by The Whistleblowing Software Market is estimated to be valued at US$ 229.4 Bn in 2023 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.
Market Overview:
Whistleblowing software provides an anonymous and confidential way for employees and stakeholders of an organization to report misconduct, fraud, and other issues of concern. It allows reporting on computer, mobile device or phone without revealing the whistleblower’s identity. The software ensures sensitive data is transferred and stored securely. Reporting categories in whistleblowing software may include corruption, sexual harassment, bullying, discrimination, and health and safety issues.
Market Dynamics:
Growing stringency of laws and regulations around the world regarding corporate governance and protection of whistleblowers is a major driver for the market. For example, laws like Sarbanes Oxley Act in the US have increased pressure on companies to implement effective whistleblowing mechanism. Additionally, increasing employee awareness about their rights is also fueling the adoption of whistleblowing software as it provides anonymity. Organizations are also increasingly adopting such software to mitigate risks of non-compliance and reputation loss from unreported issues. However, concerns around misuse of whistleblowing platform and frivolous complaints pose a challenge for market growth. Vendors are focused on building assurance around confidentiality, security and compliance of their software.
Segment Analysis
The global whistleblowing software market is dominated by the Cloud segment. Cloud-based deployment of whistleblowing software is growing due to advantages such as no upfront infrastructure costs, seamless updates, enhanced collaboration, scalability, and flexibility. Organizations are increasingly adopting cloud-based whistleblowing systems as they provide easy accessibility to submit concerns from any location.
PEST Analysis
Political: Regulations on whistleblower protection and anti-corruption laws in various countries are fueling the demand for whistleblowing software.
Economic: Growth in the number of corporate fraud incidents is compelling organizations to adopt effective compliance management tools like whistleblowing solutions.
Social: Rising awareness about the benefits of ethical business practices and importance of integrity is encouraging people to report non-compliant activities using anonymous reporting platforms.
Technological:Advancements in AI, analytics and automated workflows enable whistleblowing software to intelligently manage escalations, detect patterns and streamline compliance processes.
Key Takeaways
The global Whistleblowing Software Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing number of fraud incidents globally and stringent regulatory compliances. The North American regional market dominates currently due to strong regulations and initiatives to safeguard whistleblowers. Key players operating in the global whistleblowing software market include: Major companies operating in the global whistleblowing software market include: 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 whistleblowing software market in the Asia Pacific region is estimated to grow at the fastest rate owing to rapid digitalization and economic expansion in major countries like China and India. Key players are increasingly focusing on this region by launching localized language support and tailoring solutions to comply with cultural practices.
North America holds the largest market share currently primarily due to stringent regulations like the Sarbanes–Oxley Act and Dodd–Frank Act mandating organizations to establish effective whistleblower hotlines. Organizations in industries such as BFSI, healthcare and manufacturing are major adopters in this region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
