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.
SWOT Analysis:-
· Strength: Provides anonymous and secure reporting channels to encourage people to speak up without fear of retaliation. This helps in early detection of non-compliance issues.
· Weakness: Requires proper implementation and change management to drive awareness and usage across the organization. Lack of trust in the system can discourage reporting.
· Opportunity: Growing regulations around whistleblowing and compliance globally present an opportunity for software vendors to expand into new markets. Increasing instances of fraud also necessitate robust whistleblowing systems.
· Threats: Stricter privacy laws pose compliance challenges. Traditional anonymous reporting via letters or phone could impact adoption.
Key Takeaways:-
The Global Whistleblowing Software Market Growth is expected to witness high, exhibiting CAGR of 7.6% over the forecast period 2023 to 2030, due to increasing regulatory pressures on organizations across the world to establish effective whistleblowing mechanisms. The U.S. dominated the market in 2022, accounting for a share of over 35% owing to stringent regulatory compliance requirements for corporates in the country.
Regional analysis:
The North American region is expected to dominate the global whistleblowing software market during the forecast period. This is attributed to rising instances of non-compliance and frauds which made whistleblowing mechanisms mandatory for most organizations based out of the region. Europe is also expected grow substantially due to GDPR regulations which established guidelines around processing personal data and reporting non-compliance.
Key players:
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
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