target audience: TECH SUPPLIER Publication date: Aug 2023 - Document type: Market Forecast - Doc Document number: # US51018022
Worldwide Purpose-Built Sustainability Services Forecast, 2023–2027
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Abstract
This IDC study provides the first forecast through analysis of the worldwide purpose-built sustainability services market by IDC-defined services lines. For more information on the definitions used for service lines, see IDC's Worldwide Environmental, Social, and Governance Business Services Taxonomy (IDC #US50035421, January 2023); ESG business services once a nebulous and ill-defined market has become one of the fastest-growing spaces in the business world. The redefinition from ESG-enabling services to purpose-built sustainability services allows for a more in-depth look into both market trends and end-user spending intentions for the years to come. For vendors to effectively market, sell, and develop their services, understanding the needs, wants, and requirements of their clients is of the utmost importance.
"With the needs for guidance and tools for sustainable operations growing, the market for purpose-built ESG and sustainability services is rife with opportunity for large and small vendors alike," says Dan Versace, research analyst, ESG Business Services. "Pressure for change is more prescient than ever, and businesses that fail to act face risk to their brand image, financial performance, and even their infrastructure due to the ever present threat of extreme weather events and resource shortages caused by climate change. With less than six years until the effects of climate change of irreversible, action is needed now to address current risks and mitigate the threat for the years to come."