The Environmental, Social, & Governance (ESG) Rating Services Market is Segmented by Type (Addressing ESG Expectations, Preparing ESG Reports, Assuring ESG Data, Communicating ESG Strategy, and Other Types), Application (Financial Industry, Consumer and Retail, Industrial Manufacturing, Energy and Natural Resources, Real Estate, and Other Applications), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report Offers Market Size and Forecasts for the ESG Rating Services Market in Value (USD) for all the Above Segments.
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ESG Rating Services Market Size
Share
| Study Period | 2020-2029 |
| Market Size (2024) | USD 10.37 Billion |
| Market Size (2029) | USD 15.42 Billion |
| CAGR (2024 - 2029) | 8.25 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players *Disclaimer: Major Players sorted in no particular order |
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ESG Rating Services Market Analysis
The ESG Rating Services Market size is estimated at USD 10.37 billion in 2024, and is expected to reach USD 15.42 billion by 2029, growing at a CAGR of 8.25% during the forecast period (2024-2029).
ESG rating has become increasingly important as stakeholders, including investors, customers, employees, and regulators, demand better company transparency and accountability. The outlook of the ESG rating services market is highly promising. The growing awareness and importance of sustainability, responsible investment, and corporate governance practices are driving the demand for ESG reporting. Companies are realizing the need to integrate ESG considerations into their business strategies to mitigate risks, improve operational efficiency, and enhance stakeholder trust. As a result, the demand for ESG reporting services is expected to witness significant growth.
The industry is also growing since regulatory authorities are mandating ESG reporting to increase. Financial institutions are required to publish information about their sustainability policies and ESG risks under the Sustainable Finance Disclosure Regulation (SFDR) of the European Union. Such regulations are likely to impact the market’s expansion positively. Technological breakthroughs like Artificial Intelligence and Big Data analytics are also making it easier to gather and analyze ESG data, which improves the effectiveness and legitimacy of ESG reporting. It is anticipated that corporations may use ESG rating services more frequently due to these technical developments.
ESG Rating Services Market Trends
The Growing Number of Technological Advancements is Driving the Market
The rising number of investments is leading to increased sustainability and quality standards by policymakers, investors, and other key stakeholders. Ethical business practice in a holistic manner is highly demanded by investors. The ESG standards determine or evaluate the company’s performance, while sustainability encompasses responsible business practices. Various businesses seek to align their portfolios with sustainable and responsible practices, considering the potential risks and opportunities for the business associated with environmental and social issues. Technological developments and advancements that allow businesses to address social and environmental concerns are driving ESG's efforts to create a sustainable and inclusive economy. Demand for sustainable investing solutions is driving an increasing integration of ESG ratings into investment procedures.
Technologies involved in renewable energy, energy efficiency, clean technology, and sustainable agriculture are fueling the market. These technologies play a crucial role in advancing ESG practices. They enable the efficient collection, storage, and analysis of large volumes of data related to the ESG factor.
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North America is Expected to Dominate the Market owing to Climate and Energy Transitions
The North American market is growing, owing to the increasing focus on climate change mitigation and renewable energy transition, the presence of large institutional investors with ESG mandates, and the growing demand for sustainable investing options driving the market in the region. North America is expected to contribute 41% to the growth of the global market.
The United States is the largest market in North America due to the large-scale implementation of environmental, sustainability, and governance (ESG) reporting software to minimize environmental hazards. ESG reporting software has been mandated by numerous industries, including materials, chemicals, energy, and utilities (E&U), and regulatory bodies like the Occupational Safety and Health Administration (OSHA), which promote worker safety rules. As a result, occupational risks were reduced. There are several technological advancements to guide compliance with regulations and acts, such as the Clean Air Act in the United States. These have reduced industrial emissions and promoted the adoption of sustainability management and environmental, sustainability, and governance (ESG) reporting software.
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ESG Rating Services Industry Overview
The ESG rating services market is moderately consolidated. Partnerships, expansions, and product enhancements are the key strategic moves adopted by major players to strengthen their presence across regions. The competitive landscape of the market is analyzed, and some of the major players include Sustainalytics, Refinitiv, MSCI Inc., Vigeo Eiris, and Dow Jones Sustainability Indices.
