Environmental Intelligence Platform Market Trends
Growth Drivers
- Big Data Transforming Field of Environmental Intelligence- Environmental intelligence is evolving into the next stage of environmental management by utilizing the power of environmental data. It can be done with technology-driven processes to optimize economic value, foster development, foster societal acceptance, and lessen environmental impact. Around 2.5 quintillion bytes worth of data are generated each day across the globe.
- Sudden Climate Change- The issue of climate change is also becoming more urgent for both corporate and political leaders. The corporate community is also starting to see climate change as a problem that needs to be considered when making long-term plans. The consequences on financial performance will probably be the same whether they are direct or indirect. As a result, global demand is eventually increasing due to climate change. For instance, National Mission for a Green India Mission strives to improve ecological functions like carbon sinks. It expands on the Green India initiative of the Prime Minister, which aims to afforest 6 million hectares and reach the national goal of a 33% increase in the area covered by forests.
- Increasing Awareness by Different Organizations- With the rising of pollution day by day, the initiatives taken by different organizations to make people aware of the environment have led to enterprises focusing more. The increasing awareness amongst enterprises has driven the growth of the market.
Challenges
- Limited Accesses to Such Platforms for SMEs- The main challenge faced by the people which limits the growth of this market is that there is limited access to such platforms for SMEs. They do not have much knowledge as well as access to such platforms. Since SMEs are not very influential and instead have little impact on environmental protection, additional research is required to identify the most effective techniques for accelerating the adoption of eco-efficient practices by small firms. Only two-thirds of SMEs actively handled eco-efficiency measures in 2018. According to this report, SMEs must implement resource-efficient policies and green transformational leadership in order to enhance their company operations and achieve greater performance and development.
- Lack of Awareness Among People
- Scarcity of Professionals for the Operation of the Environmental Intelligence Platform
Environmental Intelligence Platform Market: Key Insights
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
13.2% |
|
Base Year Market Size (2024) |
USD 796.46 million |
|
Forecast Year Market Size (2037) |
USD 3.99 billion |
|
Regional Scope |
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