The adoption of energy efficient solutions is anticipated to open up the new avenue for Green IT Services Market
The Green IT Services Market is estimated to be valued at US$ 14.01 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Green IT services help organizations monitor, measure, optimize and reduce energy consumption of their IT infrastructure while also reducing environmental impact through technological solutions. This includes services such as carbon footprint management and reduction, green data centers, asset management, monitoring & metering, office sustainability, and recycling and asset recovery. Services are aimed at optimizing the energy efficiency of servers, data centers, and networks through implementation of policies and use of technologies like virtualization.
Market Dynamics:
Green IT services are being increasingly adopted driven by growing government regulations and policies pertaining to green buildings and data center operations. Major global economies have introduced regulatory standards and set carbon emission reduction targets for corporations to switch to energy efficient alternatives and optimize energy consumption of IT infrastructure. For instance, European Union and China have outlined targets to reduce carbon emission by 40-45% and 60-65% respectively till 2030. This is positively impacting the demand for green IT services to comply with regulations. Additionally, cost savings achieved through efficient energy management is another key factor driving organizations to increasingly adopt green IT services and optimize their overall IT expenditure in the long run.
Segment Analysis
The green IT services market is segmented into IT asset & data center management, carbon footprint management and IT infrastructure optimization services. The IT infrastructure optimization services segment is dominating the market currently as it helps organizations in reducing their energy consumption by optimizing IT infrastructures like servers, data centers, desktops, storage area networks and others. This segment witnesses high demand as organizations are increasingly adopting greener practices to lower carbon emissions along with operational costs.
PEST Analysis
Political: Governments across the globe are implementing stringent regulatory policies and norms to lower carbon emissions. This is positively impacting the demand for green IT services from organizations.
Economic: Organizations are adopting green IT services to cut down capital and operational expenditure which is boosting their bottom lines. The rising costs of energy is also propelling the market growth.
Social: Rising environmental concerns among consumers are forcing companies to adopt greener IT practices and lower their carbon footprints. This is generating more demand for third party green IT consulting and auditing services.
Technological: Advancements in energy efficient server farms, data centers and computing infrastructure are enabling service providers to offer optimized solutions. Cloud services are also creating new avenues of growth in the market.
Key Takeaways
The Global Green IT Services Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing regulatory pressures on organizations to curb their carbon emissions and energy usage. The market size for 2023 is estimated to be US$ 14.01 Bn.
Regional analysis- North America currently dominates the market owing to strict green laws in countries like US. Asia Pacific is poised to be the fastest growing region on back of rapid industrialization and economic development in nations such as China and India.
Key players - Key players operating in the green IT services market are Schneider Electric SE, Accuvio Sustainability Software, Cority Software Inc., IBM Corporation, Johnson Controls, Dakota Software Corp, Accenture PLC, Enablon SA and SAP SE. The major players are focused on launching innovative service portfolios and solutions to assist organizations across industries with their sustainability goals.
Read More - https://www.newsanalyticspro.com/green-it-services-market-share-grpwth-analysis-size-demand-and-forecast/