Digital sustainability refers to the use of digital technologies that can have a positive impact on the environment. While most startup founders just want to cut a fast back, like those in advertising, the trend has just started with the success rate for digital sustainability initiatives sitting at only 4%.
The number is expected to grow to 35% in the next few years. This is because millennials and a global interest in digital sustainability is growing: environmental concerns and impact now drive many consumers’ buying decisions.
One study in the US found that 70% of US consumers consider sustainability when making a purchasing decision. And about 88% would be more loyal to a brand that implements sustainable practices.
The GreenTech Meta Trend
Digital sustainability is part of the GreenTech meta trend IoT, driven by AI, machine learning and cloud computing driving this growth. GreenTech can include smart agriculture such as hydroponic farms, fleet monitoring apps to cut down on corporate fuel or new advances in hydrogen. Greentech can also be solutions that consumers can buy like solar panels to programmable smart thermostats like Nest. Software and a digital interface is typically needed for all new devices and advances.
The primary goal of greentech is to reduce the negative impacts humans impose upon the planet, like plastic pollution in the ocean, fossil fuel use (greenhouse gas emissions) and deforestation.
This market is wide and encompasses many industries and is expected to grow at a CAGR of 27.2% through 2028. According to the research firm McKinsey, AI is “green” and can be used to reduce food waste globally, saving organizations $123B a year by 2030.
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