Dublin, July 28, 2023 (GLOBE NEWSWIRE) -- The "Disclosure Management Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global Disclosure Management market is set to experience significant growth in the coming years, with projections indicating an increase from USD 1.02 billion in 2023 to USD 2.20 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 16.50% during the forecast period from 2023 to 2028.
Key Highlights
Disclosure management software has become a vital tool for organizations, offering a collaborative and flexible process that helps in reducing costs and streamlining management processes. This software provides general and industry-specific templates for preparing reports and papers, facilitates workflows to expedite and optimize disclosure procedures, and assists in collecting and matching data from various sources.
One of the primary purposes of disclosure management is to centralize and manage the necessary documents required in the close cycle, significantly reducing the risk of inaccurate disclosures. This is especially crucial as delays and mistakes in financial reporting may have far-reaching consequences for companies and their shareholders. The demand for efficient disclosure management solutions has surged due to mandates from regulatory bodies like the US Securities and Exchange Commission (SEC), helping organizations avoid errors and resulting penalties.
The COVID-19 pandemic has brought about significant changes in the assumptions used to measure the fair value of assets and liabilities, leading to the need for efficient disclosure management solutions to accurately assess an organization's business activities, financial situation, and economic performance in their year-end financial statements.
Disclosure Management Market Trends
Increasing Demand for Disclosure Management Software in BFSI Sector
The Banking, Financial Services, and Insurance (BFSI) sector is expected to hold the largest market share during the forecast period, as organizations within this industry seek efficient disclosure management solutions to manage their business disclosure processes effectively. The rise of digital transformation and the growing demand for personalized products and services have prompted companies to reevaluate how they manage their disclosure process.
Effective management of required disclosures is crucial in complex regulatory environments, where it can make up more than 60% of customer communications. Additionally, minimizing risks and fraud through automation is driving the adoption of risk management solutions.
North America Expected to Hold Major Share
The North American disclosure management market is anticipated to experience significant growth, driven by technologically advanced countries like the United States and Canada. The SEC mandate in the United States, which requires public and private entities listed with it to file reports in the eXtensible Business Reporting Language (XBRL), is contributing to the market's expansion.
Companies in the region are compelled to comply with industry regulations, leading to a higher demand for disclosure management solutions. The adoption of cloud deployment models and 24/7 accessibility of information with low-cost maintenance services are on the rise. Furthermore, improving customer experience is a priority for large enterprises, further driving the demand for disclosure management solutions.
Disclosure Management Industry Overview
The disclosure management market is moderately fragmented and highly competitive, with several international players, including SAP SE, Oracle Corporation, Workiva, Inc., and Certent, Inc. These companies continuously update their solutions and form partnerships to expand their global presence.
In December 2022, IRIS Business Services, a SaaS RegTech company based in India, launched the latest version of its financial disclosure management solution. The Office 365-based solution, part of the IRIS CARBON range of products, serves global organizations with structured financial reporting and analytics.
As the regulatory landscape evolves and organizations face increasing demands for accurate and efficient disclosure management, the market is expected to witness substantial growth in the years ahead.
A selection of companies mentioned in this report includes
- SAP SE
- Oracle Corporation
- Workiva, Inc.
- Insightsoftware
- LucaNet AG
- DataTracks
- Tagetik Software S.r.l. (Wolters Kluwer N.V.)
- CoreFiling Limited
- Trintech, Inc.
- IRIS Carbon (IRIS Business Services)
- Donnelley Financial Solutions (DFIN)
- OCR Services, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/x0uhp7
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