Sep 28, 2020 4:29 PM ET
iCrowd Newswire – Sep 28, 2020
Whistleblowing software addresses misconduct, fraud, and unethical behavior, which is not aligned with the organization’s policies or values. The adoption of software helps both employees and customers raise their queries or concerns they face within the organization; then these insights are provided directly to the management for handling the issue and take action. According to the 2013 National Business Ethics Survey, over 6 million American employees, who reported misconduct, experienced some form of retaliation. Retribution manifested in various ways ranging from outright retaliation to further discrimination and other forms of marginalization.
Other whistleblowers’ reports having charges of misconduct levied against them, leading to demotions or loss of position, obstruction of promotion, poor performance evaluations, or pressure to resign or retire. The whistleblowing software can be implemented through online as well as mobile-based applications and allows two-way anonymous communication. It also provides tools to organizations to receive reports and investigate claims; analytics tools help determine the prevalence of misconduct.
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According to our latest 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 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.
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.
In the whistleblowing software market, the product development strategy is commonly adopted by companies to expand their footprint worldwide by meeting the growing demand for their offerings. This strategy is mostly observed to be implemented in the market in North America and Europe. A few of the recent product development in the whistleblowing software market are listed below:
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.
2019: Gan Integrity Inc. raised 15 million dollars from Aquiline Capital Partners LLC in a fresh round of funding to target company growth.
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