target audience: TECH SUPPLIER Publication date: Feb 2023 - Document type: Market Perspective - Doc Document number: # US50221422
Social Sustainability: How Vendors Can Take Advantage of a Less Mature Market
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Abstract
This IDC Market Perspective provides an overview of social sustainability and how vendors can take advantage of a less mature market. With end-user ESG maturity growing rapidly through the use of environmental sustainability–related services, customers are now seeking out ways to address the social pillar of ESG. Maturity in this area is, on average, far lower than maturity on environmental topics and thus has created a large area of opportunity for services vendors to develop and deploy services. By better understanding motivating factors for action on human and social capital, vendors can create products and services that will aid their clients in their growing sustainability journey.
"While the ESG services market is still quite young, environmental maturity has seen steep growth over the past two years. This, in tandem with an increase in pressure from customers and boards for action on social issues, has built a growing market for services that can help organizations navigate the complex areas of social and human capital," says Dan Versace, research analyst, ESG Business Services at IDC. "These topic areas are extremely complex as truly understanding and addressing social issues through the entire life cycle of your products require an in-depth examination of their value chain. Professional services vendors that can provide effective services in this regard stand to differentiate themselves and take advantage of this large opportunity."