According to our recent market study on “Whistleblowing Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Deployment Type (Cloud and Web-based); and Enterprise Size (SMEs and Large Enterprises); Geography” the market was valued at US$ 81.16 Million in 2019 and is projected to reach US$ 149.30 Million by 2027; it is expected to grow at a CAGR of 9.6% from 2020 to 2027. The report highlights the key factors driving the market growth, and prominent players and their developments in the market.
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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Strategic Insights:
Players operating in the whistleblowing software market are mainly focused on the development of advanced and efficient products.
- In 2020, EQS Group AG collaborated with KPMG in area of whistleblower systems to offer an integrated compliance solution.
- In 2020, The Vault Platform Ltd. joined London Stock Exchange’s Issuer Services Marketplace to assist public companies in developing and maintaining a culture for practicing ethics and integrity.
Significant Initiatives by Several Leading Companies and Regulators
Whistleblowing encourages organizations to provide a combination of different reporting channels to enhance access to potential reporters in a way that suits their individual needs. There is a growing consensus that digital reporting systems, such as whistleblowing software, offers more advantages. Therefore, market players take significant technological development initiatives and perform organic and inorganic growth strategies to maintain a competitive edge and boost revenue growth. For example, in September 2019, Convercent partnered with StoneTurn; the relationship is designed to provide organizations with increased value by combining state-of-the-art technology with advisory expertise to solve the most challenging corporate ethics and compliance challenges.
Similarly, in December 2019, NAVEX Global announced the acquisition of WhistleB, an innovative whistleblowing solution provider based in Stockholm, Sweden. Acquisition aimed to strengthen the presence of NAVEX Global in Europe and the ability to accelerate international growth, as the demand for automated compliance solutions is on the rise across the world. Furthermore, the proliferation of regulatory requirements, including the EU Whistleblower Protection Directive, GDPR, and emerging standards, such as ISO 37002 whistleblowing system management, will contribute to the increasing demand for whistleblowing software in the coming years. Thus, significant technological development initiatives taken by leading market players are anticipated to provide growth opportunities to the whistleblowingsoftware market during the forecast period.
Increasing popularity of multilingual whistleblowing software is attributing to the growth of the market. Companies involved in the market are focusing on rolling out whistleblower policy programs and bringing them into various countries. Besides, governments and large companies need to serve multilingual users in their countries. Organizations want courageous conversations with employees and receive the report of misconduct, if any, to help employees feel comfortable. It is obvious that employees make a report about whistleblowing in their native language; but according to the Association of Certified Fraud Examiners, for multinationals, the default language is English. Whistleblowing software helps localize the language and encourages courageous conversations among employees. Communicating in the native language encourages employees to report the issues, identifying the organization’s existing blind spots. Thus, multilingual software for whistleblowing leads to increased reporting of misconduct and fraud. Besides, whistleblowers identify around 40% of fraud cases, compared with only 15% discovered by internal audit. Therefore, it has become crucial to have a localized whistleblowing software program for any organization comprising multilingual employees.
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