(MENAFN- P&S Intelligence) The size of the green technology and sustainability market was USD 19,499.6 million in 2022, and it will power at a CAGR of 10.7% by the end of this decade, to reach USD 43,453.9 million by 2030, as per a research report by P&S Intelligence.
The increase in requirement for IoT, 5G, and AR and VR will accelerate the requirement for low-latency computing and edge data centers. Devices, including smartphones, which are more and more equipped with ML accelerators, will intensify the use of ML, which would bring about greater data center use in the near future.
So, ICT companies are investing considerably in captive renewable power projects, for supporting a sustainable environment, protect themselves from power price instability, and advance their brand reputation in the market. There was a considerable increase in the amount of PPAs, of 65.13%, in 2021 in the ICT sector which, in line, establishes the high acceptance of sustainable power resources by the foremost technology and software firms from 2019.
IoT will rule the industry and also grow the fastest during the forecast period. On account of the growing concerns over the health and environmental issues brought on by the increasing carbon emissions, IoT acceptance is growing at pace.
For plummeting energy wastage and making it likely to gather energy data, this technology is being put to use in many applications, for instance power grids and utility meters, factories, homes, office buildings, city administrations, hospitals, and, smart transportation.
SMEs will accept green tech at a higher rate than larger enterprises, as these small enterprises contribute enormously to the economy of any country. In this way, the enhancing acceptance of the IoT and cloud computing techs by SMEs will give impetus to solution providers in the years to come.
Cloud computing is the finest way for them to stay stable in an age of the fast-shifting markets, since it has solved numerous hitches faced by small businesses. It offers simple access to applications, software, and databases without adding to the cost of having robust IT infra.
North America led the green technology and sustainability market in the recent past and it will continue to do so in the years to come. This will be as a result of the surge in the attempts of the government for minimizing the emission of carbon and the quick acceptance of energy-saving technologies in the region.
Because of the growing demand for energy and unstable prices of crude oil all over the world, the demand for green technology and sustainability will grow considerably in the years to come.
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