Green is the new tech color: How is sustainability paving its way into the IT Industry?
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2024 is the year of Sustainability from a tech perspective. But, how is it related, and what positive impact it can bring? Read the Judge India Solutions’ Newsletter, JudgeInsight for the latest insights.
The IT industry stands as a key industry of modern society, driving significant impact across personal, professional, commercial, and not-for-profit realms. Whether it is our personal, professional, commercial, or not-for-profit uses, technology is omnipresent, making it a key force. As of now, the market is set at $9039 Billion in 2024 with a CAGR of 6.2% and will continue to boom with an expected market of a whopping $12417 Billion in 2027 with a CAGR of 8.3%.
These figures tell the story of how technology is making our lives easier day by day and highlight that we are embracing it more each year.
2024: The Year of Sustainability in Tech
In 2023, a foreboding era dawned for Data Centers, as highlighted in reports from the International Energy Agency (IEA), revealing that data centers and data transmission networks consumes roughly 1.5% of the global energy output. As we're using more advanced technologies like 5G, gaming, cloud services, and IoT, this percentage is likely to go up even more.
Despite numerous efforts to reduce the energy efficiency of these models, the large usage volume will outpace these improvements. Interestingly, AI itself stands as a potential ally in the pursuit of energy conservation, offering solutions to reduce the energy footprint of data centers. Yet, the other alternative use of AI such as ChatBots – ChatGPT or BARD will contribute immensely to the overall energy consumption within the realm of AI in the years to come.
Regardless of these contradictions, there are some efforts aimed at the reduction of energy consumption by the IT Managers worldwide:
Using Carbon-Free Energy – With this, the plan is to reduce the carbon footprint by monitoring the end-to-end energy procurement strategy and tracking its implementation by the IT Team.
Power Management Functions on Servers – This acts as a smart energy-saving mode. It adjusts the power usage based on how much work needs to be done, helping to cut down overall energy consumption by as much as 10%. With controlled deployment, this technology is set to improve efficiency without tampering with response time.
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Monitoring ‘Work per energy’ data – As per the regulations by the Energy Efficiency Directive, EU will be required to monitor and report their energy usage regularly to evaluate performance and further improve their ‘work per energy’.
Connecting the Dots: Sustainability and Tech
In the midst of all these efforts, sustainability is set to become a trend and will give corporations the competitive edge to improve customer service. According to Gartner, by the year 2026, the majority 70% of leaders in technology sourcing, procurement, and vendor management (SPVM) are anticipated to have set performance goals aligned with environmental sustainability for their respective functions.
As a result of this forecast, the primary focus of organizations' objectives is shifting towards the integration of innovative technologies aimed at advancing and enhancing their sustainable practices.
Sustainable Technology will not just be part of innovation but will also serve as a corporate social responsibility as suggested by various research firms. According to IDC, 30% of APEJ companies will track social capital KPIs (e.g., human rights management) to reflect the increasing demand from external stakeholders to address social sustainability topics by 2028.
Conclusion
In conclusion, the landscape of the IT industry is undergoing a significant transformation in 2024, marking it as the year of sustainability in tech. Despite the challenges, the industry is making strides in addressing its environmental impact. As sustainability takes center stage, it's not just about reducing energy consumption; it's about integrating eco-friendly practices into the very fabric of technology. The connection between technology and sustainability is not just a trend; it's becoming a core aspect of corporate social responsibility and is shaping the new era of IT industry. It's not just about being technologically advanced; it's about being responsibly advanced.
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