Corporate Social Responsibility Software Market Size, Volume, Share, Demand Growth, Business Opportunities to 2027
The global corporate social responsibility software market size was valued at USD 673.8 million in 2020, reaching USD 1,308.5 million by 2027, growing at a CAGR of 8.34% from 2021 to 2027.?Corporate Social Responsibility (CSR) is the self-regulation of an organization that creates a responsibility to raise public awareness of ethical and environmental issues.?It includes all measures and steps taken by the company to maintain ethical, social and ecological standards.?Therefore, the company aims to contribute to the health, well-being and sustainable development of society.?Through various CSR programs, companies can benefit society through philanthropy and volunteering, and increase their brand awareness globally.?Corporate Social Responsibility software is a platform that helps organizations manage their social, ethical and ecological responsibility and activities for the environment and human well-being.
Corporate Social Responsibility Software Market Dynamics
With the adoption of corporate social responsibility software, various industry sectors such as logistics and transportation, retail, and manufacturing are highly influenced by both economic and non-economic factors.?Multi-stakeholder companies, non-profit organizations, and government organizations are taking initiatives to make corporate social responsibility software an essential part of their operations, thereby contributing to the growth of the market.?For example:
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Section 135 of the Companies Act 2013: Government of India requires large companies to take corporate social responsibility.?In addition, it states that the company will spend at least 2% of its profits on corporate social responsibility (optional).?Instead, it reported why the company failed to hit that amount.?This mandatory act on corporate social responsibility will have a positive impact on the development of the corporate social responsibility software market.
Likewise, in November 2014, the Government of Canada strengthened Canadian companies' strategy to promote Canadian values and operate abroad with the highest ethical standards.?This further includes initiatives to help companies strengthen their corporate social responsibility programs, practices and to a large extent benefit their investments in host countries.
Hence, various initiatives by the government to implement corporate social responsibility will drive the growth of the market.?However, SMEs are price sensitive and generally prefer traditional paperwork rather than paying for CSR software, which may hinder the growth of the market.
Corporate Social Responsibility (CSR) software and programs track and measure the effectiveness of its corporate social responsibility programs, which include environmentally responsible operations, sustainability management, corporate volunteer management, grants and sponsorships, and community giving.?In addition, the software helps companies share their CSR plans with employees, customers and investors, and will further improve their policies and practices to support CSR values.?Rising spending by companies on corporate social responsibility has paved the way for the growth of the market.?According to the CSR survey, total corporate social responsibility (CSR) spending by Indian companies was around $706 million in 2014, which has increased to $1.19 billion in 2018.
COVID-19 Impact on Corporate Social Responsibility Software Market:
Covid-19 poses significant challenges for companies and organizations in terms of corporate social responsibility (CSR).?The sudden outbreak of COVID-19 has disrupted business and economic activity around the world.?The announcement of national lockdowns and the temporary closure of various industries has affected global supply and demand.
However, governments are encouraging companies to provide social support during the pandemic, creating a positive outlook for the logo.?Example: According to the Ministry of Corporate Affairs, on March 32, 2020, the Ministry of India stated that all expenditures arising from coronavirus-related activities will be considered as CSR expenditures.?Companies such as McDonald's, Audi, Coca-Cola, Volkswagen and others have contributed significantly.?These companies spread awareness of the need for social distancing by creating a gap between the V and W of Volkswagen and splitting the Mc Donald's logo into two halves with an "m" nn.?Likewise, Infosys Foundation provided INR 500 crore and ITC Ltd contributed INR 1.5 crore to India PM CARES FUND.?However, the overall impact of COVID-19 can be expected to have a slight positive impact on this CSR software market.
Report Scope
Outlook by Type (Revenue, USD Billion, 2017-2027)
On-Premises Market is segmented into cloud-based and on-premise based on type.?Cloud-based CSR software is a leading segment of the global corporate social responsibility software market as it enables businesses to integrate a holistic approach to environmental, social and government
The organization's resource (ESG), sustainability and responsible sourcing program.?Furthermore, the growing global spending on cloud IT infrastructure has created lucrative growth for the CSR software market.?According to Market Statsville Group (MSG), worldwide spending on cloud IT infrastructure was approximately $66.1 billion in 2018, up from $47.4 billion in 2017.?Additionally, cloud IT infrastructure spending is expected to reach nearly $109.3 billion by 2024.
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Outlook by Application (Revenue, USD Billion, 2017-2027)
On the basis of application, the market is segmented into large enterprises and small and medium enterprises.?Large corporations are watching to become the leading segment of the global corporate social responsibility software market.?Because SMEs are price-sensitive, they still rely on traditional paperwork instead of paying for CSR software.?In addition, large corporations have huge investment capital and reserves, which can easily raise funds for CSR operations.
Corporate Social Responsibility Software Market Regional Analysis Include:
Regional analysis of global CSR software market considers Asia Pacific, North America, Europe, South America, and Middle East & Africa (MEA) and other key areas.?In 2020, North America will be the leading/important region in terms of global market share due to adoption by large enterprises and solution providers in the region.?Meanwhile, Asia Pacific and Europe are also expected to exhibit the highest CAGR during the forecast period of 2021-2027.?Factors such as government initiatives and increasing spending on corporate social responsibility by various companies are paving the way for the growth of the market.
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Corporate Social Responsibility Software Market: Competitive Landscape
The major companies participating in the global Corporate Social Responsibility (CSR) software market are Salesforce.org, a non-profit division of Salesforce.com, Inc., UL LLC (CRedit360), Cyber Grants LLC, EV Cargo (Adjuno), EcoVadis, Enablon and Cyber SWIFT Infotech Pvt. Ltd. Given current market conditions, the price point of the corporate social responsibility (CSR) software market may be relatively small, which means that some companies will also have to make their own Sell and implement software.?Also, when price points are limited, companies may struggle to find funding to further develop their products.?This leads CSR software market companies to follow customization in terms of software integration and installation.
Recent Developments
On November 19, 2020, Enablon introduced Enablon version 9, software that allows users to align processes, share data, and integrate with the ecosystem, risk, EHSS, and ORM capabilities that must work together.
On December 5, 2019, Benevity Inc. launched the Benevity mobile app; this app allows companies to expand their CSR programs.?Available for both iOS and android, this app furthers the inclusive connection with the company's employees and empowers their employees to do better in the moment.
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Corporate Social Responsibility Software Market: Target Audience
Corporate Social Responsibility Software Developers and Vendors
Small and Medium Enterprises
Trade Publications and Magazines
Government Authorities, Associations and Organizations