target audience: TECH SUPPLIER Publication date: Jul 2024 - Document type: Market Forecast - Doc Document number: # US52369022
Worldwide Purpose-Built Sustainability Services Forecast, 2024–2028
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Abstract
This IDC study provides the first forecast through analysis of the worldwide purpose-built sustainability business 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, 2023 (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.
"As we move into an era of mandatory ESG reporting, the demand for sustainability professional services is poised to grow exponentially. Companies are not only driven by regulatory compliance but also by a heightened awareness of the intrinsic value that sustainability brings to enterprise performance and risk mitigation. In the near future, we will see a significant shift toward integrated, holistic sustainability strategies supported by advanced technologies like AI and IoT. These innovations will drive efficiency and accuracy in reporting while uncovering new opportunities for sustainable growth. The professional services market will need to evolve rapidly to meet these demands, offering more specialized and nuanced solutions that address both environmental and social impacts." — Dan Versace, research analyst, ESG Business Services