Disclosure Management Market Growing at a CAGR 16.7%| Key Player Workiva, Corefiling, Datatracks, Lucanet, Trintech

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Disclosure Management Market Growing at a CAGR 16.7%| Key Player Workiva, Corefiling, Datatracks, Lucanet, Trintech

September 21
11:00 2021
Disclosure Management Market Growing at a CAGR 16.7%| Key Player Workiva, Corefiling, Datatracks, Lucanet, Trintech
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).
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

The disclosure management market is growing rapidly, due to the tremendous increase in the interest of enterprises toward advanced analytics for future estimations. The global disclosure management market size is estimated to be valued at USD 493.0 Million in 2017 and is projected to reach USD 1,066.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 16.7% during the 2017–2022.

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.

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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.

The disclosure management ecosystem comprises vendors such as 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). The players in the disclosure management market have adopted various strategies to expand their global presence and enhance their market shares. Partnerships, collaborations, new product launches, and acquisitions are some of the significant strategies adopted by the players in the recent years. The top market players, such as SAP, Oracle, Certent, and Workiva, have adopted these strategies to expand their product portfolios and business presence.

Oracle has been focusing on product upgradations as one of its top business strategies. This is evident from the launch of the latest versions of its disclosure management offering. In August 2017, Oracle announced the expansion of Oracle Enterprise Performance Management (EPM) Cloud. This upgradation included new functionalities for tax reporting, and profitability and cost management. It also included new strategic modeling and disclosure management capabilities. Similarly, in February 2018, the company announced Oracle Enterprise Data Management Cloud as a part of Oracle EPM Cloud. The new offering provides a unified platform that simplifies the management of critical enterprise data assets, such as chart of accounts, and improves data integrity and alignment.

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Certent is another major provider of disclosure management software and services. The company has adopted effective organic and inorganic growth strategies to establish a strong foothold in the market. For instance, in November 2017, the company opened a new office in Bucharest, Romania. This expansion would enable Certent to support financial and disclosure reporting teams from across the globe. Earlier, in June 2017, the company acquired IBM Cognos Disclosure Management. This would strengthen Certent’s disclosure management offering, as the IBM suite offers on-premises and cloud platforms to financial and disclosure reporting organizations across North America, Asia Pacific (APAC), and Europe. In December 2017, Certent partnered with Resolver to expand its disclosure management and Sarbanes–Oxley Act of 2002 (SOX) compliance solutions. With this partnership, Resolver’s clients would be able to use Certent’s financial and disclosure reporting solution along with their existing SOX/ Internal Control over Financial Reporting (ICFR) and risk management solutions. It would also provide the reporting teams of both the companies, visibility into the status of compliance efforts and permit the easy revision of corporate risk factors while creating new compliance tasks.

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