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According to a new market research report “Green Technology and Sustainability Market by Technology (IoT, AI & Analytics, Digital Twin, Cloud Computing, Security, & Blockchain), Application (Green Building, Carbon Footprint Management, & Weather Monitoring & Forecasting) – Global Forecast to 2024″, published by MarketsandMarkets, the Green Technology and Sustainability Market is expected to grow from USD 8.7 billion in 2019 to USD 28.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 27.1% during the forecast period.
The major factors driving the growth of green technology and sustainability market include the increasing environmental awareness and concerns and the increasing consumer and industrial interest for use of clean energy resources to conserve the environment.
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21 – Tables
28 – Figures
117 – Pages
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Internet of Things technology segment to have the largest market size during the forecast period
The green technology and sustainability market has been segmented based on technology into 6 categories: Internet of Things (IoT), Artificial Intelligence (AI) and analytics, digital twin, cloud computing, security, and Blockchain. The IoT technology segment is estimated to hold the largest market size, which is driven by green networks in IoT and will contribute to reduce emissions and pollution, exploiting environmental conservation and surveillance, and minimizing operational costs and power consumption. IoT has broad range of applications including carbon footprint management, green building, water purification, water leak detection, fire detection, and sustainable mining and exploration.
Green building application to hold the largest market size during the forecast period
The use of green technology and sustainability solution is increasing rapidly in the green building application, owing to the growing integration of technology while designing and constructing buildings. Green building considers the classical building design concerns of economy, utility, durability, and comfort. The major considerations include energy and water efficiency, resource efficiency, indoor environmental quality and the building’s overall impact on the environment.
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North America to hold the largest market size during forecast period
North America is a major revenue generating region for the green technology and sustainability market. The region is considered the most advanced region in terms of technology adoption and infrastructure. The wide presence of key industry players offering green technology and sustainability solutions and services is the key driving factor for the growth of the green technology and sustainability market. Enterprises in the region are leveraging AI, digital twin, cloud, security, Blockchain, IoT, and Machine Learning (ML) and deep learning technologies in their business processes to gain a competitive edge in the market.
The major green technology and sustainability vendors include General Electric (US), IBM (US), Enablon (France), Enviance (US), Sensus (US), Taranis (Israel), Trace Genomics (US), LO3 Energy (US), ConsenSys (US), CropX (Israel), Hortau (US), SMAP Energy (UK), Treevia (Brazil), Pycno (UK), IoT Solutions and Consulting (Europe), Oizom (India), MineSense Technologies (Canada), and WINT (US).
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