July 14, 2024

Rising cybersecurity concerns to accelerate adoption of whistleblowing software solutions

The Global Whistleblowing Software Market is estimated to be valued at US$ 229.4 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Whistleblowing software, also known as ethics hotlines or compliance hotlines, are platforms that enable employees and third parties to anonymously and securely report concerns related to ethics violations, fraud, corruption, and other non-compliant behaviors within an organization. They allow channeling of sensitive or confidential complaints to proper internal teams for review and resolution. Key benefits of whistleblowing software include enabling organizations to address issues promptly, strengthening corporate governance and risk management, and fostering an ethical workplace culture.

Market key trends:
One of the key trends in the whistleblowing software market is increasing adoption across industries to mitigate cybersecurity risks. With growing instances of data breaches and cyberattacks globally, companies are prioritizing whistleblowing platforms to ensure confidential employee reporting of any internal security threats. Furthermore, evolving digital compliance norms and regulations such as GDPR, SOX Act, and FCPA have compelled organizations to strengthen internal controls and transparency through whistleblower mechanisms. Vendors are also expanding product capabilities with advanced features like mobile accessibility, social network integration, and AI-powered case allocation to optimize compliance workflows.

Porter’s Analysis

Threat of new entrants: High cost of research and development poses as a barrier for new companies to enter into the whistleblowing software market.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many players providing whistleblowing software in the market, giving customers multiple options to choose from.
Bargaining power of suppliers: Suppliers of raw materials and components have low bargaining power as there are many suppliers in the market.
Threat of new substitutes: There exists low threat from substitutes as whistleblowing software provides a niche service for risk management and regulatory compliance.
Competitive rivalry: Intense competition among major companies.

Key Takeaways

The Global Whistleblowing Software Market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period 2023 to 2030, due to increasing regulations around corporate governance and risk management. The market size for 2023 is estimated to be US$ 229.4 Bn.

Regional analysis: North America dominates the whistleblowing software market currently due to stringent regulations around corporate governance in the region. Asia Pacific is expected to witness fastest growth due to increasing risk of corruption and fraudulent activities in emerging economies of the region.

Key players operating in the whistleblowing software market include: 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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it