TechMarketView, a leading tech analyst and advisory firm, has revealed a sneak peek at the data from its Sustainability Technology Activity Index for 2024, which analyses market-shaping trends across the sustainability landscape.
Based on analysis of 1,450 global software and IT service providers and tech user organisations across the ecosystem in Q1 2024, TechMarketView has identified that the market for sustainability technology will see a new wave of innovation at the intersection of business operations, technology, and environmental stewardship in the coming year. Because of this, entire workforces should not only be aware of the importance of sustainability, but also adequately trained to implement and leverage new sustainability technologies.
Analysis of the Index data for Q1 shows a fifth (20.5%) of all sustainability activities tracked globally involve ESG reporting – which is being spurred on by advancing regulatory requirements. However, when adding up the use cases which are ‘core’ business activities (i.e. Strategy & Planning, Industrial Process Innovation, and Supply Chain Optimisation), these represent nearly half (46%) of the activities logged. Sustainability activities are therefore already being integrated into core business operations, but the Index identifies that there’s still more work to be done.
The rise of the Chief Sustainability Technology Officer
TechMarketView’s report predicts – and recommends – the emergence of new roles and responsibilities such as ‘Chief Sustainability Technology Officers’. These individuals should be tasked with ensuring the integration of sustainability considerations is seamless and takes into account all aspects of the business and the technologies it uses.
Craig Wentworth, Principal Analyst at TechMarketView, commented: “Although companies have been appointing Chief Sustainability Officers (CSOs) for a while now, as sustainability concerns become more widely incorporated into business strategy and operations, we call on businesses to appoint ‘Chief Sustainability Technology Officers’ to ensure the coherent integration of sustainability considerations into all aspects of business and tech. At the very least, CSOs and CTOs should work closely to discharge those responsibilities together.”
