Global Whistleblowing Software Market, by Deployment Type (Cloud-based and On-premise), by Enterprise Size (SMEs and Large Enterprises), by End-user (Employees and Customers), by End-use Industry (BFSI, Retail , IT and Telecommunication, Healthcare and Life Science, Energy and Power, Media and Entertainment, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2028, is expected to be valued at US$ 170.56 billion by 2028, exhibiting a CAGR of 8.90% during the forecast period (2021-2028), as highlighted in a report published by Coherent Market Insights.
Whistleblowing software is also known as whistleblowing hotlines or whistleblowing helplines. Whistleblowing software is majorly used to deal with misconduct, fraudulent, or unethical behavior that is not according to the organization’s values or ethics. Whistleblowing software helps an external customer or employee of an organization to raise their concerns for the mischief or misconduct, so that organization can take further action on the same.
The global whistleblowing software market was accounted for US$ 79.18 Bn in terms of value in 2019 and is expected to grow at a CAGR of 8.90% for the period 2021-2028.
The demand for whistleblowing software is majorly attributed due to the increasing support of a government in whistleblowing across the organizations, an increase in the number of whistleblowers, the advent of multilingual whistleblowing software. For instance, in March 2021, the U.K.’s Financial Conduct Authority (FCA) launched a campaign for encouraging individuals to report wrongdoing. The primary motive of FCA for this campaign is to encourage individuals, who are working in the financial sector in the U.K. to report potential wrongdoing to the FCA and reminds them of the confidentiality processes in place.
High initial investment and implementation cost for whistleblowing software is expected to hamper the growth of global whistleblowing software market over the forecast period.
Whistleblowing Software Market - Impact of Coronavirus (Covid-19) Pandemic
The spending patterns of people, and organizations across the globe, have changed drastically due to the COVID-19 pandemic. The continuous increase in the count of infected patients across the globe has hampered the growth of various industries. The U.S., India, and Brazil are some of the highly impacted countries due to COVID – 19. According to Coherent Market Insights analysis in the year 2020, consumers have increased their spending on healthcare, groceries, medicines, and home entertainment systems, and several small and medium organizations have decreased their information technology (IT) spending, owing to the stringent lockdown in several countries across the globe.
One of the biggest challenges for whistleblowing software due to COVID – 19 is generated due to remote working of manpower across the globe. This remote working limits the organization's control over the employee issues and disputes. Moreover, several organizations are reducing their IT spending, which is expected to generate a short-term impact on the global whistleblowing software market.
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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.
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