PUNE, India, March 13, 2018 /PRNewswire/ --
According to a new market research report "Disclosure Management Market by Business Function (Finance, Legal, Marketing and Communication, Compliance, Procurement, and Human Resource), Component (Software and Services), Deployment Type, Organization Size, and Vertical - Global forecast to 2022", published by MarketsandMarkets™, the global market size is expected to grow from USD 493.0 Million in 2017 to USD 1,066.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 16.7% during 2017-2022.
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The key factors that are expected to drive the growth of the Disclosure Management Market include increasing expansion of enterprises across the globe, and the need for solutions to integrate the financial data across various locations to publish financial documents and make better strategic decisions.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to have the largest market share during the forecast period.
Among verticals, the BFSI vertical is expected to have the largest market share during the forecast period. Organizations in the BFSI industry are using disclosure management solutions for the effective and efficient management of business disclosure processes. Furthermore, the need for minimizing the risks and frauds that occur through human interventions is another major reason for the rising adoption of risk management solutions. Additionally, the automation offered by disclosure management solutions helps companies save time and money, which in turn, helps reduce the extra costs.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period.
The adoption of disclosure management solutions among SMEs has been low, due to the increasing compliance regulations. However, the rising need for integration among enterprises operating in this segment is expected to support the adoption of disclosure management solutions during the forecast period. Additionally, SMEs have started realizing the benefits of disclosure management. Disclosure management solutions help improve the reporting process in cases where multiple users have to contribute to the reports while maintaining the accuracy and consistency of business information.
North America is expected to constitute the largest market share, whereas APAC is expected to grow at the highest CAGR during the forecast period.
In terms of market share, North America is expected to hold a dominant position during the forecast period. This is mainly due to the presence of various developed economies, such as Canada and the US, and enterprises' focus on innovating the existing solutions. North America is a hub for developing technologies and the home for technology start-ups. Therefore, the region is expected to have the largest market share during the forecast period. The early adoption of technologies and stringent regulations in multiple verticals, such as IT and telecom, manufacturing, healthcare, transportation, and logistics, are also expected to drive the market growth in North America.
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APAC is expected to grow at the fastest growth rate during the forecast period, due to the constant focus of enterprises on improving their offerings to enhance the customer experience while simultaneously complying with industry regulations. Furthermore, technology penetration is increasing in the region to accelerate the business productivity, which has led APAC to become a potential Disclosure Management Market in the recent years.
The major vendors providing disclosure management software and services are SAP (Germany), Oracle (US), Certent (US), IRIS Business Services (India), Workiva (US), CoreFiling (UK), DataTracks (India), LucaNet (Germany), OCR Services (US), Trintech (Australia), and Lecorpio (US).
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