Environmental, Social And Governance (ESG) Rating Services Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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The ESG rating services market size has grown rapidly in recent years, and it is poised for further growth. But what could this growth look like and what is driving it?

The ESG rating services market will grow from $9.98 billion in 2023 to $11.06 billion in 2024 at a compound annual growth rate CAGR of 10.9%. The growth in the historic period can be attributed to a rise in corporate transparency, a surge in sustainable development goals, a rise in public awareness, a rise in consumer preferences, and an increase in investor scrutiny.

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What will be the size of the ESG rating services market in 2028 and what could this mean for the key players in the sector?

The ESG rating services market size is expected to see rapid growth in the next few years, reaching $16.83 billion in 2028 at a compound annual growth rate CAGR of 11.1%. The growth in the forecast period is attributed to rising climate change policies, economic incentives for companies, emphasis on transparency in supply chains, growing sustainability-linked loans, and increasing reliance on environmental impact assessments. Major trends over the forecast period include the adoption of green technologies, innovation in ESG metrics, adoption of circular economy models, digital transformation initiatives, and real-time ESG monitoring.

What makes climate change awareness such a dominant driver for the ESG rating services market?

Climate change awareness is set to hugely propel market growth moving forward. As evidence of the impacts of climate change mounts, including extreme weather events and environmental degradation, focus on environmental sustainability and risk management has grown. This has in turn increased demand for ESG rating services as companies look for evaluations of their climate-related performance and resilience strategies. As an example, according to the UK Parliament's House of Commons Library, the percentage of the British population that is very or extremely concerned about climate change in 2022 rose sharply to 74%, up from 45% in 2021.

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Who are the key players in ESG rating services market?

There are numerous major companies in the ESG rating services market, including Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, KPMG International Limited, S&P Global Inc., Deutsche Börse AG, Thomson Reuters Corporation, LSEG Data & Analytics, Bureau Veritas, Moody's Corporation, and many others.

What trends are emerging from these key industry players within the ESG rating services market?

Companies are developing AI-enabled platforms to enhance the accuracy and efficiency of ESG assessments, streamline data analysis, and provide more actionable insights. These platforms deliver real-time assessments and insights on ESG factors by automating the analysis of vast data sets. For instance, ERM, a UK-based business consulting and services company, recently launched ESG Fusion, an AI-driven platform providing rapid, custom ESG ratings.

What is the market segmentation for ESG rating services market?

The market falls into several key segments, including –
1 By Type: Addressing Environmental, Social And Governance ESG Expectations, Preparing Environmental, Social And Governance ESG Reports, Assuring Environmental, Social And Governance ESG Data, Communicating Environmental, Social And Governance ESG Strategy, Other Types
2 By Organization Size: Large Enterprises, Small And Medium Enterprises SMEs
3 By Application: Financial Industry, Consumer And Retail, Industrial Manufacturing, Energy And Natural Resources, Real Estate, Other Applications

Which region dominated the ESG rating services market in 2023 and which region is expected to grow the fastest?

In 2023, North America was the largest region in the ESG rating services market. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period.

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