Whistleblowing Software Market Is Reach to US$ 149.30 million and Exhibit at a CAGR of 9.6% in the year 2027

According to the new research report titled "Whistleblowing Software Market to 2027-COVID-19 Impact and Forecast and Global Analysis," published by The Insight Partners, the global whistleblowing software market is expected to reach US$ 149.30 million by 2027, registering a CAGR of 9.6% during 2020-2027. The scope of study involves understanding the factors contributing to the growth of the whistleblowing software market; it also includes estimation and forecast of the revenues as well as conducting the market size analysis, along with spotting significant market players and their key developments.

APAC comprises several developing economies such as China, India, Japan, South Korea, and Australia. APAC is the largest continent in the world and is well-known for its technological innovations taking place in aforesaid countries. Rapid developments pertaining to technologies, governments initiatives, digitalization of economies, and rising disposable income of the middle-income class group are among the factors propelling the growth of the overall economy of the region, driving it from a developing to developed phase. APAC is projected to register the fastest CAGR in the global whistleblowing software market during the forecast period. The governments of countries in the region are focusing on increasing its spending on IT operations related to various industries, to enable companies to adopt advanced software and services for simplifying their business process.

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The number of whistleblowing tips the Securities and Exchange Commission (SEC) obtained from China rose up to 52 by 2016, from 27 in 2012 and ten in 2011. China is the third-largest source of tips to the SEC, after the UK and Canada. Although with all these upgradation, the region still falls behind when compared to its global counterparts. As per the Nations on Occupational Fraud and Abuse (Global Fraud Study) report in 2016, the companies in APAC witnessed a median loss of about US$ 245,000 per case. The amount does not include reputational damage and potential loss of shareholders. Similarly, the Global Fraud Study affirmed that more fraudulent activity has been reported with the presence of hotline i.e. around 47% compared to without a hotline i.e. ~28%. Thus, it demonstrates that the employees can't access the anonymous and secure hotline, particularly in countries such as China, Japan, and Korea. Further, the implementation of several Acts, policy, and whistleblowing projects are also supporting the growth of whistle blowing software in the APAC region. For instance, the Whistleblowing Policy ("the Policy") is envisioned to offer a framework for promoting secure and responsible whistleblowing without worrying about the adverse consequences.

SMEs play a significant role in all economies. As per the World Bank, these enterprises contribute to ~40% of GDP and ~60% of total employment in the emerging economies. SMEs have more cost pressure, and they avoid investing in high-cost, high-tech solutions and services. In highly competitive global market landscape, it is necessary for small businesses to consider whistleblower compliance guidelines. The small businesses are bound to include whistleblower policies that motivate the staff to report any misconduct at their workplaces while protecting the business' legal, financial activities as well as the reputation. For the SMEs committed to the whistleblower compliance, the hotlines & anonymous reporting tools act as a reminders for staff so that they can report the perceived illegal activity without any fear. All such aspects are projected to impact the adoption of whistleblowing software among SMEs. The global small & medium enterprises are expected to reach US$ 31.54 billion by 2022, which is expected to create significant global demand for whistleblowing technology.

The whistleblowing software market has been segmented as follows:

Whistleblowing Software Market - by Deployment Type

• Cloud
• Web-Based
•
Whistleblowing Software Market - by Organization Size

• SMEs
• Large Enterprises

Business Keeper AG; Canary Whistleblowing System; Convercent; Deloitte; Ethicontrol; EthicsGlobal, LLC; Got Ethics A/S; Hello Ethics (ILLIX USA LLC); NAVEX Global, Inc.; and Whispli Inc. are the leading players operating in the whistleblowing software market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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