June 16, 2024

Whistleblowing Software Market Will Grow At Highest Pace Owing To Increasing Protection Of Employee’s Rights

These report management tools provide mechanisms for internal and external stakeholders to securely submit tips or reports about wrongdoing through a web interface or mobile app. The software helps facilitate issue intake, investigative workflow management, and case resolution with built-in controls and procedures to protect whistleblowers.

The Global Whistleblowing Software Market is estimated to be valued at US$ 264.27 Bn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Whistleblowing Software market are Teva Pharmaceutical Industries Ltd (Israel), Amneal Pharmaceuticals LLC. (U.S.), Elekta AB (Sweden), Alnylam Pharmaceuticals, Inc(U.S.), Apotex Inc (Canada), Armata Pharmaceuticals, Inc.(U.S.), Pfizer Inc (U.S.), H. Lundbeck A/S (Denmark), Alterity Therapeutics (Australia)., Vertex Pharmaceuticals Incorporated (U.S.), SK Plc. (U.K.), Ceregene, Inc (U.S.). SOM BIOTECH (Spain), Palobiofarma (Spain), and Ipsen Pharma (France). The key growing demand for whistleblowing software stems from increasing protection of employee’s rights and ethical practices at workplaces. Technological advancements like machine learning and AI are helping whistleblowing software provide better analytical capabilities and ensure anonymity for whistleblowers.

Market Trends
Increasing regulation around corporate governance and whistleblower policies is driving more organizations to adopt dedicated software tools. Additionally, cloud-based SaaS delivery models have improved access and reduced costs of deployment compared to on-premise options.

Market Opportunities
Increased adoption across small and medium businesses presents a major opportunity given they have traditionally lagged in establishing formal whistleblowing programs. Growing prevalence of the work-from-home model post-COVID-19 is also elevating the need for secure digital whistleblowing channels independent of physical location.

Impact of COVID-19 on Whistleblowing Software Market Growth

The outbreak of COVID-19 has negatively impacted the growth of the whistleblowing software market initially. Lockdowns imposed across various regions led to economic slowdown and decline in spending by businesses. However, with the adoption of remote working models, the importance of whistleblowing software increased significantly as it became essential for companies to have robust compliance practices even in remote setups. The demand for whistleblowing software surged post-COVID as organizations looked to strengthen their risk management and ensure adherence to policies by employees working remotely. Going forward, vendors are expected to focus on enhancing their solutions with new features like remote incident reporting to better cater to the hybrid work environment. Continued digital transformation initiatives among companies will further support the market growth in the long run.

North America is the Largest Market for Whistleblowing Software

North America accounts for the largest share of the whistleblowing software market in terms of value. This can be attributed to stringent regulatory compliances and larger adoption of risk management practices among organizations in the US and Canada. Additionally, presence of many whistleblowing software vendors and early adoption of advanced technologies also contribute to the region’s dominance. Furthermore, presence of major industries like healthcare, banking and finance that require robust compliance add to the demand in North America.

Asia Pacific is the Fastest Growing Regional Market

The whistleblowing software market in Asia Pacific is expected to grow at the fastest rate globally during the forecast period. Rapid digitization of businesses, growing awareness about risk management and data privacy laws being introduced in emerging nations are some key factors fueling the market growth. Additionally, increasing spends on enterprise software by organizations expanding operations in the region will further support the demand. Countries like China, India, Japan and Australia are expected to offer significant lucrative opportunities for vendors given the economic development and rising compliance needs of enterprises in Asia Pacific.

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