Emphasis on Product Type (Software, and Service); Service Type (Climate Risk, Adaptation, and Resilience; Sustainable Finance and Investing; Materiality Assessments; Supply Chain Management and Procurement; Policy Development and Research; and Other Services); Industry Sector (Energy and Resources, Financial Services, Healthcare, Manufacturing, Pharma & Biotechnology, Retail, and Other Industrial Sectors
The India ESG and Sustainability Consulting Market was valued at USD 255.21 million in 2021 & is expected to grow at a CAGR of 7.42% from 2022-2030.
Many Indian companies have recognized the importance of sustainability and have started implementing sustainability initiatives. This has created a demand for ESG and sustainability consulting services to help them understand the impact of their operations and develop strategies to minimize their environmental and social footprint. For instance, in 2021, Hero Future Energies announced a strategic alliance with Swiss Re to develop and operate solar and wind power projects in India. The partnership aims to support the growth of renewable energy in India and help Swiss Re achieve its sustainability goals.
McKinsey, Deloitte, Boston Consulting Group, EY, KMPG, Bain & Company, LEK Consulting, pWc, Mercer, and DSS+. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.’
“Amongst service type, the materiality assessment segment held a significant share of the market in 2021”
Based on service type, the market is segmented into climate risk, adaptation, and resilience; sustainable finance and investing; materiality assessments; supply chain management and procurement; policy development and research; and other services. The materiality assessment segment held a significant share of the market in 2021. The Materiality Assessment is the process of identifying and prioritizing the most ESG issues that impact a company’s financial performance, reputation, and stakeholder interests. Materiality assessments have become an essential tool for companies looking to improve their ESG performance and reporting. These assessments help companies identify ESG issues that are most relevant to their business operations, stakeholders, and value chain, and prioritize their efforts to address them. Moreover, rising investment by companies is also driving the segment growth. For instance, in February 2021, Indian ESG data and analytics firm ESGBox announced a new partnership with sustainability consulting firm ERM. The partnership will focus on providing materiality assessments and other sustainability consulting services to businesses in India and across the Asia-Pacific region.
“Amongst product type, the software category to grow with high CAGR during the forecast period”
By product type, the market is bifurcated into software and service. The software category is expected to grow with significant CAGR during the forecast period mainly due to the rapid product launches and their higher adoption among the companies. For instance, in July 2022, Tata Consultancy Services launched its ESG Integration Solution on the Amazon Web Services (AWS) platform to help financial institutions more easily and accurately measure the impact of environmental, social, and governance (ESG) factors in their investment analysis.
“Amongst industry sector, the IT segment to grow with high CAGR during the forecast period”
Based on industry sector, the market is segmented into energy and resources, financial services, healthcare, manufacturing, pharma & biotechnology, retail, and other industrial sectors. The IT segment is expected tyo grow with highest CAGR during the forecast period. The IT industry in India is one of the largest and fastest-growing in the world and has a significant impact on the environment and society. As a result, there is a growing demand for ESG and sustainability consulting services in this sector. The focus of ESG and sustainability consulting in the IT sector includes a wide range of issues such as carbon emissions reduction, energy and water conservation, responsible e-waste management, sustainable supply chain management, data privacy and security, and social and ethical issues related to labor. One recent investment in the ESG and sustainability consulting market in India’s IT sector is the collaboration between Infosys and Mongolian firm Clean Energy Asia LLC (CEA). Infosys, a leading IT consulting firm in India, has announced that it will invest USD 3 million in CEA, which specializes in renewable energy and clean technology.
The India ESG and sustainability consulting market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
1. Executive Summary
2. Esg And Sustainability- Industrial Overview
3. India Esg And Sustainability Consulting- Key Industry Insights
4. India Esg And Sustainability Consulting- Market Dynamics
5. India Esg And Sustainability Consulting Market Value
6. India Esg And Sustainability Consulting Market Value- By Product Type ($mn)
7. India Esg And Sustainability Consulting Market Value- By Services Type ($mn)
8. India Esg And Sustainability Consulting Market Value- By Industry Sector ($mn)
9. India Esg And Sustainability Consulting Market Value- Go-to-market
10. India Esg And Sustainability Consulting Market Value
11. Disclaimer
Analyzing the historical market, estimating the current market, and forecasting the future market of the India ESG and sustainability consulting market were the three major steps undertaken to create and analyze the adoption of ESG and sustainability consulting in major states. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the India ESG and sustainability consulting market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the ESG and sustainability consulting market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the ESG and sustainability consulting market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, service type, and industry sector. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the ESG and sustainability consulting market. Further, we conducted factor analysis using dependent and independent variables such as product type, service type, and industry of the ESG and sustainability consulting market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the ESG and sustainability consulting market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the India ESG and sustainability consulting market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the India ESG and sustainability consulting market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product type, service type, and industry in the India ESG and sustainability consulting market.
The current & future market trends of the India ESG and sustainability consulting market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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