July 12, 2024
Whistleblowing Software Market

Whistleblowing Software Market is estimated to Witness High Growth Owing To Emphasis on Corporate Governance

The 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.

Market Overview:-

Whistleblowing software, also known as compliance software or incident reporting software, allows employees and third parties to anonymously and securely disclose potential violations of policies and codes of conduct related to corruption, violations of laws, accounting irregularities, and other non-compliant or unethical practices within an organization. These alerts help companies in mitigating risks and ensures good corporate governance.

Market key trends:-

One of the major trends driving the growth of the whistleblowing software market is the rising emphasis on corporate governance and accountability. Regulatory oversight & enforcement has increased over the years which has compelled organizations across industries to strengthen their internal policies and processes to prevent financial & reputational losses. Additionally, the ongoing COVID-19 pandemic has disrupted business operations and increased dependence on digital and remote working models. This has amplified the need for effective incident management and reporting systems to address issues pertaining to conflicts of interest, harassment, data breaches and other integrity concerns that may arise in a virtual setup. Whistleblowing software provides a secure channel for employees to flag such incidents anonymously, thereby protecting the organization’s reputation and compliance with regulatory mandates.

Porter’s Analysis:-

  • Threat of new entrants: Low capital requirements and technological capability reduce entry barriers for new companies.
  • Bargaining power of buyers: Buyers have high bargaining power due to availability of substitute products and anonymity in reporting whistleblowing incidents.
  • Bargaining power of suppliers: Suppliers have moderate bargaining power due to strong regulation compliance needs of companies.
  • Threat of new substitutes: Emergence of new technologies like AI and cloud computing increase substitutes threats.
  • Competitive rivalry: High as companies compete on features, pricing and customer experience.

SWOT Analysis:-

  • Strengths: Enhanced compliance, reduced fraud and corruption. Provides secure and anonymous platform for reporting.
  • Weaknesses: High implementation and maintenance costs. Requires extensive training for effective use.
  • Opportunities: Growing regulations around whistleblowing. Increasing instances of fraud, corruption and non-compliance.
  • Threats: Cybersecurity threats and data breaches. Switching costs and vendor lock-ins affect changing platforms.

Key Takeaways:-

The Global Whistleblowing Software Market Growth is expected to witness high, exhibiting CAGR of 7.6% over the forecast period, due to increasing regulations around whistleblowing policies. Stringent laws like Sarbanes–Oxley Act and Dodd–Frank Wall Street Reform and Consumer Protection Act mandate companies to establish whistleblowing mechanisms.

Regionally, North America dominates the whistleblowing software market holding around 35% share in 2022. Early adoption of technology and stringent compliance requirements in the US and Canada drive the growth. Europe is the second largest market favored by strong data privacy laws like GDPR.

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. Players compete on the basis of features, ease of use, compliance, security, and pricing to increase market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it