ESG Rating Services Market Leaders
Sustainalytics
Refinitiv
MSCI Inc
Vigeo Eiris
Dow Jones Sustainability Indices
*Disclaimer: Major Players sorted in no particular order
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ESG Rating Services Market News
• February 2023: Asia-Pacific is now included in Intercontinental Exchange Inc.'s ESG Company Data. The business currently provides information on 16,000 businesses from 105 different nations. This expansion includes over 1.4 million corporate equities and fixed-income securities with high-quality, detailed data matched to them.
• December 2022: Morningstar Sustainalytics announced an expansion of its ESG risk ratings coverage to enable substantial ESG risk assessment across more asset classes and regions. The company's coverage universe now comprises more than 16,300 analyst-based ESG risk ratings for public stock, fixed-income, and privately held companies, representing a nearly 30% increase in comprehensive issuer ratings.
ESG Rating Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Ethical and Sustainable Investments
4.2.2 Steady Growth in Corporate Data Volumes
4.3 Market Restraints
4.3.1 Lack of Standardized Frameworks
4.3.2 Self-Reported Data by Organizations
4.4 Market Opportunities
4.4.1 Adoption of Advanced Technologies such as AI
4.4.2 Increasing Government Initiatives to Promote ESG Investments
4.5 Value Chain Analysis
4.6 Industry Attractiveness: Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights into Technological Advancements in the Industry
4.8 Insights into Various Regulatory Trends Shaping the Market
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Addressing ESG Expectations
5.1.2 Preparing ESG Reports
5.1.3 Assuring ESG Data
5.1.4 Communicating ESG Strategy
5.1.5 Other Types
5.2 By Application
5.2.1 Financial Industry
5.2.2 Consumer and Retail
5.2.3 Industrial Manufacturing
5.2.4 Energy and Natural Resources
5.2.5 Real Estate
5.2.6 Other Applications
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Italy
5.3.2.6 Spain
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Sustainalytics
6.2.2 Refinitiv
6.2.3 MSCI Inc.
6.2.4 Vigeo Eiris
6.2.5 Dow Jones Sustainability Indices
6.2.6 PwC
6.2.7 Deloitte
6.2.8 Smith & Williamson
6.2.9 KPMG
6.2.10 EY*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
ESG Rating Services Industry Segmentation
ESG rating services is a market that focuses on providing companies with tools and services to measure, report, and disclose their environmental, social, and governance (ESG) performance. The ESG rating services market is segmented by type, application, and geography. By type, the market is segmented into addressing ESG expectations, preparing ESG reports, assuring ESG data, communicating ESG strategy, and other types. By application, the market is segmented into financial industry, consumer and retail, industrial manufacturing, energy and natural resources, real estate, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The report offers market size and forecasts for ESG rating services market in value (USD) for all the above segments.
| By Type | |
| Addressing ESG Expectations | |
| Preparing ESG Reports | |
| Assuring ESG Data | |
| Communicating ESG Strategy | |
| Other Types |
| By Application | |
| Financial Industry | |
| Consumer and Retail | |
| Industrial Manufacturing | |
| Energy and Natural Resources | |
| Real Estate | |
| Other Applications |
| By Geography | |||||||||
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ESG Rating Services Market Research FAQs
How big is the ESG Rating Services Market?
The ESG Rating Services Market size is expected to reach USD 10.37 billion in 2024 and grow at a CAGR of 8.25% to reach USD 15.42 billion by 2029.
What is the current ESG Rating Services Market size?
In 2024, the ESG Rating Services Market size is expected to reach USD 10.37 billion.
Who are the key players in ESG Rating Services Market?
Sustainalytics, Refinitiv, MSCI Inc, Vigeo Eiris and Dow Jones Sustainability Indices are the major companies operating in the ESG Rating Services Market.
Which is the fastest growing region in ESG Rating Services Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in ESG Rating Services Market?
In 2024, the North America accounts for the largest market share in ESG Rating Services Market.
What years does this ESG Rating Services Market cover, and what was the market size in 2023?
In 2023, the ESG Rating Services Market size was estimated at USD 9.51 billion. The report covers the ESG Rating Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the ESG Rating Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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ESG Rating Services Industry Report
Statistics for the 2024 ESG Rating Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ESG Rating Services analysis includes a market forecast outlook to for 2024 to (2024to2029 and historical overview. Geta sample of this industry analysis as a free report PDF download.
- ESG Rating Services Market Size
- ESG Rating Services Market Share
- ESG Rating Services Market Trends
- ESG Rating Services Companies
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ESG Rating Services Market Size & Share Analysis - Growth Trends & Forecasts (2024-2029)
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