WHISTLEBLOWING SOFTWARE MARKET ANALYSIS

A whistleblowing software is used to report any wrongdoing, misconduct, or unethical behavior to the concerned authority of an organization. Whistleblowing software offers unified and streamlined workflows across the whole organization. Moreover, whistleblowing software also delivers reporting and insights to executives and boards, that can help them to make informed decisions and mitigate legal, reputational, and operational risks.  

In addition, several countries are implementing strict rules and regulations for whistleblowing in organizations, which can help to increase the safety and security of employees across the country. For instance, whistleblowing regulations across the various countries of the European Union are as follows:

• U.K.: The Public Interest Disclosure Act of 1998, which applies to all businesses; and the Accountability and Whistleblowing Instrument 2015 for the financial services sector.
• France: The Sapin II Act of 2016, foremost a corporate anti-corruption law, also defines whistleblowers and the protections they must receive.
• Italy: Law No. 179/2017, known as “the Whistleblowing Law,” adopted in 2017.

Global Whistleblowing Software Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 has significantly disrupted almost all industries including infrastructure, retail, manufacturing, and others. To combat the COVID-19 pandemic, most of the countries have implemented strict lockdowns and canceled all domestic as well as international flights.

Due to COVID-19 pandemic several organizations have offered work from home opportunity to their employees. This limits the organizations visibility over employee issue and disputes, which can hamper the efficiency of employees. The remote working of employees may increase the demand of whistleblowing software across the organizations for managing the disputes and the complaints of employees remotely.

Asia Pacific region is expected to hold dominant position in the global whistleblowing software market during the forecast period.

Statistics:

Among regions, Asia Pacific held dominant position in the global whistleblowing software market in 2019, accounting for 32.6% share in terms of value, followed by Europe and North America.

Figure 1: Global Whistleblowing Software Market Share (%), By Region, 2019

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In the year 2019 the Asia Pacific region holds the dominant market share in the global whistleblowing software market, which is expected to retain its dominance over the forecast period. The growth of the Asia Pacific region is majorly attributed due to the increasing number of small and medium organizations in developing economies such as India and China. In addition, governments of various countries in Asia Pacific region, are implementing rules and regulations of whistleblowing policy, for combating the mischief or misconduct done by the employee of an organization. For instance, in July 2019, the Amendments to the Corporations Act 2001 and Taxation Administration Act 1953, was implemented in Australia. These amendments will create an expanded whistleblower protection regime that will be applicable to regulated entities of the corporate, finance, and credit sectors.

Major companies operating in the global whistleblowing software market include: 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.

Among deployment type segment, the cloud-based sub-segment is expected to grow with highest CAGR in the market during the forecast period owing to increasing adoption of cloud-based technologies among the organizations.

The growth of the cloud-based segment is majorly attributed, as it requires lower cost and less time for installation as compared to on premise-based deployment option. Furthermore, organizations operating in various industries are shifting towards cloud-based deployment options, as it decreases the risk associated with cash flow oversight, increases productivity & efficiency, and provides improved reporting and analytic capabilities. For instance, according to Coherent Market Insights’ analysis, by the year 2020, approximately 83% of organizations across the globe have shifted some part of their, workloads on the cloud, which is expected to further grow over the forecast period.

Figure 2: Global Whistleblowing Software Market Value (US$ Mn), 2017 - 2028

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The global whistleblowing software market was valued at US$ 213.2 Mn in 2022 and is expected to reach US$ 381.1 Mn by 2030 at a CAGR of 7.6% between 2023 and 2030.