Market Overview:-
The global whistleblowing Software Market is estimated to be valued at US$ 213.2 Mn in 2022 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Whistleblowing software provides a secure and anonymous way for employees to report unethical or illegal activities within an organization. These software help companies comply with regulations related to whistleblowing and aid in risk management by surfacing issues early. Advantages include centralized case management, configurable intake forms, and role-based access which together facilitate a transparent yet confidential whistleblowing process. The growing need to establish ethics and integrity within organizations is driving the demand for such solutions.
Market key trends:-
The increasing stringent regulations around the globe regarding the protection of whistleblowers is a key trend bolstering the growth of the whistleblowing software market. For instance, in 2022, the UK government passed the Public Interest Disclosure (Prescribed Persons) Regulations 2022 which granted additional legal protection to whistleblowers in private sector workplaces. The new regulations prohibit the identification of whistleblowers without their consent and also prevent retaliation against them. Such a legal facilitative environment has motivated organizations to adopt whistleblowing software and establish secure channels for concerns to be reported.
Segment Analysis:-
The global whistleblowing software market is segmented based on deployment, organization size, end-use industry and geography. By deployment, the cloud segment dominates the market as cloud-based whistleblowing software offers benefits such as scalability, flexibility and cost-effectiveness. It allows users to submit reports from any device with an internet connection. The BFSI industry is the largest end-user of whistleblowing software due to stringent regulations for reporting financial and corporate misconduct. Within the BFSI segment, banks are the leading adopters as they need to ensure regulatory compliance and protect brands from financial risks.
Key Takeaways:-
The Global Whistleblowing Software Market Demand is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing regulations around the world mandating organizations to establish whistleblowing mechanisms.
By region, North America dominates the market currently due to strict compliance requirements such as Sarbanes Oxley Act and Dodd Frank Act. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising awareness about the benefits of whistleblowing in curbing corporate misconduct.
Key players operating in the whistleblowing software market are Canary Whistleblowing System, Convercent, EQS Group AG, Ethicontrol, OU, Expolink Europe Ltd, GlobaLeaks, Got Ethics A/S., NAVEX Global, Inc., OneTrust, LLC, Safecall Ltd, Whispli Inc., WhistleB solution, WhistleBlower Security, Your Call, and EasyWhistle. The market is fragmented in nature with the presence of global as well as regional players. Major players are focusing on expanding their footprint through partnerships and acquisitions to strengthen their product offerings and customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it