Whistleblowing Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Whistleblowing Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Deployment Type (Cloud and Web-based); Enterprise Size (SMEs and Large Enterprises); and Geography" report has been added to ResearchAndMarkets.com's offering.

According to this report the market was valued at US$ 81.16 billion in 2019 and is projected to reach US$ 149.30 billion 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.

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.

COVID-19 Impact on Whistleblowing Software Market

According to the World Health Organization (WHO) report, the US, Brazil, India, and Russia, are some of the worst affected countries due to the COVID-19 outbreak. The COVID-19 crisis has affected various industries worldwide in a negative manner and hence, the global economy is anticipated to face a slump in the year 2020 and likely in 2021. The COVID-19 outbreak has created challenges for the whistleblowing program. Remote working has generated major challenges, which limits the organization's visibility of employee issues and disputes, thereby hindering the effectiveness of normal channels of reporting for staff to flag issues.

Moreover, there may be delays or failure to respond to the reports made by the employees as the people involved in the whistleblowing program might have other critical strategic responsibilities. Also, the third parties involved in the whistleblowing programs might not be able to perform efficiently as they might experience disruptions in their operations due to this pandemic.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global whistleblowing software market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global whistleblowing software market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Increasing Legal Procedures to Protect Whistleblowers
• Technological Advancement in Software to Protect Identities of Whistleblowers

Restraint

• High Investment and Implementation Cost of Whistleblowing Software and Increasing Security Concerns

Opportunities

• Significant Initiatives by Several Leading Companies and Regulators

Future Trends

• Increasing Popularity of Multilingual Whistleblowing Software

Companies Mentioned

• Business Keeper AG
• Canary Whistleblowing System
• Convercent
• Deloitte
• Ethicontrol
• Ethics Global, LLC
• Got Ethics A/S
• Hello Ethics (ILLIX USA LLC)
• NAVEX Global, Inc.
• Whispli Inc.

For more information about this report visit https://www.researchandmarkets.com/r/2ltfy5