporate social responsibility for large companies. In addition, the Canadian government improved a strategy for Canadian companies to encourage Canadian values and operate abroad with improved ethical standards. Thus, such initiatives are forecast to propel the corporate social responsibility software market growth.
The growing number of advancements in the software will prompt market growth. For instance, Enablon unveiled Enablon Version 9 software in 2019. The software allows users to align processes and share their data.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic surged the challenges for firms and organizations. The announcement of national lockdown and temporary closures forced industries to shut their doors and start operating through the internet. Various companies witnessed significant losses in terms of revenue, which ultimately hampered the CSR activities.
However, governments have significantly contributed to the surging social support. It encouraged the companies to contribute to CSR activities, which ultimately surged the demand for corporate social responsibility software.
Regional Analysis
North America is forecast to dominate the global corporate social responsibility software market in terms of revenue. The growth of the market is attributed to the presence of large enterprises and solution providers in this region. Asia-Pacific and Europe are forecast to register significant growth, owing to the favorable initiatives by government bodies.
Market Segmentation
The global corporate social responsibility software market segmentation focuses on Type, Application, and Region.
By Type Outlook Cloud-Based On-Premise
By Application Outlook Large Enterprises Small & Medium Enterprises
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By Region
- North America The U.S. Canada Mexico,
- Europe Western Europe, The UK Germany France Italy Spain Rest of Western Europe,
- Eastern Europe, Poland Russia Rest of Eastern Europe,
- Asia Pacific China India Japan Australia & New Zealand ASEAN Rest of Asia Pacific,
- Middle East & Africa (MEA) UAE Saudi Arabia South Africa Rest of MEA,
- South America Brazil Argentina Rest of South America
Major highlights of the Table of Contents of the study:
- Market Overview & Summary
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- Market Determinants
- Market Share Analysis
- PORTERS Analysis
- PESTEL Analysis
- Value-chain Analysis
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